123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

The State Of Real Estate In Ne Los Angeles

By Author: Tracy King
Total Articles: 31

Let's dive in to how the Northeast Los Angeles real estate market is looking these days:


Increased Interest Rates


Interest rates moved up over the summer and have settled into about 1-1.5% over what they were in the earlier part of 2013. FHA loans have become more expensive as fees for their Mortgage Insurance Premium has risen to balance the number of defaulting loans they are meant to insure, plus the MIP now stays in place for the life of the loan. Why would anyone choose an FHA loan today? Because they will lend to someone with a lower credit score than any conventional lender will. More loan products have come into the marketplace including low or no-documentation loans, but you will pay a premium for them. Again, as interest rates average 4.5 to 5% today, it is still a long way from the 13.4% of 30 years ago!


Inventory


The number of single-family homes for sale in Northeast Los Angeles has settled back a little from the increase of the summer in Eagle Rock and moved up in the rest of Northeast. Eagle Rock averages in the low 20s, Highland Park surged up into the 50s, while Glassell Park (including Mt. Washington real estate) is around 70. As more has come onto the market, more have opened and closed escrow as well. The market has been very active even though it seemed that most of Los Angeles went on vacation in August.


Average Sales Price


The average price for sold homes has continued to move up in spite of the rise in interest rates. In Eagle Rock, the market is strong with an increase of 5.3% in August compared to July, and 17 % over August of 2012. In 90042 (Highland Park area) zip code, a similar increase occurred. In 90065, prices leveled off slightly, though the year over year price increased by 28%! Highland park real estate will continue to heat up.


What Does This Mean For You?


It is still the best time to sell your home that we’ve seen in the last several years. Since the inventory is more than was available in the spring, buyers are very concerned about value. There doesn’t appear to be any speculation or indication that prices will surge up soon. Therefore, buyers fear that they could overpay for a home now. A well-priced home in great condition generally sells quickly, but if there is any question about the location or amenities (yard, updates, schools), there is much more resistance to paying top dollar.

Total Views: 79Word Count: 417See All articles From Author

Investing / Finance Articles

1. 5 Exclusive Features You Expect From A Trending Investment Platform
Author: Vivaan Ahuja

2. Hire ‘sherlock Holmes’ To Solve Your Case And Unfold The Truth Behind The False Accusation
Author: Victor Elbeze

3. How To Acquire Loans Against Securities?
Author: Nidannar Khade

4. Oxyloans - Quick Loans
Author: radhakrishna

5. 7 Reasons Why Your Personal Loan Was Denied
Author: Flexsalary

6. Future Trading In Stock Market
Author: Mahendra Rajput

7. Evolution Of Infrastructure Finance In India
Author: Raman Kumar

8. Right Steps For Trading In Indian Stock Market For Sure
Author: Shraddha

9. Guide To Getting A Fund With Bad Credit- What Options You Have?
Author: longtermpaydayloansontario

10. A Simple Mindset Could Dramatically Improve Your Trading Right Away
Author: Garry Singh

11. Know The Reasons Why You Need To Use A Sip Calculator To Make Better Investments
Author: Vivaan Ahuja

12. Staggering Graph Designs To Beat The Market
Author: Garry Singh

13. The World’s First Blockchain-assets Backed By Diamonds
Author: Al Kasir Portal

14. Enjoying Cash Loans Despite Bad Credit - No Checking Account Loans
Author: nocheckingaccountloans

15. Opportunities With Shares Online Trading
Author: Blusignal Systems

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: