In case you have not heard, the real estate market in Los Angeles has been escalating since early 2012. Lately I have been asked the question; is Los Angeles real estate market really sizzling or is it another bubble?
I do not claim to have all the answers, but as a Real Estate professional all I can do is manage the current market without any labels or judgments. The truth is, Los Angeles is a very vibrant city with strong robust industries and offers the best weather year round in the country. It also comes with the worst traffic in the nation.
Here is what I know- the following 3 elements do contribute to the current Los Angeles real estate market frenzy:
Its not an easy task managingÂ properties with 10 and 20 offers and having to select one successful buyer at a time. This processÂ leaves plenty ofÂ buyers and their representatives feeling the agony and defeat.Â Back to the original question, is Los Angeles real estate market really sizzling or is it another bubble?
I do not have a crystal ball to predict the future. However my suggestion has always been and remains as follows: do not let the market dictate to you when and how to buy real estate. Home buyers please note, if the mortgage payment is equal to your current monthly rent or it may be 10% higher, please take advantage of the benefits of owning vs. renting. Part of the current frenzy is borrowing money, which remains at a record low.
Itâ€™s all about pricing when it comes to selling a home, so sellers be prepared and armed with the best representation when going on the market. I hope I answered the earlier question and please let me know how you feel about the current real estate market. I would love to hear from you because from the looks of things, this topic is not going away anytime soon.