Published November 13, 2023

Los Angeles October 2023 Market Update

Written by Ana Mendoza

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Hi there, Ana here. I hope that you're having a fantastic weekend and that this message finds you well. Happy November. My favorite month is here. We have Thanksgiving around the corner. I love to cook just everything that you can think of, and just feed my family, and also, my wedding anniversary's around the corner for 10-year marriage. So, I'm very excited and grateful for that. There's so many things going on in our industry, and so many red flags, so many blue flags, and yellow flags, and so many white flags. So, I'm here to rein it in and give you your market update for October, now that we have those numbers.

So, first of all, congratulations to those that participated in October for our my haunted gingerbread house, name your haunted house. It was so much fun, and I love that our clients participate, that they just have embraced the way that we run our business, and we love to do things like that, just because when you buy or when you sell a house, it doesn't just end there. We always keep in touch. We treat you like family. If you ever need anything, we are there. So, our clients feel that, and they love that. They participate, and it just makes me so, so happy. So, congratulations again to Penny for that, and let's see who wins next year.

So, market update is for October, obviously, now that it came and went. So, it's for homes that have sold in Los Angeles under a million dollars. So, we still have low inventory. The low inventory means that there's a lot of opportunity for those of you that are looking to sell your home. What's interesting is that there were only 30 less homes compared to last year that came on the market.

So, it's interesting because it just continues to sustain. Just like the sale price, it was only $5,000 less. What does that mean? That means that there's still ton of equity in homes for those of you that are looking to get a market update, maybe get educated, find out what you need to do to prepare to get your home sold this winter, or maybe come up with a game plan for next year.

Sometimes, what people don't realize is that you may feel, oh my gosh, my house is absolutely disaster, and I need to light a match, and put it on fire, and just have it all go away, and redo, and put money into it to get it ready to hit the market. That's not necessarily true. It's important for us to come in to guide you on what you need to do to get your home sold. Sometimes, just a little decluttering and a little organizing goes a very long way. You don't have to bulldoze your house.

So, when it comes to that, just reach out to us. We're happy to come in, guide you, and hold your hand through the process, and make sure that you net top dollar for your home, because, at the end of the day, the net is important. So, when it comes to days on market, we are basically still seeing the under 30-day escrows happening, and of course, everybody wants to get into their house before Christmas. So, you're seeing a lot of that, as well.

So, that's your market update. I hope that this video finds you well. I hope that you are having a fantastic weekend, and I am excited to see what the November numbers come and say, because there's a lot of changes. Then, just lastly, for those of you that are worried about the rates, look, rates go up and down just like the market goes up and down. We are not going into a market crash. The numbers do not sustain that. We are not going to foresee that you're going to see the three to four interest rate drops. Unfortunately, that's not what the experts are saying. That's not what the market is saying.

So, this 6.5, 7% rate is the new normal. This is something that we all have to make friends with. It's better to be a homeowner, put money in your pocket, build wealth for yourself, instead of paying somebody else's mortgage and making them rich. So, my job is to make you rich. So, I'll leave you with that. Have a fantastic Sunday, and we will be in touch.