The only other thing that could really cause a decline in the Los Angeles housing market would be a wave of coronavirus-related foreclosures. If for some reason everyone had to sell at the same time, prices could fall. Even this would probably only take its toll on the frenzy surrounding home buying, and I don't see it as a likely possibility with the full support of the government to keep us away from another major recession. Unlike the financial crisis, most homeowners had to qualify for their mortgages based on their income at some point, and most have a larger capital cushion than the average homeowners had before the housing market crash during the great recession.
Other types of housing that are prevalent in Los Angeles include detached single-family homes, duplexes, townhouses and homes converted into apartments. Real estate in Los Angeles has performed so well for investors in recent history that the world is taking notice. But unless someone discovers hidden land where tens of thousands of homes can be magically built (quickly), there's little reason to expect a decline in the Los Angeles housing market. In the city of Los Angeles alone, tenants live in more than 600,000 apartments spread over 118,000 properties, according to the city's Department of Housing and Community Investment.This is an excellent analysis of exactly what has been happening in the Los Angeles County real estate market.
As a financial planner from Los Angeles, who grew up in Southern California, I have seen the real estate market rise and fall over the years. Real estate in Los Angeles came to a standstill as unemployment skyrocketed and people were less inclined to spend their money. If you find an ideal property in the Los Angeles real estate market, the greater selection of properties means you're much less likely to end up in a bidding war.As a Los Angeles financial planner, many of my clients have been homeowners, some even before my parents were born. The National Association of Home Builders and the Wells Fargo Housing Opportunity Index have awarded Los Angeles the title of the least affordable housing market.
The Los Angeles real estate market is not the most affordable in the country, but it is a market with ample investment opportunities for those who can afford an average price of more than 700,000. Only San Jose and San Francisco have more high-income residents who rent than the Los Angeles housing market.The prospect of falling prices is more likely to grow as the housing market slowdown deepens, and some analysts adjust their forecasts to forecast a fall in prices next year, according to Los Angeles Times. The Los Angeles housing market shows signs of being affected by rising inflation levels and mortgage rates as the year progresses. Affordability is a big issue in Los Angeles County, as nearly three out of four residents can't afford to buy a home at an average price in the area.
Leave a Comment