CHASING NORMALCY

Navigating the wild housing swings of the past three years has been quite a challenge for agents, buyers, and sellers in the Los Angeles real estate market. While the idea of lower mortgage rates is appealing, the rollercoaster of sub-3% rates and unexpected pandemic-driven moving trends have shaped the current state of the market.

 To truly thrive, we aim for a balanced market, where the demand from buyers aligns harmoniously with the supply from sellers. Industry experts typically define this equilibrium as a 6-month housing supply. In such a market, all parties involved can find their rhythm, benefiting from more predictable activity. 

As we delve into the heart of 2023, it becomes essential to look beyond the immediate news and ponder: How close are we to witnessing a balanced market? Achieving this equilibrium promises to provide stability and prosperity for all participants in the ever-evolving landscape of Los Angeles real estate.

The Takeaway:  Los Angeles isn’t really ever a “Normal Market” We live, work and play in some of the most desirable and expensive zip codes in the country.  There is a lot less than a 6-month supply of inventory in Los Angeles.  My earlier newsletters have explained more in depth why…ie mortgage handcuffs, Gen Z buyers and the buyer who thinks they can time the market.  Until this inventory increases, mostly because until rates come down, the abnormal we have now, will be the new normal....and ps.. rates this week hit a yearly high.  All this being said, I have seen an uptick in buyers across our agency the past few weeks.  Buyers are realizing this is the new normal and you can't sit on the sidelines forever.  Want more info in depth call us, we love to chat.  

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas. We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.

Best,

Riley Schmidt