Editor's Note: Los Angeles real estate expert Joyce Rey joined us for a Q&A on the area's market over the last months and going forward, and more.
Haute Residence: Now that Summer is close to ending, what do you see as the takeaways from the last six months?
Joyce Rey: Because of the tremendous new focus on one's residential environment, we have seen a huge increase in demand for new housing. Coupled with the low inventory, this demand has fueled increasing prices. Typically, buyers are looking for home office space, at-home gyms, and additional privacy. Also, the economic uncertainty is driving investment in residential real estate as a flight to safety.
Photo Credit: Marc Angeles, Unlimited Style Photography
HR: Is there an area from which buyers are relocating to your market?
JR: We have seen a number of New York buyers, but the majority are local California buyers.
Photo Credit: Jim Bartsch
HR: How has your market been doing so far this year compared to this time last year?
JR: The summer months in 2020 were considerably better than the summer of 2019. And of course, the current low interest rates have also made cash savings an unattractive investment and buying real estate a smart investment.
Photo Credit: Preview First Photography
Joyce Rey is the exclusive agent representing the Beverly Hills, California real estate market as a member of the Haute Residence Real Estate Network. View all of her listings here.