With so many people looking to move to Los Angeles, we had to wonder, what motivates people in Los Angeles to buy a home? What are these buyers looking for and what do they need?
Los Angeles homebuyers are typically looking for homes because they just moved to the city for work or are enticed by the city’s sense of luxury, fame and grandeur. It seems like these buyers are also looking to stick around for a while, as most say that they plan to stay in their new home for the next 20 years. More home shoppers are using a real estate agent than not (90 percent) and LA buyers tend to be a little picky, as the home shopping process takes around nine to 12 months to complete.
Take a look at this infographic for more info.
The Most Important Qualities to Look for in a Home
• Quality of construction
• Safer neighborhood
• Better floor plans
• Low maintenance costs (time and money spent)
• Lower cost per sq. ft.
New Versus Used
• 18 percent of Los Angeles-area home shoppers prefer newly built homes.
• 33 percent of Los Angeles-area home shoppers prefer used homes.
• 50 percent of Los Angeles-area home shoppers are indifferent.
Why Buy a House?
• Increase in income
• Relocated to new city
• Favorable home prices
Time Frame When Searching for a New Home
• The majority of buyers (38 percent) search between 9 and 12 months.
• 10 percent of buyers spend 6 to 9 months looking for a home.
• 15 percent of Los Angeles-area homebuyers spend 3 to 6 months searching for a home.
• 13 percent of home shoppers find a home in less than 3 months.
Local Housing Stats
• The average home was built in 1964.
• The average Los Angeles homeowner will stay in their home for 20 years.
• Los Angeles home shoppers are 13 percent less receptive to newly built homes than the national average.