Los Angeles Spanish for "The Angels"; officially: the City of Los Angeles; (colloquial: by its initials L.A.) is the cultural, financial, and commercial center of Southern California. With a U.S. Census-estimated 2016 population of 3,976,322, it is the second most populous city in the United States (after New York City) and the most populous city in the state of California. Located in a large coastal basin surrounded on three sides by mountains reaching up to and over 10,000 feet (3,000 m), Los Angeles covers an area of about 469 square miles (1,210 km2). The city is also the seat of Los Angeles County, the most populated county in the country. Los Angeles is the center of the Los Angeles metropolitan area, with 13,131,431 residents, and is part of the larger designated Los Angeles-Long Beach combined statistical area (CSA), the second most populous in the nation with a 2015 estimated population of 18.7 million.
Historically home to the Chumash and Tongva, Los Angeles was claimed by Juan Rodríguez Cabrillo for Spain in 1542 along with the rest of what would become Alta California. The city was officially founded on September 4, 1781, by Spanish governor Felipe de Neve. It became a part of Mexico in 1821 following the Mexican War of Independence. In 1848, at the end of the Mexican–American War, Los Angeles and the rest of California were purchased as part of the Treaty of Guadalupe Hidalgo, thereby becoming part of the United States. Los Angeles was incorporated as a municipality on April 4, 1850, five months before California achieved statehood. The discovery of oil in the 1890s brought rapid growth to the city. The completion of the Los Angeles Aqueduct in 1913, delivering water from Eastern California, later assured the city's continued rapid growth.
Nicknamed the "City of Angels" in part because of how its name translates from the Spanish, Los Angeles is known for its Mediterranean climate, ethnic diversity, and sprawling metropolis. The city is also one of the most substantial economic engines within the nation, with a diverse economy in a broad range of professional and cultural fields. Los Angeles is also famous as the home of Hollywood, a major center of the world entertainment industry. A global city, it has been ranked 6th in the Global Cities Index and 9th in the Global Economic Power Index. The Los Angeles combined statistical area (CSA) also has a gross metropolitan product (GMP) of $831 billion (as of 2008), making it the third-largest in the world, after the Greater Tokyo and New York metropolitan areas. Los Angeles hosted the 1932 and 1984 Summer Olympics and will host the Olympic Games for a third time in 2028.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Los Angeles, Long Beach, Glendale, California. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Los Angeles, Long Beach, Glendale, California, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0-5.5%
Very Competitive Commission: 4.5-4.99%
The median existing single-family home price in the West rose 7.5%, to $372,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of California, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Anaheim, Santa Ana, Irvine||$788,000||6.5%|
|Los Angeles, Long Beach, Glendale||$514,200||7.1%|
|Riverside, San Bernadino, Ontario||$342,100||8.4%|
|Sacramento, Roseville, Arden, Arcade||$340,000||6.9%|
|San Diego, Carlsbad||$605,000||8.0%|
|San Francisco, Oakland, Hayward||$950,000||8.6%|
|San Jose, Sunnyvale, Santa Clara||$1,183,400||9.1%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in California.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
According to the 2010 census, there were 17,877,006 people residing in the Greater Los Angeles Area. The racial makeup of the area was 54.9% White (39.0% White Non-Hispanic), 12.3% Asian, 0.3% Pacific Islander, 7.0% African American, 0.8% Native American, 20.2% from other races, and 4.5% from two or more races. 44.9% of the population (8.0 million) were Hispanic of any race, including 35.7% of the population (6.4 million) which was of Mexican origin. 31.0% of the population (5.5 million) was foreign born; 18.3% (3.3 million) came from Latin America and 9.8% (1.7 million) from Asia.
The explosive growth of the region in the 20th century can be attributed to its favorable Mediterranean climate, the availability of land and many booming industries such as oil, automobile and rubber, motion pictures and aerospace which in turn attracted millions of people from all over the United States and world. Citrus production was important to the region's development in the earlier part of the 20th century.
While the New York metropolitan area is presently the most populous metropolitan area in the United States, it has been predicted in the past that Greater Los Angeles will eventually surpass Greater New York in population. Whether this will happen is yet to be seen, but past predictions on this event have been off the mark. A 1966 article in Time predicted Greater Los Angeles would surpass New York by 1975, and that by 1990, would reach close to the 19 million mark. But the article's flawed definition of Greater Los Angeles included San Diego, which is actually its own metropolitan area. A 1989 article in The New York Times predicted Greater Los Angeles would surpass Greater New York by 2010, but the article predicted the population would be 18.3 million in that year, a number Greater New York has already surpassed as of 2007 by half a million people. As of 2009, the New York metropolitan area had a population of 22.2 million compared to the Greater Los Angeles Area's 18.7 million, about a 3.56 million persons difference. Percentage growth, however, has been higher in Greater Los Angeles over the past few decades than in Greater New York.
While there is not official designation for the regions that comprise Greater Los Angeles, one authority, the Los Angeles Times, divides the area into the following regions:
Regions in adjacent counties include:
The Greater Los Angeles Area has the third largest metropolitan economy in the world, behind Greater Tokyo Area and New York Metropolitan Area. A 2010 Greyhill Advisors study indicated that the Los Angeles metropolitan area had a gross metropolitan product of $736 billion. Greater Los Angeles (including the Inland Empire and Ventura County) had a $770.6 billion economy.
Greater Los Angeles Area is the home of the US national headquarters of almost all Asian major car manufacturers except Nissan, Toyota, and Subaru (Nissan moved to Tennessee; Toyota moved to Texas; Subaru first located in Philadelphia but moved to New Jersey); Honda, Mazda, Mitsubishi, Suzuki, Hyundai and Kia have set up their national headquarters here.