Real estate broker Julio Ruiz, who moved to Compton from San Fernando Valley and is now selling South Los Angeles real estate, shows homes in Watts and South Los Angeles to clients who are looking for a more affordable place to live.
For REALTORS®, the 30-year-old buyer is an important one to pay attention to. According to recent National Association of REALTORS® statistics, 30-year-olds are big: The average age of first-time buyers is 31, and the average age of millennials is 30—and they make up the largest generational category of buyers by a large amount.
Four economists weigh in on what the next year has in store for each group. Next year will likely remain a seller’s market in most markets, but buyers might have their day in 2018 or 2019. Future buyers will be “less white and a little younger.”
Political pundits around the country were stunned last night when Donald Trump secured enough votes to beat Hillary Clinton to become the next President of the United States. While supporters from both sides are still reeling from emotions, we woke up wondering what that would mean for real estate.
The Los Angeles City Council on Wednesday cracked down on party houses, unanimously voting to instruct the city attorney, with help from the Police Department, to draft an ordinance that regulates the often unruly gatherings held at local homes.
Over time, homeowners will pay 32.7 percent less than renters. To buy or to rent? The answer isn’t hard if you move around a lot or don’t have the cash on hand to cover a down payment, but for those looking to settle into a community for a number of years, the decision can come down to a simple question of finances. And according to a new report from Trulia, it’s still cheaper to buy in Los Angeles in the long run—in spite of sky high prices.
“In the same way that July sales were artificially depressed by fewer business days than the prior year, August sales were artificially goosed higher with more business days,” said Madeline Schnapp Director of Economic Research for PropertyRadar. “The best way to make sense of these calendar quirks is to step back and take a year-to-date view. When we do, we see slightly lower sales and higher prices, in perfect alignment with our theme since October 2015 – “Flat is the New Black.”