As November opens, Change is everywhere ... gas prices, interest rates, elections & potential election results, real estate activity and yes – even the weather. As Dickens opened his famous novel, “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness...”. It sounds as if Charlie Dickens could be living right down the street from any of us today. But I am hopeful, which has brought me through 37 years of real estate career.
The behavior of the Los Angeles market is now statistically noticeable. Every client conversation this past week has centered on this obvious market change and the strategies we can employ to lessen an unwanted effect on buying or selling clients. One fact to know about LA property stats now --- approx. 30% less homes are closing. The factors include the meteoric rise of mortgage interest rates, highest inflation in 40 years, low inventory, and consumer confidence diminishing due to the all the foregoing.
Let’s compare 3 major US city markets so the behavior pattern is clear.
