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

Inventory is rather low here as well in Richmond, VA with about 5.9% on the market. Those who are waiting should take advantage of this right now and get a great price for their home!

Buyers can be quite fickle, so if prices do rise and/or mortgage interest rates, they'll back off.  For an equity seller, you're right -- strike while the iron is hot,  make hay while the sun shines, never put off tomorrow what you can do today, :-)

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!

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!

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

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! 

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

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.

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.

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.

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.