Stay Updated On Northeast Los Angeles Real Estate
Hi, hope the weekend weather will not be to bad for our local Home Sellers and Home Buyers in the communities of Northeast Los Angeles.
N.E.L.A Home Buyer $$$
Here are some stats that will be of value to those currently in the N.E.L.A real estate market. The month-over-month changes in California’s median home price for 2009 were stronger than the long-run national average. Low interest rates and tax incentives led to a rise in the demand for housing. As a result, housing inventory was constrained and created upward pressure on home prices.
California’s housing market has shown signs of stabilization since early last year. Sales of single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In December, California’s median home price was 25.1 percent above the low for the current cycle.
In December, the median price of an existing, single-family home rose to $306,820, an 8.4 percent rise year-over-year, the second consecutive year-over-year increase, and the 10th consecutive month-over-month increase, according to C.A.R.’s (California Association Of Realtors) December sales and price report.
Home Buyers who purchase a median-priced house, live in their home for a norm of at least five years, and sell it at the then current median price. The home owners have then averaged an annual rate of return of more than 11 percent, according to data collected by C.A.R. Not to bad in comparison to what a bank savings account will do for you.
Affordability by CAR for N.E.L.A homes shows that the buyer income should be in the vicinity of $55k. On an entry level home the monthly mortgage and insurance payment may range around $2k, depending on the specific community.
Get updated, do a simple home search for your areas of interest to see what is going on in that community. You will obtain accurate and detailed information to make your real estate planning more realistic. Contact, Raphael, your local resident Realtor for any other questions or concerns you may have. Take the time as it is a benefit to you with NO obligation. What a deal…
Remember your privacy is respected and some info on this post was taken from C.A.R data research.
