Things to Be Thankful for in the Real Estate Market
Yes, you read that right. Don’t adjust your glasses or your screen. Rather, let’s take a step back and look at the big picture. Even though rates are high and the past twelve months have been a rollercoaster for both buyers and sellers (especially for buyers), there are indeed some positive signs on the horizon—signs that bring hope for the coming year, and gratitude for opportunities therein. It’s certainly been a mixed bag this year, with sellers holding all the cards early on, but in the past few months, things have normalized somewhat as home values have come down and inventory has crept up. Rates…well, never mind. Here’s where we are, as Thanksgiving approaches.
_____
Economy
Since inflation is still high, the Fed is expecting a few more rate hikes to combat it. So, we can expect mortgage rates to continue to tick upward through the end of 2022. Silver lining: much of the rapid increase is likely behind us.
_____
Inventory
Even though new listings were down 13% from a year ago, that differential is narrowing. Homes for sale are now actually rising (though below pre-pandemic levels), much of that due to active listings rather than new listings. Importantly, we are not seeing any activity that suggests a flood of inventory in the market with a resultant crash—that’s very good news.
_____
Pricing/Values
As we’ve seen lately, home prices have come back to earth in many places. Demand is weakening and homes are staying on the market longer. Although it’s still a Seller’s Market, the intense competition among desperate buyers has passed. For the first time in a while, buyers can be grateful for that as the year winds down. There will be more opportunities than we have seen in quite some time.
_____
And Now, for Some Holiday Cheer!
Last month we took a look at some of the spookier homes in the greater Los Angeles market. This month, we’re going to show you some of the more famous holiday houses from the silver screen. So, pour yourself a seasonal beverage, glaze the turkey or Impossible Turkey, and enjoy a trip down memory lane, holiday home style.
_____
National Lampoon’s Christmas Vacation
No, not Debbie Harry. Blondie Street is one of the more famous locations for holiday homes in Hollywood. Located just up the street from the main Warner Brothers lot in Burbank. In the 80s, the famous locale was the site for several big holiday releases, including Gremlins, Lethal Weapon, and National Lampoon’s Christmas Vacation. In fact, the Griswold home was built specifically for Chevy and family—much to the dismay of their cinematic neighbors, Margo and Todd.
_____
A Very Brady Christmas
America’s favorite blended family during the 70s contributed to Hollywood lore thanks to the 1988 film, A Very Brady Christmas. The famous home in North Hollywood was remodeled and renovated since 1974 (the season’s last show). The house has maintained its easy-to-identify outer shell, with a few enhancements and nip-and-tucks along the way. It is Hollywood, after all.
11222 Dilling St, Studio City, CA
_____
Bad Santa
Located in the San Fernando Valley, this is the famous home of “The Kid” Thurman Merman in 2003’s Bad Santa. It was a strange movie, made all the more strange by the debauched character of Billy Bob Thornton. But for many, it has become a Cult Classic. And like any Cult Classic, everything related to the film is of intense interest to a dedicated few. Visitors will be pleased to know that, aside from a few paint alterations, the house looks very much the same in person as it did on screen.
7211 Whitehall Ln, West Hills, CA
_____
ENJOY THE HOLIDAYS:
We are thankful for each of you!
Be well,
Charles