If you’ve been considering making a move in the Los Angeles area, now may just be the ideal time to move forward, before prices start to increase later in the year. While the local housing markets had a somewhat uneventful year in 2016, this may be poised to change in the coming months.
According to Zillow, the median home price in the Los Angeles, California area went up 8.4% over the past year, placing the average home value in the area at just below $604,000. However, over the next 12 months, it is anticipated that home values could rise by roughly 3%.
While the 3% figure is considered to be average across the board – and across the U.S. – it could still have an impact on what you end up paying for a home between now and the end of 2017, which could in turn provide just enough incentive to act now rather than waiting until later.
If you are in a position to move forward, keep in mind that the homes that you see listed in the newspaper and online aren’t typically the only choices that you have. By working with a well established realtor in the community, you can also have access to homes that may not yet be publicly listed, and also to those that may not technically be “listed” at all.
By going this route, you may have the ability to not only find your ideal home, but to also reduce the amount of competition you would otherwise be up against when submitting an offer to purchase.
For more information on finding your perfect new home in 2017, as well as for a free, no obligation analysis of your current home’s value, contact me.