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 4/26/2015)

  1. 4 beds, 2 full, 2 part baths
    Home size: 2,500 sq ft
    Lot size: 6,324 sqft
    Year built: 1950
    Days on market: 0
  2. 2 beds, 2 full baths
    Home size: 1,157 sq ft
    Lot size: 12,146 sqft
    Year built: 1961
    Parking spots: 2
    Days on market: 0
  3. 1 bed, 2 full baths
    Home size: 1,090 sq ft
    Lot size: 1.21 ac
    Year built: 2008
    Days on market: 1
  4. 2 beds, 2 full baths
    Home size: 1,172 sq ft
    Lot size: 5,520 sqft
    Year built: 1909
    Days on market: 1
  5. 5 beds, 4 full baths
    Home size: 3,067 sq ft
    Lot size: 9,260 sqft
    Year built: 1949
    Parking spots: 4
    Days on market: 1
  6. 3 beds, 2 full baths
    Home size: 1,496 sq ft
    Lot size: 5,501 sqft
    Year built: 1924
    Days on market: 1
  7. 2 beds, 2 full baths
    Home size: 955 sq ft
    Lot size: 2.76 ac
    Year built: 1973
    Parking spots: 4
    Days on market: 1
  8. 1 bed, 1 full bath
    Home size: 731 sq ft
    Lot size: 2.30 ac
    Year built: 1972
    Days on market: 2
  9. 2 beds, 3 full baths
    Home size: 1,454 sq ft
    Lot size: 1.05 ac
    Year built: 1991
    Days on market: 2
  10. 2 beds, 2 full baths
    Home size: 1,183 sq ft
    Year built: 1984
    Parking spots: 4
    Days on market: 2
  11. 2 beds, 3 full baths
    Home size: 1,280 sq ft
    Lot size: 17,869 sqft
    Year built: 2006
    Days on market: 2
  12. 2 beds, 2 full baths
    Home size: 1,230 sq ft
    Lot size: 39,652 sqft
    Year built: 2003
    Days on market: 2
  13. 1 bed, 1 full bath
    Home size: 750 sq ft
    Lot size: 29,826 sqft
    Year built: 1963
    Days on market: 2
  14. 2 beds, 2 full baths
    Home size: 1,350 sq ft
    Lot size: 43,294 sqft
    Year built: 2005
    Days on market: 2
  15. 2 beds, 2 full baths
    Home size: 1,541 sq ft
    Lot size: 18,180 sqft
    Year built: 2003
    Days on market: 2
  16. 2 beds, 2 full baths
    Home size: 1,503 sq ft
    Lot size: 27,420 sqft
    Year built: 1996
    Days on market: 2
  17. 2 beds, 2 full baths
    Home size: 1,770 sq ft
    Lot size: 24,019 sqft
    Year built: 1981
    Days on market: 2
  18. 2 beds, 2 part baths
    Home size: 1,530 sq ft
    Year built: 2011
    Days on market: 2
  19. 4 beds, 1 full, 1 part baths
    Home size: 1,903 sq ft
    Lot size: 7,158 sqft
    Year built: 1937
    Days on market: 2
  20. 3 beds, 2 full baths
    Home size: 1,440 sq ft
    Lot size: 4,950 sqft
    Year built: 1924
    Days on market: 2

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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