Like everything else, local real estate has had an unpredictable year. When the onset of the pandemic brought an economic slowdown and radical changes in our daily lives, the accompanying uncertainty initially led to a drop in residential sales. But with home becoming a full-time place of shelter from the outside world — a site for work and school as well as family life — many people began re-evaluating their housing needs and looking to relocate, as realtors established safe ways for buyers and sellers to conduct business within public health guidelines. These factors, combined with favorable mortgage interest rates, fueled a booming L.A. market in the latter half of 2020, with sales and prices both jumping by double-digit percentages. While recent events have shown us that anything can happen, most industry watchers predict the trends of high demand and low supply will continue through 2021, especially as more employers shift to work-from-home formats and millennials in their 30s enter the real estate market.
Regardless of what the future has in store, it’s more important than ever to find experienced, trustworthy agents to guide you through the process of buying or selling property. Luckily, Toluca Lake residents have access to a wide selection of expert real estate professionals who know and love our community and are dedicated to serving it.