An article in today’s Los Angeles Times discusses the reasons deterring people from buying a Los Angeles home these days, and quotes me, a Los Angeles realtor®, as an example:
“There’s a zillion reasons [sic] why people aren’t buying, but honestly, they would if they could,” said Jane Peters, a real estate agent in Beverly Hills.
As for Peters? She leases. Her rent is so low, she says, that buying just doesn’t make sense.
So how do I spin this so as not to look like I am encouraging people not to buy a home in Los Angeles? I have specific reasons not to buy, which I will not go in to.
Home ownership is not for everyone. That is a fact. But neither is renting. Sometimes it makes absolute sense to buy a home.
Why should you buy a Los Angeles home?
- Tax benefits of home ownership. You have numerous deductions against your taxes when you own a home.
- The home is yours. You do not have to ask permission to make changes.
- Inflation protection. Owning real estate has always been the best long-term investment and will continue to be.
There are many more reasons for buying a Los Angeles home and now is certainly the time:
- Mortgage interest rates are still low.
- Inventory in some Los Angeles communities is still up indicating a buyers’ market.
My recent post, Los Angeles Homebuyers, Should you Buy Now, lays out good reasons for not waiting to buy.
As I mentioned, home ownership is not for everyone. But if you are building a future for yourself and your family, have steady income, a good down payment, and wish to stop paying your landlord’s mortgage in favor of building your own equity, then you are ready to buy a Los Angeles home.
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4 thoughts on “Home Ownership Loses its Luster, Per L.A. Times Article”
It’s always impressive to be quoted in the local paper! Good for you, you truly are an expert in Los Angeles.
Homeownership may not be for everyone, but it should be on the radar for most people, especially younger ones.
Rich, most definitely. Thank you for dropping by.
Hi there – I am glad you have been quoted here. I do really like the article you have written, and have put some great reasons why someone should own a home.
Thank you, Sharon. I appreciate it.