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.
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
- MLS® #: 24-351991
- 27910 Pacific Coast Highway
- Malibu CA
- $54,950,000
- 4 Bed | 7 Bath | 5,154 SqFt
- 2.28 Acres
- MLS® #: 23-247789
- 1 W Century Dr PH39
- Los Angeles CA
- $50,000,000
- 3 Bed | 7 Bath | 9,420 SqFt
- 3.7 Acres
- MLS® #: 24-343205
- 677 N Nimes Rd
- Los Angeles CA
- $49,990,000
- 6 Bed | 11 Bath | 20,000 SqFt
- 0.74 Acres
- MLS® #: 24-350901
- 1601 Casale Rd
- Pacific Palisades CA
- $49,950,000
- 7 Bed | 11 Bath | 13,653 SqFt
- 0.64 Acres
- MLS® #: 24-363047
- 10066 Cielo Dr
- Beverly Hills CA
- $49,500,000
- 9 Bed | 18 Bath | 21,000 SqFt
- 3.6 Acres
- MLS® #: 23-339325
- 51 Beverly Park Way
- Beverly Hills CA
- $48,500,000
- 9 Bed | 13 Bath | 16,225 SqFt
- 1.98 Acres
- MLS® #: 24-376571
- 28808 Cliffside Dr
- Malibu CA
- $48,500,000
- 6 Bed | 9 Bath | 11,154 SqFt
- 1.05 Acres
- MLS® #: 24-371639
- 15210 Antelo Pl
- Los Angeles CA
- $48,000,000
- 7 Bed | 15 Bath | 15,042 SqFt
- 3.22 Acres
- MLS® #: 23-305721
- 28034 Sea Lane Dr
- Malibu CA
- $47,500,000
- 3 Bed | 4 Bath | 5,507 SqFt
- 0.72 Acres
- MLS® #: 24-343009
- 38 Beverly Park Cir
- Beverly Hills CA
- $47,500,000
- 5 Bed | 11 Bath | 17,365 SqFt
- 2.83 Acres
- MLS® #: 23-292985
- 780 Tortuoso Way
- Bel Air CA
- $47,000,000
- Bed | 0 Bath | 0 SqFt
- 4.56 Acres
- MLS® #: 23-305277
- 470 Layton Way
- Los Angeles CA
- $47,000,000
- 8 Bed | 10 Bath | 25,000 SqFt
- 4.56 Acres
- MLS® #: 24-344501
- 320 St Pierre Rd
- Los Angeles CA
- $46,000,000
- 8 Bed | 11 Bath | 0 SqFt
- 0.95 Acres
- MLS® #: 23-329849
- 1625 Summitridge Dr
- Beverly Hills CA
- $45,950,000
- 7 Bed | 11 Bath | 19,000 SqFt
- 0.79 Acres
- MLS® #: 23-237593
- 1006 N Crescent Dr
- Beverly Hills CA
- $45,000,000
- 10 Bed | 9 Bath | 8,484 SqFt
- 1.26 Acres
- MLS® #: 23-326547
- 615 N Faring Rd
- Los Angeles CA
- $45,000,000
- 6 Bed | 12 Bath | 17,661 SqFt
- 0.69 Acres
- MLS® #: 24-370407
- 0 Copa De Oro Rd
- Los Angeles CA
- $44,970,000
- 6 Bed | 10 Bath | 11,664 SqFt
- 1.81 Acres
- MLS® #: 23-337281
- 1500 Gilcrest Dr
- Beverly Hills CA
- $44,950,000
- 5 Bed | 9 Bath | 11,000 SqFt
- 0.78 Acres
- MLS® #: 22-185169
- 277 ST PIERRE RD
- LOS ANGELES CA
- $44,950,000
- 8 Bed | 20 Bath | 36,000 SqFt
- 1.1 Acres
- MLS® #: 24-376095
- 811 N Foothill Rd
- Beverly Hills CA
- $44,500,000
- 7 Bed | 14 Bath | 0 SqFt
- 0.63 Acres
- MLS® #: 24-351101
- 1680 N Doheny Dr
- Los Angeles CA
- $43,000,000
- 5 Bed | 8 Bath | 13,500 SqFt
- 1.17 Acres
- MLS® #: 23-274217
- 33602 Pacific Coast Hwy
- Malibu CA
- $42,500,000
- 6 Bed | 8 Bath | 6,451 SqFt
- 0.7 Acres
- MLS® #: 23-321839
- 9501 Gloaming Dr
- Beverly Hills CA
- $40,000,000
- 6 Bed | 6 Bath | 6,377 SqFt
- 7.71 Acres
- MLS® #: 24-367921
- 23812 Malibu Rd
- Malibu CA
- $39,995,000
- 6 Bed | 8 Bath | 4,551 SqFt
- 0.25 Acres
- MLS® #: 24-382217
- 212 Vance St
- Pacific Palisades CA
- $39,995,000
- 8 Bed | 14 Bath | 0 SqFt
- 1.18 Acres
- MLS® #: 24-374909
- 24824 Pacific Coast Hwy
- Malibu CA
- $39,975,000
- 8 Bed | 11 Bath | 6,742 SqFt
- 1.55 Acres
- MLS® #: 23-239105
- 1380 Mockingbird
- Los Angeles CA
- $39,950,000
- 6 Bed | 11 Bath | 14,000 SqFt
- 1.54 Acres
- MLS® #: 23-237947
- 755 Sarbonne Rd
- Los Angeles CA
- $39,900,000
- 6 Bed | 10 Bath | 15,000 SqFt
- 1.04 Acres
- MLS® #: 23-330497
- 530 S Mapleton Dr
- Los Angeles CA
- $39,750,000
- 11 Bed | 27 Bath | 33,652 SqFt
- 1.29 Acres
- MLS® #: 23-325215
- 24834 Pacific Coast Hwy
- Malibu CA
- $39,500,000
- 5 Bed | 8 Bath | 10,000 SqFt
- 1.22 Acres
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