Southern California offers plenty of beautiful communities with red hot real estate markets. Now is an amazing time to buy real estate in Los Angeles for a few reasons. According to a recent report by the online real estate agency Redfin, Los Angeles is the second hottest real estate market in the entire country. Redfin also highlighted Orange County and San Francisco as having awesome markets. Los Angeles was only beat out by San Fransciso which is a community known for wealth. Los Angeles is big when it comes to the number of homes being bought.
Los Angeles is a very competitive market with a majority of the deals involving “bidding wars.” It’s estimated that 8 out of 10 closed deals in Los Angeles involve a mini war in the process. Los Angeles is so competitive that it’s even common for all-cash offers to roll in. Due to the competitive nature of the market, nearly half of the home sales end with a price above the asking price.
Despite the competitive nature of the Los Angeles market, a few agents were quoted as recently saying that multiple offers they received didn’t involve a counter-offer. One agent said that this is nearly unheard of in Los Angeles, where most homes receive up to 40 offers at a time. This is actually a good sign for buyers because it means that the competition is not as fierce as it typically is. The time to act in this market is right now!