Los Angeles August 2022 Market Update

Hi, everyone! Ana Mendoza here. So I'm doing things a little bit different, and sitting down this time. I'm here to give you your year-over-year market update for the month of August now that it has come and gone. There have been so many things going on with our business. And one of the things that we ended up doing was going to Dallas tour annual summit with the number one coach in the industry, Tom Ferry, to just get educated, keep up with what's going on in our industry, to bring back value to our clients, and also, keep you informed of what's going on with the shifting market. It's always important for you to partner with somebody that is going to help you win in the shifting market, that has the strategies, that is paying attention to the market every single day, does this full time, and has a passion for it.

And so, hiring us on your team that fit all those categories, plus more, is a great way to start off with your journey in the home buying and home selling process. So, we take the educational approach. We have a lot of pride in just how we approach things and how we hold the client's hand to make it a win for them. So, I'm here to give you your year-over-year market update for the month of August. Happy September 1st. We are excited to launch many listings on the market this upcoming month. And we have several opportunities out there for buyers, so we will talk to you about that.

The year-over-year market update will be for the month of August, from August 2021 to August 2022, for homes that have sold in the city of Los Angeles under a million dollars. There have been 51 less homes that have come in the market compared to last year, 322 versus 271. So, what does that mean? That means that there is still low inventory. There's still equity out there, and so, appreciation is just taking a little bit longer. So if you're seeing that there's houses on the market that are taking a little bit longer to sell, don't think that there's something wrong with them. Don't think that, "Oh my gosh, there must be something wrong with that house," that it's taking a long time. It's just the market is shifting, so things are taken a little bit longer to sell. It does not mean that there's something wrong with the property. Properties are coming back on the market, just due to many circumstances, again, not necessarily because there's something wrong with the property. Maybe because somebody at the end did not qualify for the home. Just to give you an example on that. Okay?

There is still equity, 23,000 more compared to last month. I think it was about nine to 10,000. So there is appreciation. Again, it's just rising at a slower pace. And we are in a shifting market, so there is a lot of opportunity for buyers out there. And we love to strategize with our clients on how to get them in escrow and make it a win for them and maybe not necessarily be the highest offer. And we're very successful with that. So reach out to us about that.

The time when somebody goes into escrow and closes, it went from 27 days to 26 days. So about the same time. You are seeing the longer escrows. You are seeing the 30 to 45 day escrows. A lot of offers out there. So, if you're FHA buyers or VA buyers, and you were being discouraged when the market was super hot and competitive, now's your time to get out there and take advantage of the shifting market because sellers do consider your offer a little bit more than before.

So that's your market update for the month of August. Let us know if you have any questions. We are very excited to share several things that we have in the works, about the shifting market, and then also just in general on how we are making changes to our business, and just enhancing them, and bettering them for your benefit. So, have you fantastic day. And we will be in touch. Bye.