With 2019 now in full swing, many are moving forward with their New Year’s resolutions – and if one of your goals is to purchase a home in Los Angeles this year, there are some things that you need to be aware of first.
For starters, the LA real estate market has, for the most, part been in favor of sellers – at least for the past several years. This has created some fairly fierce competition amongst buyers, in turn, leading to rising home prices.
According to analysts, though, this could very well be about to change. One reason for this is because home prices in this locale have started to level off. In addition, the number of overall sales is currently below the historical average.
What exactly is driving this turnaround?
One key component is that the millennial buyers – who have been switching over from renters to homeowners – have crested somewhat. Likewise, those who are still renting their homes in the LA area may very well now be priced out of the market. On top of that, rising interest rates in 2018 have also had an effect on home affordability. For those who are still in a position to buy, though, you could have a distinct advantage.