6.5% of US homes for sale had a price drop
A recent report from Redfin said more home sellers are dropping their asking price. During the four weeks ending September 24, 6.5% of US homes for sale had a price drop, an uptick from 5.8% in August.
"It's still tough to win a home for under asking price, but sellers have come to terms with the fact that 7%-plus mortgage rates are giving buyers cold feet and that homes aren't as likely to attract multiple offers," Redfin said.
97,197 Southern California homes sold during the first seven months of 2023, the lowest January-to-July total on record.
This year's sales tally is 41% lower than during the pandemic boom two years ago.
Source: CoreLogic
The little house that could: See LA's smallest home sold this week!
Do you think this tiny home is worth the purchase price?
Here is the smallest home sold this week in Los Angeles.
The home has 1 bed/1 bath, 448 sq. ft. of living space, and is on a 5,201 sq. ft. lot.
From Cabin to Cash: Bel Air's Hunting Cabin sells for over the asking price!
The Hunting Cabin in Bel Air has SOLD!
This home has 0 bed/1 bath, 655 sq. ft. of living space, and is on a 4,673 sq. ft. lot.
Did you think it would sell for this much?
SOLD! Discover the price tag of this Sherman Oaks tiny house!
This is the smallest home sold this week in Sherman Oaks.
This home has 1 bed/1 bath, 534 sq. ft. of living space, and is on an 8,168 sq. ft. lot.
Did you guess the right selling price?
See Bel Air's smallest home on the market! A quaint, canyon retreat!
This is the smallest home for sale in Bel Air.
This 1920s Hunting Cabin has 0 bed/1 bath, 655 sq. ft. of living space, and is on a 4,673 sq. ft. lot.
This private home features an exposed A-frame ceiling, stained glass windows, a Murphy bed, an upper deck, and an exterior patio for outdoor dining.
Asking price: $599,000
Text me if you want a tour: 818-445-7953.
Take a peek at this week's smallest house for sale in Alhambra! #pocketsized
This is the smallest home for sale in Alhambra.
This property has 2 bed/1 bath, 400 sq. ft. of living space, and is on a 1,873 sq. ft. lot.
Asking price: $550,000
Text me if you want a tour: 818-445-7953.
Your referrals is what keeps my business going!
My phone number is 818-445-7953.
Southern California home sales fall to all-time low
This data shows why we are seeing multiple offers on properties again... there are still not enough homes for sale!
Closed sales this past January fell to 9,938, the lowest number of transactions in records dating back 35 years, real estate data firm CoreLogic reported Tuesday, Feb. 28.
An average January has about 17,000 closings.
We need more homes to hit the market to meet buyer demand!
This Sierra Madre Mid-Century house sold for $325K over asking! ALL CASH!
Cheapest home sold this week in Sierra Madre.
Asking price: $700,000
Selling price: $1,025,000 ($325,000 over asking - all cash)
This major fixer has 3 bed/2 bath, 2,170 sq. ft. of living space, and is on an 8,044 sq. ft. lot.
The Mid-Century home features an open floor plan with a large living room, dining area, and kitchen.
The home needs extensive repairs to the main systems - plumbing, septic, heating, electrical, and roofing.
Take a look at the SMALLEST home sold this week in Silver Lake!
Here is the smallest home sold this week in Silver Lake.
Asking price: $599,000
Selling price: $706,000 ($107K over asking)
This tiny home has 1 bed/1 bath and only 452 sq. ft. of living space.
Imagine Dragons, Dan Reynolds adds this Los Feliz home to this growing real estate portfolio!
Imagine Dragons singer Dan Reynolds buys a Mid-Century Modern home in Los Feliz.
Asking price: $6,250,000
Selling price: $5,800,000
This extensively renovated home has 4 bed/5 bath, 6,136 sq. ft. of living space, and is on an 18,290 sq. ft. lot.
The home features indoor/outdoor living with custom floor-to-ceiling steel Fleetwood doors, a screening room, a private office, and a rooftop deck with views of the city.
The private backyard has a saltwater pool, fruit and palm trees, and a guesthouse/ entertainment space with a built-in bar, steam shower, bath, and temperature-controlled wine room.
43.4% of sellers have reduced their asking price
The share of Realtors who have seen home sellers reduce their price to attract buyers increased for the fifth consecutive month to 43.4%.
The share of buyers expecting lower prices also has more than doubled from 32% in April 2022 to 78% in September 2022.
Source: Latest California Association of Realtors monthly member sentiment survey
Would you pay $800k for this Highland Park home?!
Here is the cheapest home sold this week in Highland Park.
Asking price: $799,500
Selling price: $800,000
This 2-story home has 3 bed/2 bath and 1,066 sq. ft. of living space.
The home features new paint, updated flooring, and original wood stairs.
The Warehouse style garage includes an attached storage or workshop room, high ceilings, and an original oil pit for at-home car repairs.