The movie Flatliners comes to mind when considering a description of our current real estate market. The 2017 movie starred Kiefer Sutherland but was an update to the original 1990 movie – which also starred Kiefer Sutherland. That speaks to a long acting career. But I digress... if you speak with any active Buyer or Seller or real estate agent these days, most likely you’ll get a remark that this market feels “stuck” for them. It’s affecting all parties because we literally are stuck here in LA markets with historic low inventory giving real buyers few choices or very competitive purchase attempts. For Sellers, if they are priced even slightly high for this market, they wonder where all the buyers are and continue to sit on the market unsold. This is the anomaly.

Multiple reasons are causing this – among them the lack of incentive for sellers who want to downsize or upsize but do not like giving up their 3% mortgage for a 7% new mortgage rate. So, they decide to wait, leaving much less inventory available. Prices are not rising nor falling so the incentive is lessened on that consideration as well. The National Association of Realtors states home prices have actually increased nationwide by approx. 3.4% --- but that feels like a flatline compared to recent years seeing 12-15% annual price increases. Locally, this is the most “difficult” market we’ve seen since 2009. Something will happen with interest rates but we recognize it will take more time. Industry forecasters predict another 6 months of possible stalemate.

Success stories still exist, though, and we’ve been fortunate to participate in some of them. If a property is well priced for this market, it sells within a few weeks. Demand is still there for good product, well priced. The huge price reductions seen are only occurring where properties have been overpriced and are finally selling at market price—after reductions or heavy negotiation.

We are very excited to be launching numerous fine homes either at the Coast or the Hills. Our Sellers are bringing beautiful inventory to the market in all price ranges. Please take a moment to review some of them below--- I think you’ll like what you see. We’d love to tour you or someone you know at any of them!

-Ernie