Los Angeles, CA (PRWEB) February 9, 2006
Record 2005 new construction home sales, fueled by strong buyer demand and historically low mortgage interest rates, surpassed sales levels for the previous 20 years. The real estate market has not experienced this kind of increase since the late 1980s, according to DataQuick Information Systems, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates and nationwide real estate monitoring service.
According to DataQuick, Los Angeles County was the third leading county, reporting 10,872 new home sales last year. Also up was the median new home sales price at $439,000, a 13.7 percent hike from the previous year. Overall median home sales prices in Los Angeles continue to increase, soaring 19.5 percent year-over-year between November 2004 to November 2005.
“Attractive credit terms combined with rising interest rates and home prices are pushing more buyers into action,” states Dion Smith, Owner of Westside Group, a full-service real estate agency serving western Los Angeles and surrounding communities. “It’s an ideal time to purchase residential property, and we’re finding many newly-build home buyers are drawn to the customization and personalization affordable in new construction.”
But if you’re looking for a fast turn-around, plan ahead. Home builders are becoming more and more efficient in their production process. While tract home builders in the early 1990’s developed complete tracts and then sold each unit, builders today typically require a contract and deposit first. This greatly reduces their risk of unsold inventory.
Westside Group offers up-to-date marketing knowledge and time-tested negotiating skills to help ensure the most competitive deal. For more information on local market trends, home buyer information and tips, visit http://www.westsidegroup.com.