DTLA LIFE MAG #1 | JANUARY 2014 - Page 8

Housing analysts generally consider a six month supply of existing homes for sale as an even matchup of supply and demand. Anything less can indicate that demand has outstripped supply. While we are seeing more and more sellers come to market as prices increase the population growth in DTLA still keeps the market hot. However, there are more facts to further confuse those coming to market on either the buyer or seller side, let’s think about for a moment, cause and effect. ! The National Association of Realtors’ (NAR) Chief Economist Lawrence Yun recently forecasted that 2014 sales of exist- ing homes will be flat due to factors including declining affordability, limited inventory and tight mortgage lending stan- dards. Yun expects inventory shortages will continue into the spring buying season, which could keep a lid on sales. NAR is forecasting that when all the numbers are in, 2013 sales of existing homes will finish up 10% percent from last year, at 5.13 million. What! Home sales will flatten? I just told you a myriad of reasons why you should stay away from buying this winter, or did I? Flatter sales expected due to the loss of some buyers to the market can mean an opening for you. Have you con- sidered buying a new home? If so, have you ever deduced your “buying power” by having a FREE pre-qualification de- termined with a bank or mortgage broker? Prices may be higher and inventory tighter but a market still exists in our ever growing DTLA community is not out of reach and a great investment. So, here you are without a crystal ball and “seasonal buying” potentially behind us, my suggestion to both buyers and sellers this winter is… ! It is important to position yourself with a realtor who knows not just the real estate “trends”, but what's happening in YOUR neighborhood and who has the wits and know how to help you find your best deal. Opportunity knocks, BOTH WAYS, but you still need to open the door. CALL LA LOFTS Realty to speak with Tiffany or any other of our DTLA Real Estate Experts today. ! by Tiffany Gatto LA LOFTS Realty 548 S Spring Street #109 Los Angeles, CA 90013 213 626 5433 tiffany@laloftsrealty.com www.laloftsrealty.com ! Photos: Natalia Knezevic Photography