Sellers, Sellers, Wherefore Art Thou Sellers?

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

See all Los Angeles New Homes on the Market.
(all data current as of 3/3/2015)

  1. 1 bed, 2 full baths
    Home size: 1,400 sq ft
    Lot size: 1.21 ac
    Year built: 2008
    Parking spots: 2
    Days on market: 1
  2. 4 beds, 3 full baths
    Home size: 2,183 sq ft
    Lot size: 8,318 sqft
    Year built: 1944
    Parking spots: 4
    Days on market: 1
  3. 2 beds, 1 full bath
    Home size: 722 sq ft
    Lot size: 2,500 sqft
    Year built: 1953
    Parking spots: 4
    Days on market: 1
  4. 3 beds, 2 full baths
    Home size: 1,508 sq ft
    Lot size: 6,502 sqft
    Year built: 1965
    Parking spots: 2
    Days on market: 1
  5. 1 bed, 1 full bath
    Home size: 512 sq ft
    Lot size: 1,596 sqft
    Year built: 1922
    Days on market: 1
  6. 1 bed, 1 full bath
    Home size: 737 sq ft
    Lot size: 14,383 sqft
    Year built: 1972
    Parking spots: 2
    Days on market: 1
  7. 2 beds, 2 full baths
    Home size: 1,433 sq ft
    Lot size: 1.08 ac
    Year built: 1981
    Parking spots: 2
    Days on market: 1
  8. 1 bed, 1 full bath
    Lot size: 1.43 ac
    Year built: 1964
    Days on market: 1
  9. 1 bed, 1 full bath
    Home size: 859 sq ft
    Lot size: 2.86 ac
    Year built: 2003
    Days on market: 1
  10. 1 bed, 1 full bath
    Home size: 864 sq ft
    Lot size: 25,983 sqft
    Year built: 1962
    Days on market: 1
  11. 2 beds, 2 full baths
    Home size: 1,100 sq ft
    Lot size: 1.84 ac
    Year built: 2004
    Days on market: 1
  12. 3 beds, 2 full baths
    Home size: 1,414 sq ft
    Lot size: 2,606 sqft
    Year built: 1973
    Days on market: 1
  13. 2 beds, 2 full baths
    Home size: 1,008 sq ft
    Lot size: 14,999 sqft
    Year built: 2000
    Parking spots: 2
    Days on market: 1
  14. 3 beds, 1 full bath
    Home size: 1,170 sq ft
    Lot size: 2,205 sqft
    Year built: 1925
    Parking spots: 2
    Days on market: 1
  15. 3 beds, 2 full baths
    Home size: 1,265 sq ft
    Lot size: 7,524 sqft
    Year built: 1963
    Days on market: 1
  16. 2 beds, 1 full bath
    Home size: 920 sq ft
    Lot size: 5,313 sqft
    Year built: 1942
    Parking spots: 4
    Days on market: 1
  17. 3 beds, 3 full baths
    Home size: 1,322 sq ft
    Lot size: 3,501 sqft
    Year built: 1938
    Parking spots: 1
    Days on market: 1
  18. 2 beds, 2 full, 1 part baths
    Home size: 2,060 sq ft
    Lot size: 13,505 sqft
    Year built: 2007
    Parking spots: 2
    Days on market: 1
  19. 2 beds, 2 full, 1 part baths
    Home size: 1,499 sq ft
    Lot size: 13,660 sqft
    Year built: 1990
    Days on market: 1
  20. 2 beds, 3 full baths
    Home size: 1,553 sq ft
    Lot size: 29,786 sqft
    Year built: 1930
    Days on market: 1

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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