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Homes are estimated to go up an other 12% in LA for the next year. People are in a buying frenzy. If they don't get it now, they will be left out with interest rate going back up. Plus, there is no inventory on the market. Anything in good condition is gone with over the asking buyers fighting for it. Crazy. As long as interest rates stay low, there will be plenty of buyers. Many of these people have experienced losing the deal 10 years ago when they did not buy then over night, prices sky rocketed pricing them out of the market. some are buying out of fear. This has been going on in many large cities on both coasts.
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