U.S. housing market may be shifting, say some real estate economists  #realestatemarket

REAL ESTATE NEWS

The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly,” reports Zillow senior economist Aaron Terrazas.  And according to Redfin, the year-over-year price growth rate for U.S. home sales has been dropping for five straight months and hasn’t been this low since September 2016.  DETAILS

Housing tipping back to a buyer’s market as sellers cut prices

CNBC reports this week that home price growth is slowing in nearly half of the 35 largest U.S. metropolitan markets.  After several years of substantial home price gains, the market seems to have found a limit to what people can afford. Some home sellers are starting to respond by lowering prices. RE/Max reports that several American housing markets are down year over year, while inventory has started to rise nationwide.  DETAILS

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Southern California home sales plunge as housing inventory continues rising. Will home prices in Cali fall next?  #homesale

BREAKING NEWS

LOS ANGELES, CA (August 15, 2018)  —  Downtown Los Angeles is today feeling coolness in the real estate market. Publisher of the L.A. Loft Blog real estate broker Corey Chambers says, “The readers of the L.A. loft blog are some of the smartest in the world, so I have learned to really listen to them to find the truth in everything real estate.”  He continues, “They are largely holding tight, very steady today.  And this seems the most prudent course for most as prices are relatively high and the U.S. is today far along in the economic cycle.”

Based on the feedback from L.A. Loft Blog readers, many renters have decided to protect themselves against future skyrocketing rents have been buying homes. New families created in Downtown L.A. usually sell their loft to buy a house in the suburbs within a few years after having a baby.  Some are always selling because they want to spend the money on buying a larger home somewhere else, or they have other plans for the money.

The number of motivated buyers has been dwindling in DTLA for several years. Just in the past few months, the number of loft buyers has nearly evaporated.  “Not only the Downtown Los Angeles area, but all over California, real estate professionals have recently reported that the number of buyers they are seeing is down sharply. So it makes sense that those who are ready to sell are doing so.” Known for providing many years of accurate market calls, Chambers today warns that next year is likely to offer a diminishing return for sellers, with fewer buyers than 2018. Those who are considering selling a home may see a longer sale period with a lower sale amount for 2019/2020.

Special offer expires September 19, 2018.

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.