SREG Blog - What's Going On?

https://www.youtube.com/watch?v=GKafQUsJ_5U

What's the Noise Around the Real Estate Market Right Now?

Some people are saying prices are falling. Others are saying homes are still selling over asking.

Buyers are waiting for mortgage rates to come down, while many homeowners are holding onto their current low-rate mortgages.

So, what is really happening?

The answer is: the market is becoming more balanced.

Here in Los Angeles, buyers have more time to think about their decisions than they did a few years ago. Homes are generally taking longer to sell, and buyers are seeing more opportunities to negotiate. Current Los Angeles data shows homes spending around 50 days on the market, while inventory is at 4 month's supply.

But that does not mean every home is sitting on the market.

A home that is priced correctly, presented well, and located in a desirable neighborhood can still attract multiple buyers. On the other hand, a seller who prices too high may have to reduce the price later.

Mortgage rates are also a major part of the story. Rates remain in the mid-to-high 6% range, which continues to affect affordability for buyers.

That is why I tell my clients not to make decisions based on headlines.

If you're buying, focus on the payment you can comfortably afford—not on trying to perfectly time the market.

If you're selling, don't price your home based on what your neighbor got last year. Price it based on what today's buyers are willing to pay.

And if you're thinking about making a move but you're not sure whether now is the right time, let's look at your specific situation.

After 40 years in Los Angeles real estate, I've learned that the market is always changing. The key is understanding what is happening in your neighborhood, your price range, and your particular situation.

The market may be changing—but opportunities are still there for buyers and sellers who have the right strategy.

If you're thinking about buying or selling, I'd be happy to give you an honest look at what the market is doing in your area.