The real estate market in Los Angeles has gone crazy in recent times. Los Angeles homes have often doubled in less than five years. Real estate values in trendy neighborhoods like Los Feliz, Brentwood, and Silverlake have appreciated at record levels. Home values in classic older neighborhoods in Santa Monica, West L.A., and West Hollywood have seen tremendous appreciation. The San Fernando, Conejo, and San Gabriel Valleys have all seen unprecedented growth as well.
Of course, there have been winners and losers in the Los Angeles real estate market. The winners were the people who thought property values were too high five years ago but bought in anyway. They have tremendous equity today. The losers were the people who didnt get in, and have continued to pay thousands and thousands of their hard earned money to landlords. They have nothing to show for it.
If you have been renting for years and have never considered buying your own home, now is the time to check into it. Not only are interest rates still low, but also there are many government programs designed to help first time homebuyers get into homes without paying much down. Interest rates wont be low forever though, so time is of the essence. There are many Los Angeles homes that you may qualify for, if you only try.
Los Angeles Homes Data
You can go online and get all sorts of interesting and helpful data about Los Angeles homes and neighborhoods. For instance, the median home value in Beverly Hills is nearly $2,000,000. In my town, Hermosa Beach, it is nearly $700,000. The citywide average is nearly $300,000. That is only a fraction of the information you can get online that will help you make an informed decision.
