HOME SELLERS: BE PREPARED FOR LOWER PRICES IN 2019 / 2020

Scary real estate market of Downtown Los Angeles

Real Estate Market News (Downtown Los Angeles, CA) — The last six months of completed Downtown real estate activity shows very healthy numbers for sellers, and a pricey time for buyers: Downtown Los Angeles median price is up 3.2% over the last 6 months compared to the same period last year. Inventory of available Downtown homes for sale has dropped by 6.15% over the same period. Homes sold faster with average days on market dropping by 12.9%. So why is the L.A Loft Blog, along with a few other media, sounding the alarm?

While there is no reason to anticipate a huge downturn in home prices, all of the signs and signals are in — most importantly: the feedback from L.A. Loft Blog readers, who really are the final arbiters of truth regarding Downtown residential real estate. The wallets and calendar of the readers do not lie. When a Loft Blog visitor spends time and money, (or, in this case, stops spending time and money on something), there is no equivocation, no conjecture and no doubt as to the truth. L.A. Loft Blog readers (and other prospective buyers, sellers, tenants and landlords) have communicated explicitly through words and actions that they generally have no plans to purchase a home in the next 3-6 months. At the same time, very few plan to sell in the coming months. This combination indicates a plateau (little or no increase in prices for a sustained period) and a sideways market (a combination of roughly equal up and down prices). #dtla #realestate

DOWNTOWN LOS ANGELES REAL ESTATE MARKET METRICS

The calm before the storm — While the median price went up, the average sold price did not budge from the same period one year ago. This indicates that price pressure has already begun. The lowest home sold and the highest home sold prices are down from the previous year. Total volume of real estate sold is down by 6.2% over the same period. #homeprice

Some say that the bull market may continue a lot longer:

https://www.marketwatch.com/story/why-this-bull-market-may-have-miles-to-go-before-it-sleeps-2018-08-20

Locally, the statistics and the behavior of home buyers shows that we have reached a crossroads. “In 2019, the loft buyers have started to dry up,” says loft specialist Corey Chambers, Associate Broker with Realty Source Inc. “My clients and I bought lofts in 2012, and we did very well. Now, I’m informing prospective sellers that the time has come to consider locking in those gains by cashing out.”

For those who are considering selling their loft or condo, now is the time to put extra thought into future needs and wants. Once the market begins to falter, the slide may escalate faster that expected. Or, in this case, real estate could sadly stagnate for an extended period of time. Because the financial well-being or L.A. Loft Blog readers is on the top of our priority list, we are repeating the warning that we gave recently. — And remember, the mainstream media generally gives economic warnings about 6 months after they happen… too late.

HOME PRICES LIKELY TO DROP

We are not going so far as to predict the future, nor to guarantee any economics because there is no way to know how thousands of locals, and millions of individuals nationwide will behave at any time in the future. Based on the factual numbers and market data that we receive daily from hundreds of loft lovers corroborated by technical sources, we are confident that we can and should disclose the reality of a cooling market, and that we should reveal the likelihood of a mild price slide, plateau or sideways market coming up.

Real Estate Chill:

A slight chill coming for the Bay Area housing market?

More home prices slashed:

http://www.dispatch.com/business/20180816/more-home-sellers-dropped-prices-this-summer-than-last-zillow-says

Find out how much the loft down the street sold for. Get a free list of sold Downtown condos. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/qbg942419l39cs/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

U.S. housing market may be shifting, say some real estate economists #realestatemarket

Some homeowners are cashing out while prices are relatively high

REAL ESTATE NEWS

The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly,” reports Zillow senior economist Aaron Terrazas. And according to Redfin, the year-over-year price growth rate for U.S. home sales has been dropping for five straight months and hasn’t been this low since September 2016. DETAILS

Housing tipping back to a buyer’s market as sellers cut prices

CNBC reports this week that home price growth is slowing in nearly half of the 35 largest U.S. metropolitan markets. After several years of substantial home price gains, the market seems to have found a limit to what people can afford. Some home sellers are starting to respond by lowering prices. RE/Max reports that several American housing markets are down year over year, while inventory has started to rise nationwide. DETAILS

Getting $14,551 More on the Average Downtown Los Angeles Loft Sale

HOME SELLERS: Find out how much the home down the street sold for
FREE COMPUTERIZED LIST WITH PICTURES OF AREA HOME SALES AND CURRENT LISTINGS — CLICK HERE

For a Limited Time: 2% Total Listing Commission

Get a free online home evaluation that includes a list of recently sold nearby properties and active listings for sale with prices and descriptions. Call (213) 880-9910 or visit www.LALoftPrice.com. Offer valid on Downtown lofts listed with the Corey Chambers Team by 9/19/18.

Southern California home sales plunge as housing inventory continues rising. Will home prices in Cali fall next? #homesale

https://www.youtube.com/watch?v=NFebagLaqnM

BREAKING NEWS

LOS ANGELES, CA (August 15, 2018) — Downtown Los Angeles is today feeling coolness in the real estate market. Publisher of the L.A. Loft Blog real estate broker Corey Chambers says, “The readers of the L.A. loft blog are some of the smartest in the world, so I have learned to really listen to them to find the truth in everything real estate.” He continues, “They are largely holding tight, very steady today. And this seems the most prudent course for most as prices are relatively high and the U.S. is today far along in the economic cycle.”

Based on the feedback from L.A. Loft Blog readers, many renters have decided to protect themselves against future skyrocketing rents have been buying homes. New families created in Downtown L.A. usually sell their loft to buy a house in the suburbs within a few years after having a baby. Some are always selling because they want to spend the money on buying a larger home somewhere else, or they have other plans for the money.

The number of motivated buyers has been dwindling in DTLA for several years. Just in the past few months, the number of loft buyers has nearly evaporated. “Not only the Downtown Los Angeles area, but all over California, real estate professionals have recently reported that the number of buyers they are seeing is down sharply. So it makes sense that those who are ready to sell are doing so.” Known for providing many years of accurate market calls, Chambers today warns that next year is likely to offer a diminishing return for sellers, with fewer buyers than 2018. Those who are considering selling a home may see a longer sale period with a lower sale amount for 2019/2020.