ResalesLos Angeles Housing Still Selling Briskly
Homes in Los Angeles have appreciated over 10 percent a year for over four years, say local Realtors, but the market shows no signs of slowing down.
"The City of Angels, with a county population of 9.1 million, has long held its place as one of the most famous cities in the world," says Realtor Amy Kate Connolly. "A mecca for many types of business and a melting pot of diverse cultures, L.A. has also become one of the most desired cities in which to live. With the ocean and beaches, mountains and natural parks, along with city life energy that is unsurpassable, L.A. has something for everyone."
Says Realtor Anthony P. Marguleas, "Los Angeles has seen an average price appreciation of 10-12 percent for the past four years. Homes range from $100,000 up to $20 million dollars.
"We are still seeing multiple offers and sometimes even over the asking price," he advises. "Entry-level homes are still selling very quickly due to the large number of buyers who want to live in Los Angeles. The higher end price range of $1 million and up has been hit harder. This is especially true in the upper end of $5 to $20 million.
Explains Realtor Rick Lombardo, "With low interest rates and a low number of homes on the market Los Angeles real estate has continued to stay hot. There are still a large number of buyers who are looking to purchase their first home or move-up buyers. If you are looking for a home that needs some cosmetic work you may be able to find something under $700,000, but typically anything under $1,000,000 seems to be selling within 21 days. Homes priced over $3,000,000 tend to be sitting on the market longer due to some sellers having unrealistic expectations of their property as well as their are not as many buyers that are able to purchase the high end homes."
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