thegoodlife
A boutique real estate brokerage servicing LA’s Eastside & beyond
INTEREST RATES, SCHMINTEREST RATES, AND WHY THIS IS NOTHING LIKE 2008
When interest rates doubled by the end of 2022 many expected the seemingly over-inflated Los Angeles real estate market to follow suit, with prices adjusting sharply downward. Buyers kept a close eye on the market looking for bargains and price drops from September through February, yet here we are watching homes go $300k – $900k over ask on a regular basis. It almost feels like skyrocketing interest rates had zero affect on the LA real estate market. Almost . . .
Homeowners who locked into a 2-3% rate in recent years would be looking at selling their home for an equivalent home at almost twice their current monthly payment. For the most part the only people who are selling right now are doing so out of necessity: work relocation, death, divorce, or a growing family.
Los Angeles County currently has less homes on the market than any other time in recorded modern sales-tracking history.ย
What are we looking at? 37,408 homes on the market in spring of 2008 and 4,042 homes on the market today. ๐ซ๐ซ๐ซ๐ซ๐ซ๐ซ๐ซ๐ซ๐ซ If you’re sitting on the sidelines waiting for a crash like 2008, I’m sorry to say this aint it.
All hope is not lost – LA County had almost as few homes on the market in March of 2022, with inventory numbers rebounding to almost double by July. If this year is anything like last we should see a wave of inventory hitting the market in the next 3 months so buyers should stay the course. Slow and steady wins the race.
Sellers: This is a fantastic time to sell in LA. We’re starting to think there will never be a bad time to sell in LA. On that note, Buyers: It will always feel like the top of the market when you buy, you just have to get in there and bite the bullet. It’s a great time to buy a 3-5 year home, or even better a 5-10 year home.
Thinking of buying or selling in LA? Hit us up, we’d love to chat!
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