In major metropolitan markets such as Los Angeles, the supply of housing has fallen significantly. But by how much all depends on the area. If you’re having trouble finding the right home, talk to a Realtor to find out the year over year difference in the area you are interested in.
This LA Times article states that “Los Angeles’ available inventory is 49% lower than it was last summer.” That is a significant drop and certainly the very reason why you might be finding it difficult to find a good home. And if you do find a good home, chances are there is someone else looking for that very same home. So don’t be surprised to be caught up in a multiple-offer situation. I have been involved in 3 in just the last 2 months. People are hungry, Interest Rates are at an all time low, and consumer confidence(in certain areas) is back….fueling a buyer’s frenzy. Stay calm and hire a real estate agent to help you.