by LA Properties
on Thursday, November 9th, 2017 at 9:49am.
Condo prices in downtown LA are soaring where the median sales price has risen $90,000 over the last year. Most of the new development in downtown LA is aimed toward the luxury market, which most likely has contributed to the price boost.
Median home prices remain at an all time high for the third month in a row at $575,000. The median price right before the real estate bubble burst in 2007 was $550,000.
California home prices forecasted to continue rising in 2018. Experts believe home prices will continue to rise although at a slower rate (a predicted 1% increase in 2018), mostly due to continued low inventory that will keep home prices steadily rising for the next 3 to 5 years.
Now is the perfect time to sell if you purchased in or around 2007 for 2 reasons, you will no longer be taking a loss on your current property and you will be able to buy something before LA real estate reaches a new price peak.
International buyers are expected to continue to purchase real estate in California in the coming years because prices in LA are still cheaper compared to other places around the world. There will likely continue to be a reduction in Chinese buyers as the nation’s government cracks down on how much money leaves the mainland.
Los Angeles ranked #5 nationally for best return on investment for long-term homeowners. The average Los Angeles home seller made $200,000 on the sale of a home in 2016 after owning it for a median period of nine years and eight months.
Mortgage interest rates remain low with rates for a 30 year fixed loan averaging at about a 3.85%. Did you know? Some lenders are financing jumbo loans with only 15% down? Contact us for more details.