As 2022 draws to a close, it is interesting to note that the Los Angeles Real Estate Market has completely changed. Last December, I represented the seller of a 1200+ square foot home that sold for $1,425,000. It was a three-bedroom one and 3/4-bathroom home in Northwest Glendale. One of the bedrooms was tandem. However, at the time, interest rates were in the low threes; it was almost as if you were borrowing free money. The Los Angeles housing market has changed.
Fast forward, interest rates are hovering around seven percent. Although listing inventory remains low, most home buyers have the upper hand. The only way for a home seller to maneuver around this is by pricing their home to sell and receiving multiple offers. Home buyers are skittish. Now is not the time for over-ambitious pricing. Home sellers who don’t opt to have a pre-inspection should expect a renegotiation after the buyer’s home inspection, or worse a canceled escrow.
In recent years, it didn’t matter when a home was listed. Eager home buyers were waiting. However, things have changed, and now as we approach the holidays, most traditional sellers don’t list their homes for sale. I am noticing that many of the new listings in La Canada, Glendale, La Crescenta, and Pasadena coming on the market are trust sales.
