Is it still a buyer’s market today in Los Angeles CA? As experts and homebuyers in the SoCal real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
At Homesmith Group, we buy houses in Los Angeles California and we are aware of the current state of the real estate market here. In this article, let us look at how the state of the market is doing now.
First Off, It Really Depends On The Property Type And Location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers Are Often Looking For The Same Thing
They are usually looking for good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
Condos And Townhouses
But for condos and townhouses, especially those a little off the beaten path, or with some funky features, it can be quite a different story. Prices were down in certain areas of Los Angeles CA, but seem to be rebounding as the rental market increases.
Investment Properties Are In Demand
The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Los Angeles CA market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up good deals in the marketplace. Just like Homesmith Group, we are Los Angeles CA home buyers that pay cash for houses in Los Angeles.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing Is Still A Major Obstacle For Buyers
Banks are being incredibly strict – requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound Confusing? It Is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Los Angeles CA because we believe in the community and the people here.
If you need to sell your house in Southern California, we can help you. We buy properties like yours from people who need to sell fast.