Published May 1, 2023

Los Angeles April 2023 Market Update

Written by Ana Mendoza

Los Angeles April 2023 Market Update header image.

Hi, everyone. Hope you're having a fantastic day. Anna Mendoza here. I'm here to give you your year-over-year market update for the City of Los Angeles, homes that have sold under a million dollars from April 2022 through April 2023. Homes that have sold under a million dollars in the City of Los Angeles, which also pools the San Fernando Valley, surrounding cities, and any city that is in Los Angeles.

There's equal opportunity. We are in a shift for sellers and buyers. 56 less homes came on the market. There is still low inventory. If you are even considering or thinking or just want to get educated and know what your home is worth today, stop looking at Zillow, Redfin, or anything in the algorithms online, because your home may be very unique and not all homes are the same, so you're comparing apples to oranges. Reach out to us.

We love to give tailored consultations to actually show you the true potential value of your home and what you need to do to get it prepared to go on the market. Whether it's this spring or this summer, if you want to take advantage because your kids are at a school, reach out to us. We would love to be of service. And you can go on our bio and book your appointment when it comes to that.

Properties have stayed on the market a little bit longer compared to last year, 24 days to 42 days, so they are sitting on the market a little bit longer. People are requesting longer escrows, whether it's because they want to just request a longer escrow or because they are taking advantage of programs when it comes to, for example, the 20% down program that the lenders were giving as an option.

There are other options for buyers when it comes to down payment assistance, and the rates are still really good, in the low sixes to mid-sixes, if you have good credit and you have an excellent history when it comes to your financials. And every situation is very unique. Setting up a consultation with a mortgage professional, which we can connect you with, is really good for you to just know what you need to do to get set up, to get to where you need to be.

Twenty-one thousand less, when it comes to equity of homes. So what does that mean? That means that the market is shifting. So if you're even remotely thinking of making the move, this is the time for you to really pull the trigger and make that happen. Sellers are in a really good position when it comes to selling their home, getting multiple offers if the house is priced accurately. And when it comes to buyers, there is a lot of leverage when it comes to the home buying process for you to get credits for your home or even do a down payment assistance or request for closing costs. That is still happening, depending on the property that you're looking into. There's a lot of opportunity.

So hopefully that information was of value. We love educating our clients and just being of service, giving you that insight into the market. If you are in a specific city, reach out to us. We can give you that information as well. Or if you want just tailored information on your specific home, we can do that as well. Look out for our Mother's Day giveaway, which we're going to be launching today. We're very excited about that. It's basically going to be launched today, and we are going to announce the winner on May 10th, 10 de Mayo, which is Latino Mother's Day. We're excited about that. We hope that you have a fantastic day and that this information was helpful. Reach out to us for any questions, or private messages, or go to our bio, and you can book your consultation. Have a fantastic May.