Are you interested in getting into some Los Angeles real estate? If you’re interested in buying a home in the coming year, there are some things you’ll want to know. Before you get started, you’ll want to read these top five housing trends that are happening in the Los Angeles real estate market. Keep reading the learn more.
The Top 5 Housing Trends in Los Angeles Real Estate
Trend One: Median Home Price
One of the top trends that you’ll see in the Los Angeles real estate market is the median home price. Currently, the median home value has been around $660,000 and is expected to rise slightly. In fact, Zillow.com recently reported that they expect home values in Los Angeles to increase by at least 2.9% in the next year.
Trend Two: Median Rent Price
If you’re not ready to buy but are more interested in renting there are still trends you’ll want to hear about. Buying or renting median prices are something you’ll want to stay on top of if you’re going to remain competitive in an over-saturated market. Currently, the median rent price in Los Angeles is around $3,490. This price isn’t expected to rise or fall anytime soon; however, it is essential to note that the number may be significantly impacted by the number of high-end neighbors in the city.
Trend Three: Foreclosures
One thing to keep in mind if you’re in the market to buy is the number of foreclosures in the Los Angeles real estate market. According to a recent article, upwards of 1,900 properties were either in the process of or soon to be foreclosed. That a large number of homes that are about to hit the market.
Trend Four: High Demand
A trend that you should be well aware of entering the Los Angeles real estate market is that of high demand. Although prices are not expected to fall anytime soon, the level of demand has yet to wain. This will only increase once the sheer number of houses on the market dwindle. As the supply lessens, the prices will rise even higher.
Trend Five: A Push Toward Renting
Lastly, but certainly not least on our list is the trend of renting. As people begin to buy up the last of the houses on the market, the property left will be able to keep their list prices at a much higher point than ever before. When people realize that the cost of owning a home is out of the picture they will be forced to look into renting.
When you have an influx of people looking to rent property, just like with the homes, the prices will skyrocket. It’s safe to assume the Los Angeles market isn’t going to get any less competitive any time soon.
Ready to Get Started?
Now that you know more about the housing trends in Los Angeles real estate, you can begin conquering the market with confidence. All you have to do now is a partner with a knowledgeable real estate agent to help make your dreams a reality. If you don’t know where to start, don’t worry; just keep reading for further guidance.
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If you’re ready to get into the real estate market, you’re in luck. Teresa Mack is here to help. Being an urban luxury specialist with years of experience, Teresa Mack is committed to helping you capitalize on your real estate dreams. If you’re ready to get started, click the contact tab at the top. Schedule your first appointment, today, to get started on your lucrative journey.