Mike, Both Buyer and Seller in Los Angeles County, CA

Market In L.A. - Time To Buy?

Asked by Mike, Los Angeles County, CA Mon Jan 26, 2009

Trulia Stats & Trends indicates that L.A. is turning up.Do I misunderstand the charts or is this the time to jump in?


http://tinyurl.com/newjobs2009

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5
Good Afternoon Mike,

I keep telling my sister-in-law, who lives in LA that it is time to buy!!
I do not live in or near LA, however she keeps me up to date with the Real Estate happenings there, and you are right, I can see that the home prices are not falling but rising at the moment, according to the documents she has sent to me.
So, with interest rates what they are and home prices at lower than normal prices, what are you both waiting for?!
Call me and I can put you in touch with the same agent I will be putting my sister-in-law in touch with!!

Good Luck!
1 vote Thank Flag Link Mon Jan 26, 2009
Real Estate conditions are local, so it really depends upon what areas you are interested in. In the better Westside neighborhoods the drop in prices was smaller, and the demand remains high.
Los Angeles is a difficult market to understand unless you have extensive experience here.
I would recommend that you retain an excellent buyer agent who can send you correct CMA's or the areas you are interested and keep you informed based upon the area.
0 votes Thank Flag Link Wed Feb 18, 2009
Hi Mike
LA, like the greater Seattle area, is very local in real estate trends, so the specific area matters a great deal.

I monitor six areas, ranging from Van Nuys to Sam Marino, from La Canada to Mount Washington and in a nutshell here are the trends over the past year.
Listing inventory is declining (all except East San Fernando Valley).
Fewer new listings coming on market (Ditto)
More listings as a ratio going into escrow (everywhere)
More sales year on year than last year (everywhere)
Ave sale price increasing since the fall (all except East San Fernando Valley)
Shorter Days On Market (everywhere).

Interest rates are down (I had a buyer get a loan $417K at 5.75%( with 205 down, no points.

My wife's family is from Shoreline, I am from Pullman originally. I'd be happy to help you or refer you to the right people if you need assistance.

Keith
0 votes Thank Flag Link Mon Jan 26, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Hi Mike, I agree with Edith's comments, just some additional "seasoning":

A Comparative Market Analysis (CMA) gives you the best representation of market price/activity/trend direction - for the specific property details you search on. DO NOT rely on median and average-based statistics, these measures are meaningless for targeted selling/purchasing as they have no regard for any of the specifics you may be searching for and can be skewed by segments of market activity not matching your individual situation.

Best, Steve
0 votes Thank Flag Link Mon Jan 26, 2009
I am not too familiar with the LA market but could refer you to an LA colleague of mine. All I know at this time, that may help you somewhat although various areas within California and even within the city of LA could be quite different from the rest, so an area expert is really what you need at this time. Then also the financial side needs to be discussed, ie. avail. down payment, credit score etc. etc. is the following:

According to some experts the only real estate market that has actually lost enough property value so that the market starts being more active, i.e. the prices are down to a point, where buyers and investors get interested enough to buy....

This may give you some idea of what you should do, but discussing it with a local experienced Realtor I strongly recommend before you head out and decide to buy. Your Buyers Agent will have access to all the information you will need to make an educated decision.
Let me know if you want me to recommend a trusted Realtor Colleague of mine to you.
Edith
edithsellshomes@gmail.com
0 votes Thank Flag Link Mon Jan 26, 2009
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