Los Angeles Real Estate Remains Hot!
April 26,2022 | Posted By Julian Munoz in Los Angeles Real Estate Market
Price increases for houses in the Los Angeles Basin and County fell to single digits over last year, with increasing interest rates probably surpassing 5%, it will keep the rate of appreciation at this level. Condo/Town House pricing continued in the double-digit range for March (11-15% over last year), possibly indicating that since is a more affordable price point, the demand is slower to decline. Real Estate markets usually don’t change dramatically in the short term, so there is plenty of time if you wanted to purchase or sell.
What does this mean to the average buyer and seller? That sellers will have less buyers to choose from and an offer has a better chance of being accepted. Non-Contingent offers will lesson as well as All-Cash offers, this will depend on the market though and High-End markets may continue to have these type of offers. A housing shortage continues to persist for the years to come, California is short on housing of more than a million units, due to shortages in construction labor and supply interruptions. Real Estate is local and having a local experienced expert is still your best bet in getting a great result.
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