“People have no apprehension about buying into this market” — Paul Ebeling
Zillow (NYSE:Z) anticipates Y 2021 will be the best year for home sales since Y 2006.
When it comes to LA real estate, “Sunset” sells even 9 months after the virus caused instant recession.
With interest rates at their lowest levels ever, many renters are reassessing their housing options, say Jason Oppenheim, star of “Selling Sunset,” a Netflix (NASDAQ:NFLX) reality series featuring a team of brokers and the upper tier properties they are selling across Los Angeles.
“Let’s face it, the 1% are doing very well right now, with markets at all-time highs and interest rates extremely low,” said Mr. Oppenheim, who runs his Oppenheim Group brokerage along Sunset Boulevard, which the show’s built around. “Houses are affordable right now and people want to get out of their cramped apartments.”
Los Angeles is not alone.
Since COVID was declared a public health emergency on 11 March, home-buyers across California’s biggest cities have shown no let-up when it comes to betting on real estate.
Along with Los Angeles, San Jose, San Diego, Sacramento and San Francisco were the US markets with the biggest jump in new mortgages during Q-3 according to research by ATTOM Data Solutions, which tracked metro areas nationwide with at least 1-M people. And that happened in the 3 months that saw a record increase in the number of residential purchase mortgage originations in the country.
Some of the new buyers are going straight for the high end after amassing fortunes from the tech boom.
The tech-heavy NAS Comp reached a record in Q-3 and is hanging near that mark, while the S&P 500 Index (SPX) hit a new high early last week.
Have a healthy holiday week, Keep the Faith!