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It is a Seller’s Market in Silver Lake, Echo Park and beyond………

Silver Lake Reservoir California 90039

The real estate market in Silver Lake changed as of January 1st 2012.  We went from a buyers market to a sellers market almost over night.  The inventory is shrinking with only 36 homes for sale on the Multiple Listing Service in all of Silver Lake and Echo Park. I have never seen inventory this low. The interest rates have been amazingly low, the prices of homes have come down and rents have gone up.  It now makes sense for buyers who have been sitting on the sideline to jump into the market and purchase a home. The problem is there are so few homes for sale and multiple offers on most.  Many of my would be sellers do not have enough equity in their home for a down payment on a more expensive home after paying Realtor fees and any repairs.

Here is an example of what happened to my buyers this past January.  In late December 2011 my buyers wrote a purchase contract on a house in Silver Lake, which has been on the market since March 2011 and never had an offer.  My buyers and the seller could not meet on the price.  In the next few days we went to see a few more houses when my buyers changed their mind and decided to meet the seller’s price.  Maybe there was something in the universe but at the same time the seller got 3 other offers and they went with a higher offer. This house has lingered on the market for 10 months with no offers and now there were four. This was the start of the sellers market we are now experiencing.

When looking to buy a property in Silver Lake, you need to make sure you are working with an agent who really knows the area and is someone you trust.   An experienced agent will know the market and be able to help you come up with the best offer to increase your odds of getting the house you want.

Silver Lake Hills

Homes in the hills of Silver Lake.

Homes in Silver Lake

A Silver Lake home along the Silver Lake Reservoir.

Silver Lake Map

The borders of Silver Lake.

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