Los Angeles is one of the hottest housing markets in the country. With desirable weather year round, a strong economy, and a bevy of Instagram worthy leisure activities, it's no surprise demand is high to reside here. Yet, with the home values reaching record heights and predictions of a "cooling down period," many buyers are worried about purchasing a home this year. Our recommendation?
Don't wait for home values to go down.
Buy a home in a relatively up-and-coming neighborhood where equity will build, now.
What neighborhoods should you be looking in?
We picked our top three for 2019:
1. Glassell Park
Glassell Park is in the North East of Los Angeles right next to Mount Washington and hipster loved Silver Lake. This neighborhood has recently attracted young families, artists and creatives alike that don't want to pay the home prices of nearby areas. What was once a gritty neighborhood has seen a beautiful resurgence in recent years. A median home price here is currently at $689,000 and is only expected to rise as this neighborhood improves. With some stellar elementary school options, we predict this is one of the smartest investments in LA county.
image via dwell.com
2. North Hollywood
We wrote about the potential of investing in North Hollywood last year and what a year it was! Home median prices rose 9.3% last year while the rest of the county averaged out at 4.5-5%. This year growth is expected to be almost as impressive because of huge development projects like NoHo West and the North Hollywood metro station revamp. With the current median home prices being $655,000 we recommend buying property here while you still can.
image via: nohowest.com
3. El Segundo
El Segundo is on the list because of the amount of companies investing in relocating here. This city has offered great tax incentives to corporations to move their headquarters, which is why growth is predicted to skyrocket exponentially. That means residential real estate is also going to reflect incredible growth as competition for homes and residential development projects increase. The median home price here isn't cheap at roughly $1.26M, but if you can swing it we highly recommend purchasing square footage here. Just do it before all the savvy tech companies move their employees to the South Bay.
image via: newslocker.com