The media is always on the real estate subject.
Up through the end of last year, it was all doom and gloom coverage. Since the beginning of this year it has been about signs of recovery.
And of course the media has the highest amount of expertise with what is really going on in the Los Angeles market, right?
WRONG!
I work as a Realtor 12 hours a day, 7 days a week. I've been working that many hours for the last 2 years.
I'm in the trenches, working the neighborhoods, doing the showings, opening and closing the escrows, writing the offers, seeing the inspections and appraisals, and sharing/networking with all the other WORKING full time agents.
I hardly ever use the word "guarantee", but I guarantee you this - NO ONE KNOWS THE LOCAL REAL ESTATE MARKET BETTER THAN A WORKING, SEASONED REAL ESTATE AGENT!!
Not your cousin who's a tax accountant, not your best friend's massage therapist who bought a condo last year, not an investment broker, not someone who is a renter / non-homeowner, and certainly not the media.
So here goes.
As far as the Los Angeles market, I can tell you first hand, by the amount of offers I am writing and the level of activity I see at open houses and the amount of multiple offers I am seeing on properties now that WE HAVE HIT BOTTOM - NOT NOW BUT ABOUT 3-4 MONTHS AGO.
In certain pockets and in certain price ranges, WE ARE ON FIRE!! Ask ANY seasoned, WORKING agent and they will tell you it's all about multiple offers on properties right now, especially in the $500,000 and below markets.
In fact we're just starting to see a little sprinkling of increase activity in the $1 Million and over market, but not anywhere near the amount of activity in the $500k and below.
DO NOT LISTEN TO ANYONE WHO IS TELLING YOU "THE MARKET IS GOING TO CONTINUE TO FALL".
Take it from a soldier in the LA trenches - if they are telling you this, then they have their head up there behind and are blowing hot air at the same time.
THE "WE'VE HIT BOTTOM" BELL HAS RUNG, PEOPLE - ABOUT 3 MONTHS AGO
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