Lions and Tigers and Bidding Wars, Oh My!!! – What you need to know about the LA housing market at this moment

What is happening in the Housing Market as a whole is completely different from what’s happening in Los Angeles. If you had the chance to pick up the Sunday LA Times there is an article on the front page reiterating everything I’ve been telling my clients for months! The days of scoring a deal on a home are gone. Buying a home now is still a great investment as housing prices just continue to rise in our area.
The problem: Low Inventory + Tons of Investors & Buyers = Bidding Wars
In this market you almost need to pounce on pocket listings or properties before they enter the market on the MLS. Inventory is hitting lows we have not seen in 6 years!! The average days on the market in SoCal is 33 days. In prime areas where homes are priced right they are going into escrow in less than a week and most properties are going for well over asking! If you are searching to buy in this market you may want to edit your price point 25-50k less just so you have room to go higher if you find your perfect home. Keep in mind, you will need enough money to make up the difference between what you offered and what the appraisal comes in at.
Interest rates are also low which helps to stabilize the market. This is a prime time to sell, if you have been thinking about it but putting it off due to the market. Chances are, if your property is priced right, it will sell very quickly and you might even get more than you had originally thought!
“We’ve even seen fewer borrowers defaulting on their mortgages and banks seem to have a handle on the foreclosures they do have. In addition to this, professional investors bankrolled by private equity firms and hedge funds are swooping up the bank owned home, fixing them up for resale or simply turning them into rentals.”-LA Times
I have access to thousands of agents who might have a listing perfect for you that has not yet hit the market. I can also offer a few valuable tips to get your offers noticed above the competition.
On the other hand, if you are considering selling, contact me and we can go over the comparable properties and discuss what your property is worth. If this is a route you would like to take, I would be happy to assist.
If you have questions regarding the market in your particular area, please contact Brittany at 310.956.9385 or visit the website for additional information.
Brittany Sells LA


