Just over a year ago, the market was flooded with cash offers. That made things very difficult for buyers with financing. They were losing out to these cash offers and their chances of winning against them was low.
Now the cash has dried up, making it a lot easier for buyers to write offers and get them accepted. So, what does the LA real estate market look like right now?
Throughout LA County, we are at about a 2.2 to 2.5 month supply of inventory. If nothing else came on the market, we would absorb all these properties in just over two months. This means we are still in a seller’s market.
The advantage to buying and selling during this time of year is that we are seeing a lot of contingent sales. If you’re looking to buy and sell at the same time, this is fantastic news. You can write an offer that is contingent on you selling your home, and your chances of it being accepted are much higher. You can kill two birds with one stone and not have to stress about selling your home as much.
“Buyers can now purchase with contingent offers.”
I hope this gave you a little bit of an insight on what the LA real estate market look like right now. If you have any questions for me, don’t hesitate to give me a call or send me an email. I would love to hear from you.