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Those who are thinking of buying or selling a loft or condo in Downtown LA often start by trying to determine today’s selling prices and market values of properties. Sellers wonder if their property will sell for more or possibly less than the price that nearby properties sold for. How about the current asking price of properties? Are the sellers asking too much or will the properties sell for more than the seller is asking for?
When it comes to DTLA home prices, the biggest problem for both sellers and buyers is that it is relatively easy to find the asking price of properties on the internet, but usually difficult to find the sold prices. Real estate professionals actually use the prices of comparable recently sold properties to determine today’s value and potential selling price of real estate. The asking price (or list price) is very often too low or too high, although occasionally just right.
Los Angeles home prices have seen strong gains of the past several years. Downtown prices of course outperformed the rest of Los Angeles County, Orange County and across the U.S.
National figures are not as impressive recently. Sales of nationwide previously owned homes dropped recently.
The National Association of Realtors reported that pending sales fell last month.
Downtown LA provides the happiest story because local homeowners gained an average $48,711 in home value since last year. The naysayers who said a year ago that Downtown prices were “too high” have again been proven wrong. Downtown has yet again out-performed the surrounding area and the nation. Downtown Los Angeles home prices rose significantly in the 12 months over the previous year.
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