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Los Angeles Westside Real Estate Market May Be On An Upturn.

By
Real Estate Agent with Rodeo Realty, Inc.

The real estate market appears to be bottoming out.  Are we seeing an upturn? It is hard to say as the properties selling the fastest are those priced competitively at market value.  The market is witnessing many multiple offer situations and that can only be good for the economy.  "Supply and demand" is a factor, as usual in most market conditions. Many financially qualified buyers are completing for the few really good properties and, thus, driving some home prices considerably above asking price.  On L. A.'s Westside, sellers are still finding that appropriate pricing will result in not having their properties sit unsold month after month. It is expected that a flood of REOs will hit the market around mid-to-late January 2010.  The theory is that lenders will not run the risk of public and political discord by evicting mortgage delinquent homeowners during the holidays.

Comments (2)

Bobby LehmKuhl
4 Malibu Real Estate - Malibu, CA
Exceeding Every Clients Expectations. Every Time.

John, great post. I do agree, we are on the upturn. I have heard the same with the REO's coming after the beginning of 2010. I still feel we are dragging the bottom and the buyers should take advantage of these days. The interest rates have been great and I do feel they are going to start increasing. Homes priced at market value are moving quickly. Thank you for the post... 

Oct 12, 2009 11:07 AM
John Richette
Rodeo Realty, Inc. - Beverly Hills, CA

Bobby, thanks for your comments.   I appreciate your perspective on the real estate market.

Oct 12, 2009 11:16 AM