Where is the Los Angeles Real Estate Market Right Now?

By
Real Estate Agent with Power Brokers Int'l BRE# 01439865

I am sure you are hearing stories from all around the country about the shortage of inventory.  Is this true about the Los Angeles real estate market?  Yes it is.  The Los Angeles real estate half-yearly market report for June 2012 will give you an idea how low that inventory is.Where is the Los Angeles Real Estate Market Right Now?

There are buyers out there, some desperately looking for properties which they can’t find.  They keep looking at old inventory trying to see if that will work.  But there is a reason that homes sitting on the market have not sold, generally because they are overpriced, or there is some kind of problem, or maybe a short sale is in process.

Mortgage rates are at an all-time low right now and the Los Angeles real estate market has its fair share of cash buyers, but none of this is any good if there is nothing to buy.

Why are Los Angeles home sellers not putting their homes on the market, at least those who are not in any hardship?  Could it be that they are waiting for prices to go back up?  Probably.  When are prices going to rise enough to make it attractive for a homeowner to sell?  Who knows.  If there is no reason to sell it would seem that now is not the time.  However, if a homeowner is thinking of downsizing, moving, or simply needs a  change, then now is as good a time as any.  As we know, when you sell low you buy low.  Nothing is lost.  And waiting for the market to rise could also mean watching mortgage interest rates rise and the buying power of the market diminish.

Homes put on the market in a good area at a good price are receiving multiple offers and often going quickly at or over asking price.

Los Angeles home sellers, you are needed.  Isn’t it good to feel needed!

Current homes for sale in Los Angeles

 

 

 

Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!

When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

Westside Los Angeles Real Estate, including, but not limited to:

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919. You may also request a Market Snapshot of your area of interest.



Read more: http://www.homejane.com/where-is-the-los-angeles-real-estate-market-right-now.html#ixzz21Ha42RZE

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Rainmaker
682,586
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers
Jane - Great information for Los Angeles home buyers to be aware of. Inventory is low and old inventory tends to have problems. This is where the experience of a local real estate professional really becomes very valuable. Excellent post on where the Los Angeles real estate market is right now!
Jul 21, 2012 11:49 AM #1
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Laura, thank you very much.

Jul 21, 2012 11:51 AM #2
Rainmaker
583,342
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

Hi Jane - You're right.  When I first started telling folks about this in our area, very few believed me, and then it became obvious to all and it spread across the country.  It is hard for potential buyers to understand the lack of inventory when they see maps like yours with all the listings pointed out, but they need to consider that your map covers a wide area and many sizes, styles and prices. 

For example, someone who wants to live in Pasadena doesn't want you to show them Hawthorne homes. It's the same here.  My buyers interested in Folsom would fire me if I tried to show them Elk Grove properties, and vice versa.  Yet on a Sacramento County map they don't look that far apart.

Jul 21, 2012 01:03 PM #3
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Susan,  I know, these statistics are deceiving.  101 home on the market, but very few of them are fresh inventory, and cover a large area.  Those homes have been sitting a while and are either over priced, waiting for short sale approval, or something else.  Also, the number of properties under contract is high which means homes are selling.

Jul 21, 2012 02:17 PM #4
Rainmaker
277,653
Jack Mossman - The Nines Team in Lodi
The Nines Team at Keller Williams - Lodi, CA
The Nines Team in Lodi

Jane - Our inventory is challenged around here as well - but the number of bank-owned properties that are not on the market increases daily.  Seems generally, the bank owned on the market are HUD and Fannie Mae. 

Jul 21, 2012 02:39 PM #5
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Jack,  ah the shadow inventory.  That doesn't affect us too much down here.

Jul 21, 2012 02:44 PM #6
Rainmaker
722,754
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Jane:  You provide clear proof that IF hoping to be a successful seller of a home in the Los Angeles area, and IF you're willing to listen to your real estate professional Jane Peters, and IF you are willing to listen to her advice about pricing your home properly ... you WILL sell your home.  As I see it, the secret of a successful Los Angeles home sale lies in working with Jane Peters ...

Gene

Jul 21, 2012 02:54 PM #7
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Gene,  you are too kind :)

Jul 21, 2012 02:56 PM #8
Ambassador
1,924,650
Judi K Barrett
Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma - Idabel, OK
Broker/Owner, Integrity Real Estate Services -IDAB

Hoping prices do go back up and those that are waiting for that to happen before they put their home on the market will be able to with confidence that it will bring a good price.  Nicely done... enjoyed the read.

Jul 21, 2012 07:26 PM #9
Rainmaker
730,905
Juli Vosmik
Dominion Real Estate Partners, LLC, Scottsdale, AZ - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Jane, isn't amazing what a difference a few months make?  Buyers need to hear  from all of us - it's a seller's market and if you're a serious homebuyer, you need to be fully approved for your loan if you're not paying cash AND you need to be ready to make a decision the day you see the property.  Most importantly, you need to call Jane Peters for your Los Angeles real estate needs - she knows her market - just check out all of her great blogs. 

Jul 21, 2012 08:06 PM #10
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Judi,  it is a win-win situation.

Juli,  thank you kindly.

Jul 21, 2012 10:30 PM #11
Rainmaker
644,291
Barbara Altieri
RealtyQuest, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Jane -- Excellent post, and we have the same problem here. I have buyers who, like you said, keep going back to the same house to see if they can make it work because there just isn't enough inventory in some towns. I think those who CAN wait are waiting and holding back on listing as the market is making a comeback. and they are obviously hoping for more money for their homes. You KNOW your Los Angeles market, Jane, and YOU are the agent sellers and buyers should be contacting for expert guidance.

Jul 23, 2012 06:51 AM #12
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Barbara,  thank you for your kind words.  Let's hope sellers don't wait too long before buyers just give up and the rise of mortgage interest rates, or something else, puts a spanner in the works. 

Jul 23, 2012 09:38 AM #13
Rainmaker
602,283
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers
Long Realty West Valley Sun City Grand Surprise Arizona - Surprise, AZ
Associate Broker Realtor Arizona Golf Communities

Inventory is short here as well. I am seeing more multiple offers, close or at list price. Those buyers and sellers standing on the sidelines frequently remark that they'll wait until after the elections.

Jul 25, 2012 09:46 PM #14
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Leolinda, oh, I hope not.

Jul 25, 2012 10:31 PM #15
Rainmaker
134,415
Paul Francis
Prudential Americana Group - REALTORS - Las Vegas, NV
Las Vegas Real Estate - Summerlin Homes - 702.592.

Good luck with the new law that was just signed by Gov. JB.

If it ends up having the effects similar to what is taking place in Las Vegas right now after NV put it in effect 10/1/2011... Inventory is going to get decimated as people not paying their mortgages get to live rent free for another couple of years.

Median list prices in LV are up over 50% compared to this time last year and the inventory is the lowest I've seen since 2004.

 

Jul 28, 2012 04:28 PM #16
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Paul, the market it a lot different here.  We are not buried in foreclosures, but hopefully it will not affec the short sale market, which also isn't huge in my particular areas.

Jul 28, 2012 07:14 PM #17
Rainmaker
434,948
Mike Young
203kOnLine.com, covering California & most other states - Fairfield, CA
FHA 203k Consultant 707-812-7668

interesting post and discussion aftwards

Jul 29, 2012 10:37 AM #18
Rainmaker
914,997
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Mike,  thank you.

Jul 29, 2012 10:41 AM #19
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