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 low. Home values in the Los Angeles area are no longer “bouncing along the bottom” of the real estate cycle and sales prices have begun to rise dramatically in some areas. Silver Lake, Echo Park, Atwater Village, Los Feliz, Highland Park, Eagle Rock, and Pasadena saw dramatic home price increases last year. 2013 has started off very strong, as well, and all signs point to a rising real estate values in Los Angeles and the surrounding communities. Prices in many areas have not yet risen to their 2006-ish era peaks, so we are still seeing relatively low prices in most places.

• Interest rates are low. Interest rates on 30-year fixed rate home loans remain under 4%. 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 3.5% interest rate is an unbelievable rate 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 2013? Everything is on sale! Money is cheap, houses are cheap, what more can we ask for?

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