Los Angeles Real Estate, Los Angeles Real Estate Is Back!
According to the LA Times, the adjusted amount of homes sold in the US in July was 5.24 million. That is up 5% over July 2008, and the first real increase the US housing market has seen since 2005.
It’s been a long, hard road to get back to this point. The housing market took a serious hit, foreclosure rates are still high (currently 13% nationwide), but things are turning around. Homes being put on the market are selling, sometimes within a few days of being listed. First time buyers are taking advantage of the tax credit; investors are enjoying the low housing costs and interest rates. Even the US economy itself is picking up again.
What does this mean for Los Angeles?
With real estate sales on the rise, the price of homes are also on the way up, especially if a home is in the lower range of the pricing scale for LA. In a city where homes routinely sell for a million dollars or more, a nice home going for under $500,000 is going to go fast. It may also trigger a bidding war, letting sellers get top dollar for their home, and the closing terms they want.
Increased home sales lead to improvements in the local economy. Real estate agents are seeing an increase in business, of course, but so is everyone else directly, or indirectly, related to the housing industry. Contractors are getting more business, as are interior designers and landscapers. Everyone from the home inspector, responsible for making sure a new or previously owned home is fit for sale, to those working in the lumber industry are seeing increases in their workloads.
An increase in work, of course, means an increase in pay, either for the people doing the extra work or in the form of new employees (or both). More money is being spent, and put back into the LA economy. All of the purchases that have been put off during the recession are becoming possible again. People have more disposable income. They can purchase goods and services, further stimulating the economy and leading to a quicker recovery.
Obviously, all of this isn’t going to happen over night. It took a couple of years for the recession to finally bottom out the economy. Although the media treated the decline of real estate as an over night phenomena, it really happened over the course of three or four years, picking up speed as it went. By the time it hit bottom, it had the impact level of a freight train. Everything will not snap back to where it was over the course of a few months. But, with the real estate industry picking up again, it’s become clear that the worst is behind us. Many of the problems that led to the recession are being corrected, and real estate in LA is back, and stronger than ever.
End the waiting game and let dollars roll in your pocket.
Request a free consultation with seasoned realtor Bruno Pisano at www.Los-Angeles-Homes.net to find out how you can put your home for sale and rake in maximum profit for it.
You can’t go wrong with Pisano. This realtor needs no more than 39 days to close any home for sale deals.
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