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Los Angeles Homeowners Rejoice

Single-family home price increases in Los Angeles have shown no sign of slowing as we enter the third month of 2016. The main cause: our very constrained and limited supply. In general it is considered healthy for a real estate market to have a 6-month supply of inventory (houses for sale) on hand. At the moment in L.A., that level has dropped to a 4.8-month supply, which definitely puts an upward-pressure on home prices. People are willing to bid and pay top dollar, especially if your home has been remodeled and preferably staged to show well. Green and smart home features such as low-water-consuming landscaping, Nest thermostats, Launchpad or other smart devices to control your alarm system, your lights, your temperature, your sprinklers, your washer & dryer and more, are also growing more and more popular. In the westside home sales market, houses that have even a modicum of good taste in design, sell quickly. Frankly, I am seeing total tear-downs (such as the one in the photo above) selling for over-asking price by land-starved …