Los Angeles Real Estate. Where Have all the Houses Gone?

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

This is a frustrating time if you are working in Los Angeles real estate.  And it is pretty much the same all over the country.  Sellers are holding back from putting their homes on the market.

I presently have buyers looking in all ranges and the pickings are slim.   What is on the market for a while, and anything that does come up doesn't stay on the market long.Los Angeles Real Estate.  Where Have all the Houses Gone?

Los Angeles home sellers, don’t be shy. I know you will get a lot of attention if you put your homes on the market, but it will be good attention.  Lots of eager buyers on their best behavior will be courting you, and you will have the luxury of picking the best suitor.

I know you are waiting for housing prices to rise more, but if they will rise and by how much is an unknown.  Don’t forget mortgages are historically low which brings out motivated buyers.  Wait too long and even if prices rise, the buyer pool may decrease due to affordability.

Los Angeles home sellers, this is your market.  Strike while the iron is hot!

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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 neaed 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.

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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.



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Rainmaker
1,074,600
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Jane, as Carla says it can be a double whammy with prices rising along with interest rates...they won't stay this low for long...sellers should be taking advantage of a good time to move!

Aug 21, 2012 12:31 PM #4
Rainmaker
647,481
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 - We're singing the same song here too.  No sellers, and a lot of ready, willing, and qualified buyers.  If you're ready to sell in the greater Los Angeles area, call Jane Peters she has buyers ready to go!

Aug 21, 2012 01:47 PM #5
Ambassador
758,853
Brenda Mullen
RE/MAX Access - Schertz, TX
Your San Antonio TX Real Estate Agent!!

Exactly Jane.  If you need to sell, get your home on the market...there really isn't a better time!

Aug 21, 2012 01:55 PM #6
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Patricia,  oh, I hope not.

Shannon, it certainly is a good time to be selling.

Carla,  some very pithy saying there :)

Ginny,  they will also be able to take advantage of a steady market when they buy.

Laura,  thank you.  Hope they listen.

Brenda,  indeed, indeed.

 

Aug 21, 2012 03:02 PM #7
Rainmaker
808,502
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Jane - The national average appreciation rate of homes is 4 percent per year, but taking into account inflation, it adjusts to 1.75 percent per year.  That is just not enough to justify keeping your home off the market.  Perhaps in 20 years, you will get back the equity you lost at the peak, but the home you would like to have moved to has also appreciated AND you didnt get to live in it for that period! 

Aug 21, 2012 06:46 PM #8
Ambassador
1,832,194
Jeff Dowler CRS
Solutions Real Estate - Carlsbad, CA
Carlsbad CA Homes for Sale (760) 840-1360

Jane

Yep, seeing this all over. The problem is that this is REALLY a great time for many buyers, given the inventory, demand, and interest rates.

I love Carla's sentiments!

But think about it. IF prices do rise by, say 2% in the next year, and someone is selling a home valued at, say $600K, they might expect $12,000 more a year or so from now, BUT will have paid their mortgage, insurance, and more, PLUS they cannot take advantage of the lower prices of the homes they would consider upgrading to (which will also go up 2%) PLUS the interest rates, and they have to wait a year to get on with their lives. For some, this may not make sense.

Talk to Jane - she'll give you the lowdown and get your home sold!

Jeff

Aug 21, 2012 07:12 PM #9
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Gail,  excellent point you made here.

Jeff,  another great point.  I really think sellers area waiting for the next bubble.  It's not coming, at least not any time soon.

Aug 21, 2012 07:30 PM #10
Ambassador
1,094,017
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
Your title reminds me of the Pete Seeger song.... am I dating myself here?
Aug 21, 2012 07:30 PM #11
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Melissa, And here I was thinking it was Peter, Paul and Mary.

Aug 21, 2012 07:35 PM #12
Rainmaker
724,158
Larry Brewer
Benchmark Realty LLc - Nashville, TN
Nashville Real Estate

It's interesting that you are already starting to have a shortage of inventory. We have it here, but our prices are a lot lower than yours, and people know that the prices are going higher. I guess that would explain why sellers are waiting in both markets.

Aug 22, 2012 06:09 AM #13
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Larry,  I think this is pretty much the case around the country.

Aug 22, 2012 09:54 AM #14
Rainmaker
239,433
David Ames
Zephyr Real Estate, San Francisco - San Francisco, CA
San Francisco

Jane, I also think there is a significant percentage of sellers who don't know where they would go or "how" they would get there.  There are some would-be sellers who are not able to qualify for financing these days, and unless they're happy with renting, many are staying put.  They can make the mortgage payments and have enough income to live on.  But, when put to paper, the bank might say otherwise.  It's a catch-22, unfortunately. 

Aug 22, 2012 11:29 AM #15
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

David,  that is definitely one of the problems.  Yes indeed.  But those who can afford to sell and are thinking about it, then this is the time.

Aug 22, 2012 12:53 PM #16
Rainmaker
239,433
David Ames
Zephyr Real Estate, San Francisco - San Francisco, CA
San Francisco

Agreed!

Aug 22, 2012 02:23 PM #17
Rainmaker
867,098
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Frustrating, indeed. Yesterday I took out a customer who is relocating to the Silicon Valley. I had only 5 homes to show him; 1 had been on the market 2 days--it was already sold. a 2nd had been on 8 days; I called the agent to be sure it was still available--they heard 15 offers earlier yesterday. The third had been on 5 days-it was available but multiple offers were expected today. The 4th has 2 sets on tenants in it; 1 party on a month-to-month rental, the other leased until January. The 5th is a possibility--agent says I was one of 3 agents downloading disclosures last night.

It's brutal for buyers.

Aug 23, 2012 07:14 PM #18
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Lottie,  it is absolutely scary out there.

Aug 23, 2012 08:39 PM #19
Rainmaker
595,340
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 slim here as well. Buyers with specific requirements are having to make immediate decisions instead of sleeping on it. Sellers are hesitant in listing since they don't yet have a new house selected.

Aug 23, 2012 10:41 PM #20
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Leolinda,  it is a Catch 22 situation right now.

Aug 23, 2012 11:03 PM #21
Ambassador
1,286,674
Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Jane - It seems the market always has a new challenge for buyers and seller (and agents too).  This week I wrote an offer and received offers on a listing--yes, both are multiple offer situations.  There is simple not enough supple to meet demands.

Aug 24, 2012 08:03 PM #22
Rainmaker
889,402
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Norma,  I know.  I hope it changes soon.

Aug 24, 2012 08:08 PM #23
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Rainmaker
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Jane Peters

Connecting you to the L.A. real estate scene
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