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The Surprising State of the Los Angeles Sellers’ Exodus!

Are sellers truly saying goodbye to LA and California? Assumptions abound about sellers fleeing due to politics and costs, but let’s get real. Over the past 8-10 months, the mass exodus has significantly slowed. Data defies the headlines. Intrigued? Watch this video to learn more!

Sellers aren't leaving California
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Many of you have approached me with the assumption that sellers are fleeing California, driven away by various concerns – from politics to cost of living. But let’s set the record straight. In the past 8 to 10 months, the rate of people leaving the Golden State has taken a significant nosedive.

Contrary to the headlines, the data paints a different picture. And guess what’s playing a major role in this shift? It’s all about the interest rates. Imagine having a 2.5%, 3%, or 4% interest rate – would you want to let go of that? Even if you’re eyeing a more affordable home out of state, the math usually favors sticking around in California due to lower monthly payments.

The low-interest-rate party is causing homeowners to stay put in Southern California. But there’s a twist. Instead of packing up for other states, sellers are relocating within the region. However, they’re not just moving anywhere; they’re seeking solace in Ventura, Orange County, or the Inland Empire. The latter, in particular, offers a budget-friendly alternative to the sky-high prices of Los Angeles County.

Now, who are these local movers and shakers? Most of them have been in their homes for ages. With kids grown and flown, they’re trading in their large nests for cozy spaces near their grandkids or close-knit family members. It’s a sensible choice for the downsizers.

But wait, there’s a new seller in town – the ones caught in the midst of a suburban-urban work tug-of-war. Picture this: you moved farther away from the city buzz, but now your employer wants you back in the office. Those long commutes aren’t so appealing anymore. So, we’re seeing sellers from the outskirts returning to the heart of work life.

Unlike the mass exodus of 2021 and 2022, this time around, things are a bit different. The massive waves of sellers heading for the hills have calmed down. So, what’s driving these shifts? It’s a blend of factors we’ve discussed – from the allure of low interest rates to the evolving work landscape.

Intriguingly, the narrative has shifted from sellers fleeing the state to a movement within California’s own boundaries. So, if you’re imagining lines of moving trucks crossing state borders, think again. Instead, visualize people moving within the neighborhoods, counties, and regions they know well.

Got questions or thoughts about this shifting landscape? Don’t hesitate to give us a ring at 818-396-3311. Thanks for tuning into our vlog – until next time!

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