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Q3 2023 Hancock Park Market Update

Labor agreements were reached so it’s back to business Los Angeles!

Baby Boomers continue to shape culture and commerce. Properties suitable for their life stage (smaller homes, single level condos, pieds-a-terre) are selling most quickly and in multiple offers for record-breaking prices. Move-in ready properties sell at the highest premiums. The next generation is finding it harder to compete with cash buyers and the strong headwinds of Fed policy. In mid-September, interest rates hit a 22-year high which translates into an average mortgage rate above 7.5%.

Inventory remains low as Sellers enjoy a relatively low cost of ownership. Few want to give up their mortgages (most rates under 4%) and/or pay the taxes and fees associated with selling. Often a health event or the desire to be closer to family are among the key drivers motivating proactive change. Since most enjoy substantial accumulated equity, change is feasible. We are supporting our clients more and more beyond the transaction with the logistical and psychological considerations involved with implementing a move. Practicing with thousands of clients has yielded a long list of useful helpers and practical, sage advice for managing the process in as streamlined and stress-free a way as is possible. Obtaining new homeowners insurance policies are more costly and require longer leadtimes with real implications for Sellers and Buyers and we have developed ways to simplify.

As always the Loveland Carr Group wants to hear from you and guide you toward realizing your dreams.

Looking forward to seeing you at The Larchmont Family Fair Sunday, October 29th!

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