Is It Worth It To Buy A Home In LA If You Don’t Have A Traditional Family?

Are you a single adult, part of an unmarried couple, or do you have a blended or multi-generational family? You could be wondering if it’s worth it to buy a home in Los Angeles. There are advantages and disadvantages to home ownership. Every situation is unique, but there are a few common considerations that can help you to decide whether you want to undertake a home buying journey now, wait a few months, or postpone it.

Renting Vs. Buying

It’s hard to overlook the fact that as long as you pay rent, you are paying money out of your pocket to someone else who gets to spend or invest that cash. When you buy a home, you will begin to build equity which you can leverage for other purposes. According to Money.com, between 2012 and 2022, the average value of a home in the U.S. increased by $190,000, a gain of nearly $20,000 per year.

All levels of income and all types of households gained wealth through home ownership between 2012 and 2022, according to the National Association of Realtors (NAR). 

The NAR study also discovered that the average homeowner’s net worth is 40 times higher than the net worth of the average renter. If you’re looking to buy a home as a non-traditional buyer, these averages apply to you as well.

Breaking Even On Your Investment

While buying a home isn’t exclusively a money-making investment, every time you make a mortgage payment you will build equity in the property. However, when all of your costs are considered, including closing costs and down payment, most home buyers need to stay in the home for a while before they break even. 

Bankrate reports that “as a general rule of thumb, the longer you stay in your home, the better off you fare, financially speaking.” Most real estate pros say that after 5 years, the majority of home owners have built up enough equity that they can sell or make other decisions about their home, including home equity loans or lines of credit.

Reliable Monthly Expenses Vs. Variable Rent

If you have a mortgage payment, this amount will only change because of property taxes and, potentially, homeowners’ insurance premiums. These changes are likely to be much lower than rent price increases. Los Angeles County restricts maximum rent increases to no more than 5% a year plus the current consumer price index increase. This sounds good until you realize that landlords can legally increase the rent up to 8.8% per year in 2023.

Buying a home as a non-traditional buyer, including singles, multi-generational families, blended families, partners and unmarried couples, can be complex, but fortunately, pros like California Platinum Loans can guide you through the process, explain the pluses and minuses, and help you to make the choices that are best for you today and moving forward.

Sources

Cook, Leslie. “Here’s Who Benefited the Most From Homeownership Over the Past 10 Years,” Money.com, 20 April 2023, url: https://money.com/build-wealth-owning-a-home-study/

County of Los Angeles. “Rent Increases” url: https://dcba.lacounty.gov/portfolio/rent-increases/

Hunt, Meaghan. “How long should you live in a house before selling?” Bankrate, 21 October 2022, url: https://www.bankrate.com/real-estate/how-long-should-you-live-in-your-home-before-selling/

McMillin, David. “Is buying a house worth it?” Bankrate, 12 June 2023, url: https://www.bankrate.com/real-estate/buying-a-house-worth-it/

California Platinum Loans

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Wondering When Is The Best Time to Sell Your Home In Los Angeles?

The Best Time to Sell Your Home In Los Angeles

No one wants to have to pack boxes and move heavy furniture in summer heat. However, after taking a downturn in recent months, Los Angeles home values are on the increase as of July 2023, according to Zillow’s Home Value Index.

Los Angeles Seasonality Is Different 

Realtor.com economic data analysts talk about California’s seasonality, which differs from other areas of the country. Typically, the real estate market sees more demand from buyers during winter and spring months. This is in direct contrast to colder states, where far fewer sales and moves occur during winter and wet early spring months.

You may see information to the effect that mid-April is the top month for home sales. This is true nationally, but January and March are usually the top months for home sales in Los Angeles. 

Although experts are predicting that there could be continued fluctuations in sale prices and home values in Los Angeles throughout the rest of 2023 and into 2024, the area is still experiencing job growth and wage growth. There is still a low resale inventory of homes in LA, which means any home that goes on the market will be in demand.

Work With Professionals Who Know The Market

If you’re looking to sell your home in Los Angeles, now is a good time to plan the process and investigate your opportunities. Realtor.com analyst Hannah Jones says that “every season has both upsides and downsides for sellers.” 

Jones recommends that potential sellers should “evaluate their local housing market” when deciding when to put their home on the market. 

Los Angeles is the second largest city in the United States, and the LA Metro area is as large as the New York Metro area. Within the LA Basin, San Fernando Valley, Westside, and Orange County, the “best time to sell” will vary. This is why it’s a good idea to work with experienced professionals like California Platinum Realty and California Platinum Mortgage. They can help you to determine your best time to sell your home in Los Angeles and achieve the best-possible sales price along with an excellent experience.

Sources

Palm, Iman. “This is the best time to sell a home in California,” KTLA 5, 6 May 2023, url: https://ktla.com/news/california/this-is-the-best-time-to-sell-a-home-in-california/Santarelli, Marco. “Los

Angeles Housing Market: Prices, Trends, Forecast 2023,” Norada Real Estate Investments, 29 August 2023, url: https://www.noradarealestate.com/blog/los-angeles-real-estate-market/

California Platinum Loans

  https://californiaplatinumloans.com

Speed is the Key: Unlocking the Power of Quick Loan Closing Times with California Platinum Loans

Power of Quick Loan Closing Times

In today’s brisk real estate market, timing is more than just a tick-tock on the clock—it’s a pivotal factor in securing your ideal home. At California Platinum Loans, we emphasize the importance of quick closing times in achieving your housing loan goals. After all, who wants to let their dream home slip away in the labyrinth of lengthy loan procedures?

A Quick Closing Time: The Unsung Hero of Home Buying

Understanding the intricacies of closing home loans unveils the essential role of rapid closing times in the home acquisition journey. Navigating this intricate journey requires more than just a buyer’s awareness—it demands the finesse of a mortgage maestro, someone attuned to the harmonies of mortgage lenders and selling agents.

The Closing Symphony: What Does it Comprise?

Closing a real estate transaction is like conducting a symphony where every instrument plays a crucial part. This includes:

– Executing a flawless purchase agreement

– Conducting thorough home inspections

– Ensuring the fulfillment of seller obligations

– Orchestrating lender appraisals

– Aligning insurance prerequisites

– Fine-tuning title reports and escrow documentation

– And when the melody of a home loan comes into play: securing loan approval and meeting the underwriter’s conditions.

The Tempo of Closing: How Quick Can it Be?

With preapproval and conventional loan programs, some can wrap up the closing concerto in less than 30 days. Other, more intricate compositions may extend between 35 and 45 days. However, with the right conductor (a seasoned mortgage professional) and a well-rehearsed piece (preapproval and a suitable property), the performance could conclude in a swift 15 to 21 days!

The Impact of Swift Closures: A Strong Negotiation Tool

Only when you’ve waded through the turbulent seas of offers and delayed closures do you truly comprehend the value of quick closing times. It becomes a golden key in negotiations, elevating your stance as a buyer, especially in a market where every second count. This speed often puts you in the same league as cash buyers, the preferred clientele for most sellers and real estate brokers.

Confidence and Speed: The Dual Advantage of Quick Closings

Collaborating with an adept mortgage loan professional charts your course through the home loan maze and empowers you to make confident offers. You can steer your negotiations from a position of strength, comparing lenders efficiently and concluding the deal before others even get their bearings. At California Platinum Loans, this is where we shine, specializing in quick loan closures and offering a competitive edge against cash buyers.

A swift closing time is more than a convenience; it’s a strategic advantage in the high-stakes game of home buying. With the proficient guidance of California Platinum Loans, you can harness the power of speed, making your journey from a prospective buyer to a content homeowner swift and smooth.

Ready to experience the harmony of quick and efficient home loan closings? Reach out to California Platinum Loans today and let us fine-tune your home-buying experience to perfection!

California Platinum Loans

  https://californiaplatinumloans.com