California has spent the last several years as the most prosperous state in the country. In fact, California has the 6th largest economy in the entire world. This is largely driven by its innovative production, the heavy tech sectors in the state, and more.
But what about the housing market?
Throughout 2018, California had a robust housing market that was driven by smaller inventory numbers and higher demands. This, in turn led to increased prices throughout the state. However, prices have fallen in major metro areas including Orange County, San Francisco, and Los Angeles. For those investing in Los Angeles real estate, the market is better than ever.
2019 is set to be no different. Prices may still increase in certain areas throughout LA, but the Los Angeles real estate market is looking promising for buyers. Interest rates are rising, which leads to lower or stabilized prices in certain areas. And in areas where prices are expected to rise, it’s likely that those increases will still be lower than in other parts of the country.
In the past and in other areas in California, home prices spiked tremendously – increasing by as much as 23% in Santa Clara and 14% in the Bay Area. But Los Angeles says its prices remain the same over a monthly period, and home sales increased by 2.3%.
All of this means that while sellers will still be able to list their properties in an area that is likely to see strong sales numbers, buyers will also be able to shop in a market that offers competitive pricing and excellent rates. Talking to a local Los Angeles real estate expert is one of the best ways to find the best homes at the best price. The right realtor can help you find a home that matches your budget and ensure that you aren’t paying too much for a home in certain areas.
If you’re considering buying a home in the greater Los Angeles area, there really has never been a better time in the last few years. While the rising interest rates in the nation are worrisome, and while LA home prices may be increasing slightly over the next year, the fact remains that there are many homes available at fair prices. It truly is a buyers’ market, and taking advantage of it now is a good idea for home buyers as well as investors.