Neighborhood Thermometer:
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Happy Independence Day Week 2023
We hope this Market Report finds you well as we dive into the last half of 2023!
The first half of 2023 dropped approximately 39% as a residential industry in transactional sales volume. However, Home Values are still slowly growing due to high-interest rates that keep sellers, who also need to buy, on the sidelines, thus allowing for fewer listings for all other buyers to fight over.
🏠 TRENDING 🏠
Smart Home Features: Enhancing Comfort and Security
In today's digital age, smart home technology has revolutionized our lives. Consumers are increasingly searching for ways to make their homes more intelligent and convenient, from voice-controlled assistants to automated security systems. I'm sure current Smart Home Features, merged with the advent of Artificial Intelligence software, will profoundly enhance our homes, making them smarter, safer, and more energy efficient than ever by 2030. I'm seeing an increase in buyers who are seeking homes that have adapted to smart home features.
Sustainable Living: Eco-Friendly Homes and Social Practices
People seek information on Eco-friendly homes, energy-efficient appliances, and sustainable building materials. I see people around Los Angeles begin to engage with their neighbors more through farmers' markets, swap meets, and neighborhood phone apps to stay safe and in touch with their neighbors. We have observed a growing information-sharing community in many areas around Los Angeles with varying economic levels as we do business throughout the county. People really are sharing ideas again on Eco-building materials, energy alternatives, proper nutrition, and healthy habits.
Urban vs. Suburban Living: Pros and Cons
The ongoing debate between urban and suburban living remains a hot topic among consumers. Many are reevaluating their living preferences with changing work dynamics and shifting priorities. According to a recent survey by The Homebuyer Institute, "56% of respondents prefer urban living for its accessibility and vibrant culture, while 62% prefer suburban living for its spaciousness and sense of community." Some people like myself like a little of both.
🌟 Wrapping up the First Half of 2023 🌟
As we begin the 2nd half of the year, I'm optimistic the market will gain its grounding as the Feds get closer to making a real pivot in slowing the rise rates. I trust they will only raise the rates one more time this year. I trust that the FED will lower rates by next year to give our real estate markets some steam.
The builders are building again after months of low housing starts, so the developers know something. We analyze the markets around Los Angeles daily, and I do this personally. Don't hesitate to contact me with any questions, as I enjoy sharing my knowledge.
Have a safe and fun Forth of July and Hot Summer Week Ahead. :-)
Best,
Mark
