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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