Hello, hello! It is only the beginning of 2018 but I am ready to jump back into doing research and sharing what I have gathered. At the beginning of the year, I like to look up what experts say 2018 will look like in relation to real estate and the housing market and what I have found so far is good!
I have read several articles that state that the forecast for real estate for 2018 and some even argue up until 2020, is optimistic. I have found that housing availability has been suffering which in turn has made demand grow. This has expert predicting prices to rise from the east coast to the west.
In regards to specifically looking at what the housing market will look like in Los Angeles in 2018 and the years to come, it is essential to note all of the damage that the fires have caused and now the flash floods that certain areas are experiencing close to Santa Monica and Westwood. I am praying for those who have been affected by all of the natural disasters that have been occurring this year and wish them peace in this chaotic time.
That being said, homes for sale in both the Los Angeles County and Orange County are in short supply and newer housing developments are not keeping up, thus making the housing prices to rise. The California Association of Realtors reported that the average house price in Los Angeles rose about 10% in September of 2017 and that San Bernardino, Riverside and Orange County also saw a price growth of about 8 – 10%. If you compare that to the drops that the Bay Area in Northern California has seen and who saw about a 3% raise, one could argue that currently Los Angeles is a more attractive housing market.
With the US Economy picking up some steam, it is predicted that Californians will be buying homes again even if they have a higher interest rate, have to move out further from the city centers, or have to commute. This is great news all around.
I will be keeping up with the trends and with the predictions of the year and am excited to see what 2018 has to offer.