Since 2012, home prices in L.A. County have gone up significantly. Rental rates are on the rise, too.
Looking to sell a home in Southern California?
Looking to buy a home in Southern California?
Where are we with home prices, and what’s happening with rents and investment properties?
If you were to buy a house back in 2012, the average sale price in L.A. County was $290,000. At the end of 2017, the average sale price was almost $577,000. That’s a 50% increase in prices, which is a huge gain.
Nationwide, rents have gone up about 20% since 2012. That is a pretty big increase. In L.A. County alone, rent prices went up almost 8% over the last year.
If you are renting, it may be a good idea to sit down with your tax adviser and look at your options for buying a place, rather than dealing with your rents rising aggressively year after year.
Home prices in L.A. County have increased by 50% since 2012.
If you own a home, you may be surprised by how much your home has gone up in value. You may be able to refinance or pull money out of your home to make some upgrades. You can also use your equity to move from a smaller home into a bigger home.
If you do own a rental property, I’m sure you’ve made some great strides in investment. If you haven’t raised your rents over the last few years, it may be time to evaluate where you are in the market.
There are many people who leave rents where they are because they love their tenants. However, if you’re not keeping up with market trends, that can actually hurt the value of the property.
If you have any questions or want to evaluate where your property might be, just give me a call or send me an email. I would be happy to help you!
