RECESSION = Housing Bubble???? [Los Angeles]

[@theorigin1891]

Little inventory???? I'm glasell park metro LA , homes are sitting and price deduction, flippers are panicking, plenty of inventory and this is just the beginning, can't sell a 2 bed 1 b bath 980 sqft for 1 million forever, train left the station, your welcome I gave you a view

[@DarinEppich]

I am seeing now since the transition with rates, back on markets, reductions but it's still case by case basis and depending on the home, area, etc. I have seen homes in luxury sit and seen some go into escrow in 4 days that are above $4m price points. Definitely a changing market, but still busy just not a frenzy like Q1 2022.

[@theorigin1891]

@@DarinEppich I was in the buisness for 15+ yrs and still have colleagues active, the problem I see is on the up and coming areas and magically skyrocketing over night and the appreciation was artificial, I understand high end real estate will hold value , the days of selling an old bungalow in highland park for a south pasadena price are over

[@DarinEppich]

Agreed, I think it's going to be interesting how it plays out because prices have gone up quite a bit since the pandemic and last year was pretty big in terms of jumps. I know many buyers are hoping for a correction, but for whatever reason many experts still predict prices will increase not at the same clip moving forward. The only thing I can see is inventory is still really low compared to buyer demand and until that levels off we will still see places sell for more. Now do I think that we are going to see over asking all the time this year like we did in Q1, probably not.

[@theorigin1891]

@@DarinEppich experts might have their input, but real estate is regional and I see trouble in some areas, a buddy of mine is losing sleep on a flip of his that is sitting, don't want to make him feel bad but I saw this coming... we shall see .. good luck to all

[@DarinEppich]

@@theorigin1891 it is regional and different pockets have had different success and others challenges even during the frenzy earlier this year! Flip depending on what was done can sit but their is a lot of factors involved obviously.