In the first quarter of 2020, home prices were rising due to the tight inventory of houses in the market. People felt pressured to buy a home as soon as they could. Because the longer you wait, the more spending you might need.
However, deciding to buy a home is never easy especially in the middle of a crisis. It is always more than just a financial decision—and it’s not something that can simply be settled with just a yes or a no.
Before acquiring a house, potential home buyers should consider the pros and cons of looking for housing in Los Angeles and ask the following questions:
- How long will I be staying in the property?
- Will I have my children attend local public schools?
- Will I patronize a system that continues to make money out from those who have less?
Nonprofit leaders, real estate agents and other experts talked about these questions and the answers could be a little heady but take the ethical considerations seriously as you take the interest rates if you love Los Angeles and plan to stay long in this city.
Buying in Los Angeles for a Long-Term Plan is Always a Good Investment!
There are two outstanding reasons why it is a good decision to buy a house in Los Angeles this year:
- Currently low interest rates.
- High standard of home viewings and selling.
In the past, when you go to an open house to check a home you are supposed to be interested in buying, it was mostly a horrible experience with houses seemingly in bad conditions you’d wish they put their underwear away in a closed drawer. But now, most homes are upgraded for tours of the prospective buyers looking as if they’d come out straight from magazines. This way, it’ll encourage consumers to be more interested and pay high prices up to millions of dollars because houses now are fixed and way much better and it will be worth your every penny.
Because of tight inventory of houses on sale, the prices have hiked, and people tend to wait until they go down causing sales to drop. What they don’t realize is that, no one knows exactly when it’s gonna go down—if it ever will. Chances are, the house you find to like now, could likely be more expensive next year, or someone more determined could get it.
Long-term investment in Los Angeles is always a good choice—and if you plan to sell your house fast for cash Los Angeles in the future as the value of your property has gone up, you could always get your money back or even make a good profit.
If You Could Then You Should!
If you have been living in the same place for let’s say, 20 years now, and have been thinking of moving, and if you could, then why not?
We know that owning one is much better than renting. When you are renting, you could find yourself in difficult situations and be forced to leave.
Also, you should consider the community you are going to live in. When you own a home you also get to build relationships with your neighbors and they could support you in times that you need help. So if you find a house in a good neighborhood, make sure to include that in your criteria, and be prepared to become a contributing member in the community: send your kids to your community public schools, shop at the local stores, tend to your yard, and just do what you can to make your community better.
Take Risks!
There is never a time it was made clear to buy or not to buy a home. Take the risk. What should matter most in your decisions are your plans of the duration of your stay, and how much you like your property and your neighbors. Consider growing your roots in a place and avoid the uncertainties of renting. Despite the current health situation, the economy is thriving and the quality of life in LA is high.
Buy with Ethics!
Never buy a house in a community where you could be displacing someone. For example: you buy a house in a neighborhood with a lot of renters, and you paid for it much more than what it actually costs, the tendency is that your landlord neighbors will level their homes’ value to the amount of your purchase and hike rents and force tenants who can’t afford anymore to move out. Indirectly, you caused the tenant’s displacement.
Get Serious!
Buying a home is not a joke. Tying your salary into a 30-year debt for acquiring a property is no games. If you decide on getting one, be serious with it. Consider everything that needs to be considered and talk with experts for advice.
If you’re looking to sell your house fast Los Angeles instead, you might want to consider Mrs. Property Solutions. They are a home buying company that specializes in helping people with their financial needs thru real estate.
