15
Aug

9 Reasons Los Angeles Real Estate Is More Desirable Than Ever

Los Angeles real estate is one of the highest-priced markets in the country, yet property in this area is always in high demand. The city and the dozens of smaller towns and suburbs that make up the Los Angeles area continue to attract a wide demographic of people looking to live, work, and play. Here are the reasons why real estate in Los Angeles continues to be among the most desirable in the country.

1. Mortgage Rates Remain Low

Although mortgage rates began to rise earlier this year, they have once again fallen and hit five all-time lows over a three-month period, according to The Mortgage Reports. Predictions are that mortgage rates will remain steady or fall even lower in the near future. Lower interest rates mean that more buyers will be looking to take advantage of the area’s real estate market.

2. Home Prices Are Holding Up

When the economy slowed, some experts believed that home prices would follow. That has not been the case, especially in the Los Angeles area. In Metro Los Angeles, home prices rose $18,000 or 11.6% to a median price of $553,000 in June, according to Norada Real Estate Investments. Sales of homes increased by 48% in that same month. In Los Angeles County, the jump in existing home sales reached the highest level in May, increasing by 37.50%

3. Los Angeles Real Estate Is a Good Investment

Los Angeles real estate is a highly desirable market for both homeowners and investors. Although one of the more expensive housing markets in the nation,  it is always a good long-term investment to buy in Los Angeles. The mild climate, desirable communities, and proximity to the entertainment industry means that buyers are highly likely to not only recoup their investment but also make a profit when they sell.

High demand and tight inventory are pushing real estate prices higher in Los Angeles. According to a recent housing report on Realtor.com, this means that home values in the area are still expected to rise in 2020.

4. There Are Affordable Homes in the Area

Los Angeles has a reputation for being an expensive city built around million-dollar homes. But that is not necessarily the case. Outside of the main downtown area, you can find housing in one of the many suburbs that meet your price range and fulfill your specific needs. A good real estate agent will know how to identify the most affordable homes in the area and can help you locate one that fits into your budget.

There are many fantastic neighborhoods in the Los Angeles area, each with its own unique features and varying real estate markets, that are in close proximity to the downtown area. These factors help to keep real estate in the area in high demand.

5. Single-Family Homes Are Not the Only Option

Although many people are in the market for single-family homes, that is not the only housing option available to buyers in the area. Los Angeles might be known for picturesque single-family homes ranging from Spanish-style to midcentury modern, but this is not the only type of residences available to purchase. 
Buyers may also be interested in duplexes and triplexes (which are often purchased as housing for extended families), condominiums, townhomes, and small-lot homes that resemble townhomes from a distance but are actually single-family homes situated on small lots. Vacant land is also available in some cases. As local leaders work on developing housing solutions based around the area’s transit system, the housing options may become even more diverse.   

6. Easy Access to Transportation Systems

Many people want an easy commute to work in the city and look for housing in close proximity to downtown. The closer you are to downtown, however, the more expensive the housing. The surrounding suburbs easily connect to the Los Angeles freeway system, and many of these areas also access the area’s vast public transit system of subway trains, light rail, and buses. 

Although you may not walk out the door and arrive at work, the area’s transportation systems mean you can find more affordable housing and still have an easy commute to downtown. The surrounding suburbs also have easy access to the Los Angeles International Airport for those who frequently travel for business or pleasure. These communities are a great option for suburban living with easy urban access.

7. Los Angeles Is Surrounded by Natural Beauty

Although it is a major metropolitan area, Los Angeles is also known for it’s proximity to beauty, The area is surrounded by rolling hills and spectacular views of the San Bernadino Mountains. Ocean views are even a possibility in some sections of the suburban areas. The abundant natural beauty the area still offers makes this some of the most popular real estate in the country.

Because so much of nature has been preserved, the area abounds with beautiful parks that feature picnic areas, lakes stocked with fish that beckon to fishermen, and soccer fields where aspiring young players can practice their skills. Hikers, walkers, and runners are drawn to the many trails maintained in the surrounding suburbs, and even the dogs find something to enjoy at the area’s many dog parks.

8. Abundant Cultural Attractions and Entertainment Options

Los Angeles is known as the capital of the film and television industry, but that is not the only attraction that draws people to the area. Los Angeles has more museums and theaters than any city in the country. It is home to the Hollywood Bowl, the Los Angeles County Museum of Art, The California Space Center, The J. Paul Gerry Museum, and The Museum of Contemporary Art, just to name a few.

The area is also becoming one of the most diverse cities in the country, and this is reflected in the attractions that represent a multitude of cultures and nationalities. Local galleries can be found in areas like Chinatown and the NoHo Arts District. Los Angeles is also home to the Japanese American National Museum, the Museum of Latin American Art, The Chinese American Museum, and the California African American Museum.

9. The Area Is Still Family-Friendly

Parties and an abundant night-life may come to mind when you think of Los Angeles, but the area also offers many opportunities for family fun. Families have easy access to attractions like Disneyland, Six Flags Magic Mountain, and Universal Studios Hollywood. Looking for activities that are more educational? Families can visit Griffith Observatory, The Getty Center, or Exposition Park, which is home to three museums. Sports enthusiasts are not left out either with Dodger Stadium close by.

Los Angeles real estate remains popular because it has so many fantastic features that appeal to a wide variety of buyers. To take advantage of all the area has to offer, you need a realtor with a unique and extensive understanding of the California real estate market. A realtor with years of experience living and working in the area can take your vision of the ideal home and turn those dreams into a reality.

Whether you are a single buyer looking for your first home purchase, a family who needs a house in a safe and friendly area, or just looking for a great investment property, Teresa is ready to put her knowledge to work for you. Contact Teresa Mack to take advantage of everything Los Angeles real estate can offer you.