Is it a good time to buy a house? Yes! It is a great time to buy a house in the Los Angeles area.
Why is it a good time to buy?
- Prices are rising. And housing prices in Los Angeles are likely to continue to increase for some time. Especially in the most desirable areas of the Eastside. Silver Lake, Echo Park, Atwater Village, Los Feliz, Highland Park, Eagle Rock, Mt. Washington, Montecito Heights, and other neighborhoods in and around NELA (Northeast Los Angeles) continue to draw buyers who are looking for a home near downtown Los Angeles, or who might have not considered living east of Western in years past. If you are a homeowner in these areas your property is likely to be worth at least 20% more than it was a couple of years ago. 2016 has seen a continuation of this trend - prices are still going up.
- Interest rates are still low. Interest rates on 30-year fixed rate home loans remain well under 5%. Mortgage interest rates have been so low for so long people are beginning to think this is “normal.” Nothing could be further from the truth! The less-than-5% rate on a 30-year-fixed-rate mortgage is an unbelievable opportunity we are unlikely to see again in our lifetimes.
So, what does it all mean if I am considering buying a home in Los Angeles in 2016?
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