Are Home Prices Adjusting in LA County?

I have many clients that ask me all the time, "Robert are prices adjusting a bit, are prices coming down a bit?" and the answer is Yes; it just depends on the area and the property itself.

In certain areas the Supply and Demand, or inventory, where the seller gets what they want and the buyer gets what they want, is normally about six months. In those areas you have buyers adjusting a bit on the price and you have sellers accepting that because they see the inventory in certain other parts, like the city of Los Angeles, or rather, the Northeast part of Los Angeles where the supply demand is about maybe three months. Comparable to the city of LA where it's up to five months, well they're adjusting a bit more.

Also too, the second factor is the property itself. Let's say that, for instance, you have a 2-bedroom, 1-bath home, and around the block you have a 2-bedroom, 2-bath home. Well, the home with the 2-bath is going to sell significantly quicker than the one with the 1-bathroom home. Function obsolescence. Or a home with a smaller lot, or a home with no parking, or a home with no garage. Things of that nature. Or a home with a single story. Craftsman Home, great curb appeal, that home is going to have a lot of eyes, possibly a lot of offers, a bidding war, and so forth. Now the seller's holding all the cards at that point, so the buyers are going to have to maybe adjust a bit. So, what it really comes down to is the area and the home itself.

I hope this helps, if there's anything you need, I'm here for you. Give me a holler, take care!