One Blogger Says LA Is #2 Hottest Housing Market in the US. Tight Mortgage Market Keeps Prices from Going Even Higher
|LA Real Estate Market Boiling Over|
Over 80% of all homes place on the market in April and May in Los Angeles had competitive bids. This put LA 2nd only to San Francisco in terms of competition for homes in the US. Most of those bids ended up being pretty close to the asking price, but 25% of all contracts were signed over asking.
With severely limited supply and increasing demand from families and speculators alike, there is no reason to believe that the market is peaking or even slowing down. In fact, the argument can be made that it is only very strict rules on down payments, debt to income ratios, and credit scores that are keeping the lid on this boiling pot. If mortgages were easier to come by, the likelihood is that many more families would be trying to buy, creating even more competition.
If you would like to read more about the current market and review the statistics for other cities around California or the nation, check out the LA Weekly blog story: L.A. Has 2nd-Hottest Real Estate Market in America.
On the mortgage front, the good news is that mortgage rates have stopped their upward climb. As discussed in detail in our post Los Angeles Times: Mortgage Rate Increase Could Push Home Prices Higher, this is still an incredible time to get an historically low mortgage.
If we can be of any help in working with you to evaluate your options in this market, pick up the phone right now and call me, Bill Rayman, at
New Contact Information for Bill Rayman
Bill Rayman Home Mortgage12121 Wilshire Blvd
LA CA 90025