If you’re looking to relocate to a new area, then you should consider the beautiful and sunny city of Los Angeles. There are a few reasons to choose Los Angeles. One of the great things about the real estate market in Los Angeles is the variety and diversity of homes. Los Angeles has some very expensive and upscale neighborhoods as well as some for the more reasonable budget.
Recently, the online real estate agency Redfin, released an article stating that Los Angeles is currently the second hottest real estate market in the entire country! One of the reasons is that it has some of the highest number of homes bought and it’s an area that involves the most bidding wars. Bidding wars are extremely common in Los Angeles, with 8 out of 10 deals involving one. For this reason, many of the homes sold in Los Angeles sell way about the asking price.
While it’s undeniable that Los Angeles is one of the most competitive markets out there, it’s also true that the trends have been changing recently. Agents have been saying that they’re receiving offers without counter-offers. Traditionally, this was unheard of in the Los Angeles market. In the past it was not uncommon for agents to receive up to 40 offers at a time. That means that now is the best time to buy because you’ll be more likely to get the home that you really want without having to make a ridiculous offer that you can’t actually afford.