2023 has been an interesting year in the real estate world. Here in Los Angeles, in the Craig and David Homes universe, prices have remained high. This is mostly the result of seller’s being side-lined to a great degree. Even if you want a new house, would you give up your 3% mortgage for a 7% mortgage? You also might decide the new house can wait. This restricts the inventory for new buyers – who are still out there.
That said, buying and selling is still happening. We just represented very close friend’s first buy in the LA Market - specifically the Melrose District where we are very active. We were pleased to help S & R (names withheld to protect the innocent) purchase a great vintage house in a prime location. Priced at around $1.6M, the $1M to $2M bracket remains competitive – as we found out. The Spanish style house is in very good condition, but needs a full update. 3 Beds/2 baths, 1,850SF, on a 6,750SF lot – what everyone is looking for. Very good 1930’s charm and bones, but not much 21st Century appeal. That said, there were indeed multiple offers (is this a buyer’s market?!).
Fortunately, S & R trusted me on the numbers, and they got the house! They are awesome, and what I was reminded of by them was how we are so often our own worst enemies – we fight too hard for the little things, missing the big picture. Ultimately there were a few unexpected hiccups – like spending more on the house than originally intended - but they always quickly grasped the bigger picture – before any temper tantrums. They listened to me (this is why you hire a professional), and I listened to them – and we worked together to get the job done. Inspections, negotiations, all the transactional aspects can be very stressful – as I warned them - it never flustered them in the least.
Join me in wishing them health and joy in their new home.