In my years here in Los Angeles, I have lived in what we refer to as “the valley”, in the canyons, in Beverly Hills and presently near the beach in Santa Monica. Each location did afford excellent opportunities that I now share with my clients and new residents of Los Angeles.
My goal is to explain the advantages and disadvantages of different areas as quickly and as completely as possible. Since many home buyers often have family that must be settled into schools and occupations quickly, this information rapidly narrows their search and gets them closer to finding that homes that meets their needs and hopefully surpasses their expectations!
Homes are astronomically expensive. On the other hand, Los Angeles has become a magnificent market for the hugely rich who can afford these high prices. Colliers International specializes in buy homes for cash in los angeles. Their data show that luxury apartments and properties are aplenty. Architects are designing residential homes and commercial property all the time and construction groups are regularly setting them up. So, if you’re looking to sell or buy homes to the enormously rich in Los Angeles you’ve got a constant market. Any time.
Other real estate reports that focus on the LA area, such as the Property Shark Los Angeles Report 2014, report that the 2007 recession drove interest rates down and caused a housing bubble, but since early 2012, the interest rate has begun to slightly, but steadily, grow and the housing market has stabilized. The median sale price of properties has begun to grow, too. Experts predict that you can reasonably expect that average interest rates in Los Angeles will continue to steadily increase and to eventually stabilize between 6 and 8 percent.
So, is it a good time for you to buy or sell a house now in Los Angeles?
For prospective buyers living in LA, now is a good time to buy because the cost of borrowing money is relatively minimal, and will likely only increase in the near future as the Federal Reserve plans to plateau interest rates the coming year. For homeowners living in LA, now is a good time to refinance due to low-interest rates – especially if you want to make the most of these interest rates while they are low – and/ or to sell your home for another (i.e., trade-off). For buyers and sellers, in short, the market seems good because of its increasing home values. Of course, for many in the Los Angeles market, these rising prices are precisely those that will make most attractive homes beyond their reach. But there are areas and houses that you may still want to try for. And if you consult a broker, he will show you ways that you are unaware of for procuring a loan even when your bank turns you down. There are many different types of mortgages and levels of interest out there. A skilled broker will help you.
