Located in San Fernando Valley, Sherman Oaks is a picture of luxury living in northwestern Los Angeles. The stunning neighborhood boasts beautiful properties, a laid-back feel, and fantastic shopping and dining. Those interested in Sherman Oaks real estate should know that trends within the neighborhood don’t always match trends in the greater Los Angeles market as a whole.
If you’re hoping to invest in an area like Sherman Oaks, it’s important to understand the nuanced ways demand, inventory, and pricing change within the neighborhood itself so you can better strategize and prepare for a successful transaction.
Expect demand to stay consistent
Demand for homes in Sherman Oaks was fairly strong throughout 2022, which kept the market somewhat competitive. Some homes received multiple offers and sold for over the asking price. However, when paired with the number of homes on the market, demand wasn’t high enough to raise prices substantially.
In 2023, homeowners and interested buyers alike can expect demand to stay consistent. That being said, demand does rise and fall from season to season. You’ll likely see the highest demand in spring and early summer when individuals and families are hoping to settle into their new homes before the new school year starts.
Inventory could rise in the spring
Similarly, inventory could be on the rise as the seasons progress. Knowing that many families search for homes in the spring, sellers tend to make that their target for listing. As demand rises, so do prices, which can be a strong incentive for sellers. It’s always wise to run your listing timeline past your realtor
to determine the best time of year to list based on your specific goals. Overall, inventory remained relatively high in Sherman Oaks over the past 12 months and will likely stay the course in 2023.
Prices will rise modestly
The Sherman Oaks real estate market saw modest price increases throughout 2022 and in the preceding years as well. Though some parts of California have seen dramatic shifts in pricing throughout the pandemic, things are leveling out as mortgage interest rates continue to climb and demand starts to level out. In 2023, buyers and sellers can expect prices to increase in seasons where demand outweighs inventory, but with hundreds of homes on the market in Sherman Oaks, it could be tricky to pinpoint the perfect month to list. Working with an expert realtor is the best strategy for any seller hoping to earn top dollar on their home.
Tips for buyers
There are a few key ways buyers can make the most of their investment in Sherman Oaks. With beautiful luxury homes available in every corner of the neighborhood, buyers will want to ensure that Sherman Oaks is for them. With competition still prevalent in the neighborhood, reviewing finances, applying early for pre-approval, and creating a list of priorities will be key.
Get to know the area
There’s so much to love about living in Sherman Oaks. The neighborhood puts residents less than 20 miles from both downtown LA and the Santa Monica National Recreation Area. Sherman Oaks offers the perfect blend of urban and suburban energy, with neighboring areas like Bel Air, Hollywood, and Beverly Hills. If you’re after a peaceful part of town that keeps you close to all the best sights of LA, Sherman Oaks could be the right fit for you. It’s known for its charming boutiques and one-of-a-kind local eateries.
Set your priorities
If you’re committed to living in Sherman Oaks, the next step to take is to set your priorities. What do you want most in a home? Is there a particular California home style you’re after? You’ll want to work with your realtor to determine your top priorities, whether you have your heart set on a new kitchen or finding the perfect modern home at the heart of the neighborhood.
Review your finances
From there, it’s essential to review your finances. It can help to look at properties currently for sale to determine which homes fit within your budget. Analyze your income, expenses, and savings to determine the type of down payment you can make. If you’re planning on taking out a mortgage, you’ll want to apply for preapproval ahead of time to ensure that, once your offer is accepted, the rest of the closing process flows seamlessly.
Tips for sellers
Similarly, sellers have a few hoops to jump through as well. Though some homes in Sherman Oaks can sell for over the asking price, so much of a seller’s success will come down to preparation and presentation.
Prepare in advance
The first way to prepare Sherman Oaks real estate for sale is to complete any necessary repairs or renovations. Nothing adds value to a home faster than upgraded appliances and fixtures, and a home that feels cohesive and up-to-date will convey to buyers that it’s truly move-in ready. From there, investing in home staging and photography is the top way to have your home stand out online and draw in all the right buyers.
List at the right time
By working closely with an experienced realtor, sellers will be able to plan out their repairs and renovations so that any projects are completed prior to the ideal listing time. Though there are general trends in demand, inventory, and pricing in Sherman Oaks, a local realtor is the best source of knowledge regarding specifics. Set a timeline that balances making the most of the market with your specific goals.
Buy or sell your next home with Sheena Ghiani
, realtor and native Angeleno, has been helping clients buy and sell real estate across the city for years. With an education in psychology, Sheena is an expert at working with others, whether she’s putting her clients at ease during the home hunt or helping them navigate closing negotiations. If you’re interested in learning more about Sherman Oaks real estate in 2023, get in touch with Sheena Ghiani