As the Los Angeles real estate market begins its cool-down phase, the days of sellers moving homes within weeks at above asking price seems like a distant memory. According to the Santa Monica Mirror, this is resulting in an increase in the total number of properties for sale, as well as sellers dropping their asking price in order to catch the eye of prospective homebuyers. Given just how much things have changed in such a short timeframe, it’s understandable that many people are waiting for positive signs before putting their property on the market.
Of course, economics isn’t the only factor that’s keeping new L.A.-area real estate listings from hitting the market. While a lack of housing options and fierce competition are leaving many prospective Los Angeles homeowners feeling dejected (per Spectrum News 1), city officials appear ready to change some of the strict zoning regulations that are keeping new properties from being built, as noted by the Los Angeles Times. However, whether these changes will lead to a significant amount of new listings in 2023 is yet to be seen.
