This ever-changing industry is shifting and shaping a new future. Currently, we already see big advances in the Los Angeles market, with close to 40% of homes selling at $14,000 above the asking price, according to a report on Zillow. This heavy indication of heavy demand and lack of supply is only the beginning statue of what we will see take place in the next 20 years.
As population rises, competition will become the toughest it’s ever been, with bidding wars increasing prices, and with affordability dropping, only 30% of Los Angeles County residents are homeowners.
And as the uptick of prices seems scary, the extreme price revenues that will come into play with higher-end development will become a big chunk of history as it will change the big real estate players to peak in this industry. Development also includes other large cities, such as San Jose, San Francisco, Salt Lake City, and Seattle. This fast-growing economy shifts towards ultra-luxury spec homes, where Los Angeles has the most deep-pocketed investors.
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