The LA market continues to see a shortage of inventory from 1.5M or below price levels. The market is very competitive and tight for first time home buyers in certain areas. We are seeing multiple offer situations when homes are priced correctly and move-in ready. Now that buyers are starting to re-enter the market, we’re finding that there is a strong demand for homes, which creates bidding wars in certain price ranges. In the luxury market over 2M, there is more inventory to choose from and currently fewer buyers looking. Mortgage applications are up by 21% year over year. This is fueled in part by pent-up demand from the non-existent spring market, as well as the fact that interest rates are hovering around or below 3%.
If you’re considering listing your home now is a perfect time, low inventory, low rates, and strong buyer demand is a great recipe for sellers with REX’s help of course. For the buyers wanting to purchase, now is a great time to take advantage of the low rates, speed will be key to navigate with the tight inventory. Our full time dedicated REX agent will ensure your success for your next dream home.