What You Must Know If You Want To Buy Real Estate In 2015
This season is about bridging your upcoming new years resolution with realistic ventures and an outlook for the future. With this outlook comes a new wave of opportunity in the real estate market. Lauren Sugarman, a Los Angeles based real estate agent, is not only a native of Los Angeles but she also has a passion for finding the perfect property for her clients. Whether you’re looking for an investment property, a summer beach house, or the best deal on the market, Lauren listens and delivers. Here, she forecasts the 2015 real estate market and things to know if you want to buy a property in the new year.
2014 was strong for the LA Housing Market. Low interest rates combined with low inventory and high demand made it a desirable time for both buyers and sellers to make a move (no pun intended).
Listing prices will continue stay steady and moderately increase, as opposed to the spiking increase in prices we saw in 2013 and beginning of 2014. This doesn’t necessarily mean that home affordability will increase. For that to be true, income growth must increases as well (Trulia). Millenials will continue to enter the market at a slow and steady pace, a factor which is also dependent on income growth. The market will continue to stay strong and active. One of the reasons for this is that consumer confidence has increased. For example, sales of automobiles are on track to be on the highest in eight years (Economist Outlook )
Interest rates are a wild card. We have seen them continue to stay low, but that certainly won’t last forever. So despite the often intimidating price tags of homes these days, it is a good time to be a buyer to entering the market due to the low (comparatively speaking), cost of borrowing money.
Low inventory will continue to be an issue for clients and their Real Estate Agent to navigate, and will most likely lead to more construction, both new construction as well as remodels on existing homes (Housing Wire).
Real estate will always be extremely personal, and whether or not someone decided to buy or sell has a lot to do with timing. New jobs, an expanding family, are all reasons for people to buy and sell homes. So entering the real estate market “is less about predicting the future (which can vary widely depending on who you ask) and more about one’s individual needs and circumstances. The time to buy or sell is less about the market than about you” (Partners Trust).
If you are interested in making a move this year, feel to reach out to me to learn more about the market or a complimentary consultation to learn what your current home is worth. Lauren.email@example.com