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 3/30/2015)

  1. 2 beds, 2 full baths
    Home size: 1,043 sq ft
    Lot size: 1,043 sqft
    Year built: 2005
    Parking spots: 4
    Days on market: 0
  2. 2 beds, 3 full baths
    Home size: 1,751 sq ft
    Lot size: 19,497 sqft
    Year built: 1991
    Days on market: 1
  3. 2 beds, 2 full baths
    Home size: 1,422 sq ft
    Days on market: 1
  4. 1 bed, 1 full bath
    Home size: 945 sq ft
    Lot size: 14,625 sqft
    Year built: 1941
    Parking spots: 2
    Days on market: 1
  5. 2 beds, 2 full, 1 part baths
    Home size: 1,315 sq ft
    Lot size: 7,528 sqft
    Year built: 1974
    Days on market: 1
  6. 3 beds, 1 full, 1 part baths
    Home size: 1,822 sq ft
    Lot size: 8,224 sqft
    Year built: 1934
    Days on market: 1
  7. 1 bed, 2 full baths
    Home size: 1,076 sq ft
    Lot size: 17,760 sqft
    Year built: 1972
    Days on market: 1
  8. 1 bed, 1 full bath
    Home size: 832 sq ft
    Lot size: 5.12 ac
    Year built: 1966
    Days on market: 1
  9. 1 bed, 1 full bath
    Home size: 570 sq ft
    Lot size: 1.00 ac
    Year built: 1926
    Parking spots: 1
    Days on market: 1
  10. 2 beds, 2 full, 1 part baths
    Home size: 1,315 sq ft
    Lot size: 7,528 sqft
    Year built: 1974
    Parking spots: 2
    Days on market: 1
  11. 2 beds, 2 full baths
    Home size: 1,422 sq ft
    Parking spots: 2
    Days on market: 1
  12. 2 beds, 3 full baths
    Home size: 1,751 sq ft
    Lot size: 19,497 sqft
    Year built: 1991
    Days on market: 1
  13. 3 beds, 1 full, 1 part baths
    Home size: 1,822 sq ft
    Lot size: 8,224 sqft
    Year built: 1934
    Days on market: 1
  14. 2 beds, 2 full baths
    Home size: 1,178 sq ft
    Lot size: 4,669 sqft
    Year built: 1973
    Days on market: 2
  15. 1 bed, 1 full bath
    Home size: 840 sq ft
    Lot size: 1.21 ac
    Year built: 2008
    Days on market: 2
  16. 3 beds, 4 full, 1 part baths
    Home size: 4,000 sq ft
    Lot size: 6,378 sqft
    Year built: 1984
    Parking spots: 6
    Days on market: 2
  17. 2 beds, 2 full baths
    Home size: 1,193 sq ft
    Lot size: 1.91 ac
    Year built: 1983
    Parking spots: 4
    Days on market: 2
  18. 2 beds, 2 full baths
    Home size: 1,473 sq ft
    Lot size: 4,669 sqft
    Year built: 1973
    Days on market: 2
  19. 3 beds, 2 full, 1 part baths
    Home size: 1,679 sq ft
    Lot size: 1.43 ac
    Year built: 1964
    Days on market: 2
  20. 3 beds, 2 full baths
    Home size: 1,030 sq ft
    Lot size: 3.38 ac
    Year built: 1983
    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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