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— January 23, 2014 —

2013 Hancock Park Real Estate Wrap-Up

Click to Download: 2013 Hancock Park Real Estate Wrap Up PDF

FOR SELLERS or OWNERS

  • Price appreciation slowed in Q4 from substantial gains made in Q2 and Q3.
  • Supply was limited. Homeowners did not move up or down as they discovered it was more expensive to move than anticipated.
  • Appraisals were strong and many refinanced with favorable rates.
  • Multiple offers continued among properties well positioned for sale – in terms of price and presentation of product.

FOR BUYERS

  • High demand especially for “fixers” and “new” or remodeled.
  • Speculators with cash & favorable terms precluded many buyers from buying.
  • Buyers (domestic & international) remain discerning and look closely for bargains, quality and location.
  • Historically low interest rates were a critical component in driving the marketplace.

2014 TRENDS EXPECTED

  • Speculators will be less prevalent providing an opening to buyers.
  • Mortgages will get more complicated to obtain among the self-employed seeking jumbo loans, as more documentation is required. Longer turn-around times and lower affordability expected.
  • Rates are expected to gradually rise, particularly after mid term elections.
  • Central, urban locations will continue to be in high demand.