LOS ANGELES (CBS) — The real estate market appears to be rebounding after a long slump. And all market trends and economic indicators show it.
But there are also indications that what buyers are looking for — and the market itself — have changed in significant ways.
Suraya Fadel reported from Studio City Thursday — a location that is seeing a particular boom.
She profiled realtor Grace Mitnick who has sold homes and property in the San Fernando Valley and westside for the past 18 years.
“Inventory is low. A lot of buyers are out there taking advantage of interest rates and prices. Every property I’ve written has been in multiple offers since November.”
Mitnick says that is a welcome sign for buyers and anyone trying to sell a home.
“Buyers want to feel like they’re getting a lot of bang for their buck,” Mitnick says.
New buyers says the agent are eager. They are also more conservative than buyers who purchased homes during the boom years. She senses the mood is more confident and that people are more aware of what it costs to own a home. “People are looking for home they can afford…more in their comfort zone.”
Mitnick believes today’s buyer’s sat on the sidelines during the housing slump and saved more — strengthening their credit scores. “The buyers also became extremely internet savvy. They’ve done a lot of homework and research.”
Buyers are also looking for smaller, more efficient homes. Mitnick believes homes that are turn key will be easier to sell than fixer uppers. A lot of buyers also want short commutes.
For Mitnick and other realtors, lowering home prices helps the bottom line. “Prices have come down considerably. It’s given a lot more opportunities to those who could not afford to buy when prices were skyrocketing.”