Most properties selling below list price in LA have you noticed?

[Alex C.]

I talk to potential sellers every single day. I look at real estate listings every single day. I have now seen most closed listings (80-90%) closing below list price for months now. I believe we're in the middle of a correction in the LA market which most sellers don't even feel it yet. However, I predict this will change soon. The rate hike will help reduce the buyer pool so sellers won't get multiple offers unless priced right. Many overpriced listings sitting everywhere. Millennials don't want the same type of properties/things other generations wanted. I can't see those suburb tract homes being bought by younger buyers. They want to live closer to things, Uber/Lyft has changed how we get around and commuting for hours isn't as attractive anymore. Many more people now work from home and don't need all that extra space those homes built the 80's, 90's and 00's. Families are definitely not as large so those communities will see greater decreases in prices compared to more dense neighborhoods which will continue to be in demand for this new generation of home buyers. These are just a couple of my observations on the LA market but I for one, am looking forward to the opportunities that will arise once we're back in a buyers market out here. Thanks.

[Alex C.]

@Account Closed

If the property is priced well than you should expect multiple offers and for it to sell in any market. I'm not saying property in the SoCal market isn't selling or that it isn't selling fast. I see a lot that do sell fast, but still under list price. You present 3 examples of properties that went over list price, give me a zip code to check and I'll bet $100 dollars 80% of closed listings in that neighborhood also are closing at or under list price. What do you think? Are you feeling lucky? Lol