Houses for sale in Los Angeles
The recent “polar vortex” sweeping the country might have a marked impact on the Los Angeles real estate market.
What?
It’s not even cold in Los Angeles.
And that’s why people around the country are strongly considering buying Los Angeles real estate and real estate in other warm climates.
According to a recent article on Forbes.com, a search for homes located in warmer areas of the US have spiked during the recent rash of record low temperatures in the northeast and Midwest especially houses for sale in Los Angeles.
It seems that people around the country are doing more than muttering about how they will, “…move to the beach,” as they shovel the snow and ice from their drives. They are actively searching for a new home in cities like Los Angeles, San Diego and Miami.
According to Forbes.com:
For every 10-degree temperature drop that occurs where a house hunter resides, Trulia saw a 4.4% increase in searches for homes in warm regions, which is bigger than the increase in searches overall. While some of this searching might reflect the desire to move to a warmer place and leave winter behind permanently, the increase in searches for homes in sunny vacation spots is even higher: a 5.5% jump for every 10-degree temperature decline. In other words, searches for homes in warm vacation destinations increase more than twice as much as home searches overall.
So, how will this spike in those considering moving to warmer climates, or at least buying a vacation home for the winter, affect houses for sale in Los Angeles?
While Los Angeles County is not featured in Trulia.com’s top-ten list, Orange County is — at an increase in search traffic of 6.4% per ten degree drop in temperature. There will obviously be some spillover into neighboring counties and those selling a home in Los Angeles should definitely take note of this trend especially in the tropical surroundings of Beverly Hills, Bel Air, Sunset Strip, West Hollywood, Los Feliz and the Hollywood Hills.
While the majority of the buyers of Los Angeles real estate are going to be local, you cannot ignore out of state, or even international, buyers. These buyers are normally well established, motivated and have little trouble obtaining financing or making a significant down payment. These attributes can make them your ideal buyer. Contact me today if you are ready to sell your home, I will do all I can to reach out to and identify the right qualified buyer for your house.
Susan Andrews | Estates Director
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Susan Andrews is your ultimate real estate source for Los Angeles, California and surrounding communities.
Photo courtesy of Jim Young/Reuters via Forbes.com.