Sellers, Sellers, Wherefore Art Thou Sellers?

Originally posted on March 08, 2013


We are heading towards a Shakespearean tragedy here, extreme shortage of inventory.

The Los Angeles housing market is not going to recover if there is nothing for buyers to purchase.  Getting a loan is not a slam dunk, but mortgage rates are at an all time low and more than half of California home buyers can afford the median price in the state.Los Angeles home sellers, where are you?

So what is causing the anemic inventory?

The expected shadow inventory of homes hasn’t happened.  Less people are willing to short sell their homes.  Even thought they may still be upside down on their mortgages, they see hope in the rising prices and, if they can still afford to make payments, they are waiting for further price increases.  Banks are also willing to wait out the market until their inventory increases in price.

And the government is helping fuel this optimism by keeping mortgage rates low and providing assistance with  the Housing Affordability Refinance Program (HARP), Home Affordable Modification Program (HAMP) and the like.

The Fiserv Case-Shiller index predicts that home prices will rise at a steady rate of 3.3% over the next four years.  But nothing is going to rise if there is nothing selling.

It is extremely frustrating out their for Los Angeles home buyers.  If you are ready to sell your Los Angeles home now is a great time.  Priced right your home will probably receive multiple offers and sell quickly.  Please help.  Your contributions will be greatly appreciated.

New homes on the market this week in Los Angeles

  1. 1 bed, 1 full bath
    Home size: 674 sq ft
    Lot size: 18,745 sqft
    Year built: 1964
    Days on market: 0
  2. 0 beds, 1 full bath
    Home size: 754 sq ft
    Lot size: 1.72 ac
    Year built: 2006
    Days on market: 0
  3. 2 beds, 2 full, 1 part baths
    Home size: 1,617 sq ft
    Lot size: 2,500 sqft
    Year built: 1965
    Days on market: 0
  4. 2 beds, 2 full baths
    Home size: 984 sq ft
    Lot size: 3,151 sqft
    Year built: 1921
    Days on market: 0
  5. 2 beds, 1 full bath
    Home size: 1,176 sq ft
    Lot size: 5,125 sqft
    Year built: 1909
    Days on market: 1
  6. 1 bed, 1 full bath
    Home size: 820 sq ft
    Lot size: 1.72 ac
    Year built: 2006
    Days on market: 1
  7. 0 beds, 1 full bath
    Home size: 481 sq ft
    Lot size: 2.44 ac
    Year built: 1968
    Parking spots: 2
    Days on market: 1
  8. 3 beds, 1 full bath
    Home size: 1,260 sq ft
    Lot size: 6,288 sqft
    Year built: 1922
    Parking spots: 4
    Days on market: 1
  9. 5 beds, 6 full, 1 part baths
    Home size: 7,299 sq ft
    Lot size: 14,442 sqft
    Year built: 1994
    Parking spots: 6
    Days on market: 1
  10. 1 bed, 1 full bath
    Home size: 772 sq ft
    Lot size: 1.37 ac
    Year built: 1968
    Parking spots: 2
    Days on market: 1
  11. 3 beds, 1 full, 1 part baths
    Home size: 1,120 sq ft
    Lot size: 4,812 sqft
    Year built: 1922
    Parking spots: 2
    Days on market: 1
  12. 2 beds, 2 full baths
    Home size: 1,400 sq ft
    Lot size: 14,342 sqft
    Year built: 1981
    Parking spots: 4
    Days on market: 1
  13. 2 beds, 1 full bath
    Home size: 930 sq ft
    Lot size: 3,300 sqft
    Year built: 1947
    Parking spots: 4
    Days on market: 1
  14. 1 bed, 1 full, 1 part baths
    Home size: 977 sq ft
    Year built: 2015
    Days on market: 1
  15. 4 beds, 2 full baths
    Home size: 1,400 sq ft
    Lot size: 5,731 sqft
    Year built: 1949
    Parking spots: 4
    Days on market: 1
  16. 3 beds, 3 full, 1 part baths
    Home size: 2,314 sq ft
    Lot size: 34,988 sqft
    Year built: 1990
    Days on market: 1
  17. 3 beds, 2 full baths
    Home size: 1,115 sq ft
    Lot size: 5,004 sqft
    Year built: 1947
    Days on market: 1
  18. 4 beds, 2 full, 2 part baths
    Home size: 3,577 sq ft
    Lot size: 12,368 sqft
    Year built: 1973
    Days on market: 1
  19. 5 beds, 3 full baths
    Home size: 3,039 sq ft
    Lot size: 6,099 sqft
    Year built: 1926
    Parking spots: 4
    Days on market: 1
  20. 4 beds, 5 full, 1 part baths
    Home size: 6,800 sq ft
    Lot size: 32,334 sqft
    Year built: 2000
    Days on market: 1

See all Los Angeles New Homes on the Market.
(all data current as of 9/1/2015)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

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(4) Comments

  1. I see you’re having the same trouble on the West Coast that we’re having on the East Coast! Former short sale-to-be sellers are now able to capitalize on the lack of inventory and as predicted by those IN the real estate business, there WAS no shadow inventory that the media loved to keep scaring the public about! Our buyers are SO hungry for homes right now–it’s certainly a huge and welcomed shift in the market, for sure!

  2. Hi Jane. A few weeks ago, I attended a Broker Forum and they had top legal counsel from CAR. Those folks seemed to believed that the sellers will be coming out of the woodwork very soon. In San Diego County, we are faced with the very same problems that you are having in your area. I know that if sellers call you, you will do your very best to get them top dollar for their homes! Who couldn’t resist?

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