Housing Market In 2013: Los Angeles Number 2

Housing Market 2013

Housing Market In 2013: Los Angeles Number 2

Los Angeles Is Currently No.2 Housing Market In 2013

The real estate market in Los Angeles continues to prosper! According to L.A. Weekly, the Los Angeles housing market in 2013 actually tops the charts at number two, only to be beat out by San Francisco. What exactly does that mean?

If you’re in the LA real estate game, be prepared for bidding wars, property flipping, all cash offers and more. And if you’re a first time buyer with only a loan and a small down payment, be prepared to struggle as the market continues to boom.

According to real estate broker, Redfin, competition for homes is at an all-time high – “…with 86.1 percent of listings seeing competitive bids in May versus 86.2 percent in April.” This means that eight out of 10 listings are seeing buyers versus buyers scenarios.

So put your game face on, arm yourself with a educated real estate agent and set realistic expectations. The Los Angeles real estate market is not for the inexperienced!

[table type=”standard_minimal”]
[trow]
[thcol]Competitiveness Ranking & City[/thcol]
[thcol]% Of Offers Faced Competition[/thcol]
[thcol]% Of Offers Over Asking[/thcol]
[thcol]Avg. Difference Between Offer & Asking[/thcol]
[/trow]
[trow]
[tcol]No. 1: San Francisco[/tcol]
[tcol]87.9%[/tcol]
[tcol]96.8%[/tcol]
[tcol]9.7%[/tcol]
[/trow]
[trow]
[tcol]No.2: Los Angeles[/tcol]
[tcol]86.1%[/tcol]
[tcol]79.6%[/tcol]
[tcol]-0.6%[/tcol]
[/trow]
[trow]
[tcol]No. 3: Orange County[/tcol]
[tcol]83.9%[/tcol]
[tcol]84.0%[/tcol]
[tcol]1.4%[/tcol]
[/trow]
[trow]
[tcol]No. 4: San Diego[/tcol]
[tcol]72.6%[/tcol]
[tcol]70.8%[/tcol]
[tcol]0.1%[/tcol]
[/trow]
[trow]
[tcol]No.5: Boston[/tcol]
[tcol]68.1%[/tcol]
[tcol]46.7%[/tcol]
[tcol]0.8%[/tcol]
[/trow]
[/table]

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