• calendar_month January 15, 2023
• folder 2023 Real Estate Market

It’s 2023 and the Los Angeles real estate market is shifting. Here are three signs as to why. 

1.  Option to Buy OR Lease. Homes for sale are also for lease. The seller needs money and is willing to sell or lease to get that money. This is often seen with sellers who have moved out of their homes and need to cover their payment. If the home is listed for sale and lease, more eyes will see it. If you want to sell your home, more traffic is always a good thing. It’s a long shot, but maybe someone who looks at it for rent will fall in love and want to purchase, or know someone who will.                                  

                                                                                                                                                                                                                                                                                                                                                                                                         Photo by Diane Saatchi

2.  Lots with Ready-To-Issue (RTI) plans. These are developers who bought a vacant dirt lot, spent a ton of money on architectural plans, got City approval, but with the changing market and sky-high construction costs, they are abandoning their project and trying to dump their plans on naive buyers. If you see an extremely cheap and gorgeous architectural listing, don’t be fooled by the rendering. It’s merely a rendering of what the property could look like, after years and millions of dollars.  

                                                                                                                                                                                                                                                                                                                                          Photo by Archello

3.  Incentives and price cuts!  

Buy this home and we will give you $50,000 toward closing costs.  

We’ll buy down your interest rate.   

These are what is called a motivated seller and a serious opportunity for a deal. Selling a home in a market when prices are softening and there don’t seem to be as many qualified buyers can be a real nightmare, but there’s a lot a seller can do to ease the struggle. 

                                                                                                                                                                                                                                                                                                                                                                             Photo by Forbes                                                                           

Last year buyers were giving up their first born, this year it’s time to negotiate. Buyer’s, if you put your real estate search on hold in 2022 because you hated the real estate market, this year is your time to shine and come back with your new-found power.