Los Angeles County is a great place to buy a house, and now is the perfect time to do so. Inventory has risen 26.4% from last year in Los Angeles County, and prices are expected to drop in the coming months. Buyers have advantages, but they must be aware of the current market conditions in Los Angeles County. The Federal Reserve is expected to raise interest rates, which could reduce affordability for many buyers in Los Angeles County.
Sales and home prices have fallen across the state of California in July, and consumer confidence is low. Active listings have increased 54.9% year-on-year, and the days to sell have increased to 14 days from 8 days last year. Inflation is at 8.5%, and energy prices could rise this fall, leading to higher interest rates. Pending sales have been falling even in the luxury housing market, so buyers must be aware of the current market conditions before making a purchase.
If you have the cash, now is the time to buy a house in Los Angeles. It's important to buy the right home for you at the right time, as short-term market pressures shouldn't matter if you plan on living in the home for the long term. Homebuyers should consider rental prices when making their decision, as they are continuing to rise. Property management services can provide more information about rental markets and investing in rental properties.
It's important to be aware of market conditions before making a purchase. Home inventories are returning to pre-pandemic levels, but sales growth is expected to decline in the fall months. California real estate is always a hot topic, so buyers should do their research before making a purchase. With rising inventory and falling prices, now is the perfect time to buy a house in Los Angeles.