Published December 4, 2023

Los Angeles November 2023 Market Update

Written by Ana Mendoza

Los Angeles November 2023 Market Update header image.

Ana Mendoza:

Hi, there. Ana Mendoza here. I'm here to give you your year-over-year market update for homes that have sold in the city of Los Angeles under a million dollars.

Thanksgiving with your friends and family, and welcome to December where our elves on the shelves came back from the North Pole, Soshi and Trixie, and they are here to report on our kids. They literally woke up at 4:30 in the morning super-excited, so be on the lookout for updates on them

The update for the market in the city of Los Angeles under a million dollars, homes that have sold from November 2022 through November 2023, now that we have those numbers was very interesting. Less homes came on the market, which were about 20 less homes came on the market, but they did end up selling for $7,000 more. So even though there's less inventory, you are still seeing multiple offers on homes if homes are initially priced accurately. Okay, so looking at the stats, also looking at the feedback, taking into consideration all of those things, it's extremely important when pricing your home

Unfortunately and fortunately, you have to understand that, as a seller, your home is only worth what a buyer is willing to pay. It's important for you to be educated to make sure that when you are considering to sell your home, you also take into consideration, "Let's see. I'm going to do these upgrades. What should I do? Should I paint? Should I bulldoze my house? Should I make additions to my house?" Doing a bunch of things to your house sometimes is not going to put more money into your pocket. Just reaching out to us, getting educated when it comes to that, what buyers are actively looking... which we do this full time and we're always in the know... and just picking our brain, which costs you nothing, is probably the best way to start.

Now, when it comes to mortgage rates for buyers, first of all, there's a lot of programs out there if you're looking to purchase something, and they did drop. We have several of our active buyers that are looking right now that are taking advantage of the drop, which by the way, if you don't know, when the rates drop it gives you more buying power, and then vice versa. But even if the rates are higher, it's better for you to purchase, stop paying somebody else's mortgage. Then also, you have the option of re-financing even soon after they drop. Okay? So you can pick our brain about that, as well. We love educating our clients and just guiding you through the right process.

That's basically your market update. Days on market were a little bit longer. It is the holidays. First of all, no one's open during Thanksgiving, so it was a little bit longer, not 28 days like last month. It was a little bit longer, close to 40 days, but it's not uncommon during this time.

That is your market update. Look out for our toy drive that we're going to be doing, annual toy drive. I hope that you can participate in that. We are partnering with Alexander House again, which is a home for the women and children. We love supporting them. It's a great organization, non-profit. We're going to be doing the toy drive which will most likely expire December 21st, Thursday. You're welcome to reach out to us if you want us to pick up a toy from you wherever you are, and participate and support.

Thank you. I hope that you have a fantastic December, and that this message finds you well, and we will most certainly be in touch. Bye