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The Los Angeles housing market is finally emerging from the doldrums of the nation's long housing slump. But that doesn't mean that homes in the city still aren't affordable. The combination of mortgage loans with low interest rates and homes that are still less expensive than they were a year ago means that this is a good time for buyers to purchase residential real estate in Los Angeles.
According to data from the California Association of Realtors, the median sales price of an existing home in Los Angeles stood at $351,680 in September. That's down 6.2 percent from where this figure stood one year earlier. But buyers hoping for a good deal shouldn't wait too long: Los Angeles housing prices in September did rise 3.4 percent from where they stood in August.
Buyers looking for good values have another advantage: Mortgage interest rates remain at historic lows. As of mid-November, the average interest rate on a 30-year fixed-rate mortgage stood at 5.02 percent. The average rate on a 15-year fixed-rate mortgage was even lower, 4.60 percent.
Thanks to these low rates, buying a home in Los Angeles is more affordable than it's been in more than a decade. Buyers should remember that Los Angeles, like most of the country, is in the middle of a buyer's market. This means that buyers have the power in a real estate transaction today. Sellers, many of whom are desperate to sell their residences, are willing to compromise on everything from price to closing dates.
A savvy buyer might be able to convince a desperate Los Angeles seller to lop as much as $50,000 off the asking price of a home. This same buyer might be able to convince a seller to replace an old roof or repair a cracked foundation before closing. And if the buyer needs to move into the home by a certain date, most sellers today are willing to vacate the premises when asked.
There rarely has been a better time to buy real estate in Los Angeles. Buyers today benefit from two great advantages: low interest rates on mortgage loans and lower prices on even the best homes that the Los Angeles market has to offer.
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