I am sure you are hearing stories from all around the country about the shortage of inventory. Is this true about the Los Angeles real estate market? Yes it is. The Los Angeles real estate half-yearly market report for June 2012 will give you an idea how low that inventory is.
There are buyers out there, some desperately looking for properties which they can’t find. They keep looking at old inventory trying to see if that will work. But there is a reason that homes sitting on the market have not sold, generally because they are overpriced, or there is some kind of problem, or maybe a short sale is in process.
Mortgage rates are at an all-time low right now and the Los Angeles real estate market has its fair share of cash buyers, but none of this is any good if there is nothing to buy.
Why are Los Angeles home sellers not putting their homes on the market, at least those who are not in any hardship? Could it be that they are waiting for prices to go back up? Probably. When are prices going to rise enough to make it attractive for a homeowner to sell? Who knows. If there is no reason to sell it would seem that now is not the time. However, if a homeowner is thinking of downsizing, moving, or simply needs a change, then now is as good a time as any. As we know, when you sell low you buy low. Nothing is lost. And waiting for the market to rise could also mean watching mortgage interest rates rise and the buying power of the market diminish.
Homes put on the market in a good area at a good price are receiving multiple offers and often going quickly at or over asking price.
Los Angeles home sellers, you are needed. Isn’t it good to feel needed!
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