Should I Buy Now or Buy Later? This is a question that a lot of people have been asking me. Before making any big financial decisions, I always like to do the research, study the data and speak with the qualified experts.
New data shows that Los Angeles’s average home price stands at a median of $619K in August for 2019. The market continues to remain relatively flat, but some price points are still competitive, Chris Wulff says for those thinking of buying now. As the current sluggish housing market sees a drop in sales, some experts say that falling interest rates are going to lure buyers off the sidelines, but that’s not completely being reflected yet across Southern California. The median price of a LA County home inched upward by 0.7% in August, compared to the same month a year ago, but sales dropped by 5.9%, according to figures which should benefit those ready to buy now.
Other good news for those ready buyers is C.A.R.’s 2020 California housing market forecast where they stated that economic uncertainty and affordability issues are expected to subdue California home sales. Additionally, low mortgage interest rates will support California’s housing market through 2020, but these issues of uncertainty will mute sales growth, according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS.®
For those ready to buy now, California home prices are forecasted to increase 2.5 percent to $607,900 in 2020, following a projected 4.1 percent increase from last year to $593,200 in 2019. “With interest rates expected to remain near three-year lows, buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties,” said C.A.R. President Jared Martin.
If you’re thinking of buying anytime in the near future and want to speak with an expert, contact Chris Wulff. To download a free copy of Chris’ Ultimate Home Buyers Guide, click HERE.
Chris is a Los Angeles based real estate professional that represents passion, integrity and a dedicated service approach to every transaction. Born and raised in Southern California, Chris grew up in a real estate family where he began investing in property at the age of 20. With a background in hospitality, music production and food & beverage operations, he moves quickly, he’s technologically focused and driven by creative solutions.