Lately I’ve been talking about the high level of activity in the local housing market, and a pair of recent articles in the LA Times help explain at least some of what’s driving it. Check out this reporting by Alejandro Lazo about how the drop in foreclosures is boosting prices. And E. Scott Reckard tells us that there’s a new record low in the mortgage lending rate, per Freddie Mac. This is valuable info for anyone who’s shopping for a home — or thinking of selling.

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Photo Courtesy of ConstruKsa

You know how I love good news, and there’s plenty of it right now. The U.S. Census Bureau says that housing starts for June were up nearly 20% from a year ago…

And since Wall Street loves positive housing data and earnings reports, stocks got a boost as the NY Times outlines here…

All of which is backed up by what’s happening in our local housing market. Dataquick reports a rise in sales as well as in the all-important median price paid for homes here in the Southland.

But my favorite news actually comes courtesy of the Arch Daily, a wonderful website devoted to one of my greatest loves in life — architecture. Irinia Vinnitskaya has written an article about what planners, architects and designers are doing to create active, healthy cities. Very cool.

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Photo: The Highline Eastern Rail Yards, courtesy of the City of New York and Friends of the Highline

I’ve been talking for awhile about the shortage of inventory out there, which points to a healthy local real estate market. I guess the Wall Street Journal agrees, because as they reported last week, the housing bust is “officially over.”

So… what does that mean for you?

If you were thinking about putting your house on the market, and maybe were on the fence about it, well don’t be. It’s a great time to sell, especially at certain price points. And to my buyers, I will remind you that it’s getting highly competitive out there. Check out my Buyers Guide for useful info on how to prepare and place yourself in the strongest possible position to get the house you want. If you need advice or have any questions, don’t hesitate to reply at the bottom of this post or get in touch. I’m here to help.

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It should! This article in the NY Times points to specific upward trends in real estate. One doesn’t want to get overexcited about this stuff, numbers will fluctuate after all. But I continue to see extremely low inventory locally, and competition for homes has been fierce. Certain price points are attracting literally scores of buyers, in fact my last several listings received multiple offers and sold quickly for over the asking price — sometimes way over.

What does this mean? I’m advising all my sellers who have been waiting for prices to rise to go for it. Buyers are out looking, and the right house at the right price is likely to sell.

For buyers, my opinion is it’s time to step up your search. Interest rates are historically low right now. The way things are trending, we will likely see increased prices — and competition — in the near term.

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