If you’ve been on the fence about whether or not to purchase a home in LA in the coming year, you could do yourself a favor by moving forward sooner rather than later in 2018. In fact, doing so could help you to get a better “bargain” in terms of overall price and value.
Based on a recent CoreLogic report, while the housing prices across all of Southern California are still currently well below their pre-recession peak – 13% below, to be exact – it is anticipated that by the end of the current year, housing prices in Los Angeles County will rise by nearly 6.5%. And this could make a substantial difference in the price that you pay now versus the price you could end up paying during the second half of 2018.
One of the biggest drivers of this increase in price isn’t the shaky lending practices that were seen prior to the 2008 recession, but rather it is due in large part to a decrease in housing supply. This, coupled with a demand that has continued to be extremely high, has led the price tag – particularly on homes in the more desirable areas of LA – to move north.
For those potential purchasers who want to get a jump on both price and competition for fewer housing options, the sooner you can get yourself into the game, the better off you will likely be.