Since we rang in the New Year, I have absolutely been in the trenches looking at property and trying to evaluate how 2012 will be for both buyers and sellers in the Westside housing market.

I have spoken to so many of my colleagues at Partners Trust and in all honesty none of us have seen more activity and multiple offers in this very first part of the year. Even our in-house lender, John Ciolino of First Capital, told me that he has never seen so many files and pre-approvals roll in so quickly.

If you are a buyer, please make sure you know who you are working with for your lending needs – this is crucial if you want to make sure the deal closes and expectations are managed. If you are a buyer, get pre-approved by someone recommended that you know can close a deal and if you are a seller make sure that your potential buyer double apps for a loan with a lender who you know and trust.

I am hoping that this year is the year that the market starts to pick up, homeowners can regain faith in the real estate market, and that interest rates stay at this all time low so that opportunity is created for many to refinance or finally say goodbye to the days of being a tenant and start paying their own mortgage instead of their landlords.

Last week alone, I saw both 2249 Overland Avenue (one of my Top Property picks last week) and 2121 Malcolm Avenue (one of my Top Property picks a few weeks ago) go into escrow after just a few days on the market so things are looking up.  There hasn’t been a lot of new Westwood real estate but in the next coming weeks there will be more and I believe based on the multiple offers that I have seen that the buying pool is ready and waiting for those properties to hit.

As far as the stats so far in January here is how things are looking in Westwood real estate.  Currently there are 40 active listings waiting for that right buyer, 9 looking for back up offers, 8 pending sale and in the last month alone there were 15 properties sold and this in Westwood alone. Hopefully this means that banks are getting it together and loans are perhaps getting just a bit simpler to navigate.

Of the properties sold in Westwood, the median sold sales price was $1,376,204 with the average price per square foot being $562.27. The average days on market was 41 but with these new properties hitting and moving into escrow, I am hoping that the February stats shows even fewer days on market.

Overall I am feeling inspired this year.  I am listing a new property on Kinnard Avenue in the Fairburn School District this coming week and possibly another on Malcolm and I feel that we are lucky to live in a neighborhood in Los Angeles County that hasn’t been devastated by hard hit economy. I am loving seeing new businesses pop up on Pico and Westwood and truly have faith that 2012 will be a year of change and turning things around.  Let’s keep the faith and please know that if you have any additional questions about the market or properties in Westwood or on the Westside, please let me know.  I am here to help and be of service always!