When’s the best time to buy a house in Los Angeles? It depends on your priorities.
To help you decide when to buy, look at housing inventory, mortgage rates, and market trends, which vary month to month. In Los Angeles, you’ll typically see the best price in April, the highest inventory in May, and the lowest mortgage rates in December.
Planning ahead is key, so along with considering the best time to buy, it’s a good idea to explore your financing options with a trusted mortgage provider.
Read on to learn more about when to buy a house in Los Angeles.
Best month for
11.5% lower than average
13.2% more homes to choose from
2.88% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
When planning a home purchase, the first step is to connect with an experienced local agent. Economic conditions change, and a knowledgeable realtor can help you decide when and where to buy based on the latest information. The right agent can also help you find the best house for your needs and negotiate a winning offer.
The easiest way to find a great local realtor is to use a free service like Clever Real Estate. Clever will match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
The best time of year to buy in Los Angeles
Generally, autumn and winter are the best seasons to find a home in Los Angeles. During the holidays, most people are busy, so you have a lot less competition in the marketplace.
As of 2020, mortgages in Los Angeles are the nation’s third least affordable, though prices are falling. More sellers than buyers make up the marketplace, which means it’s a buyer’s market.
Los Angeles inventory is up 26.4% from last year, making it the fourth largest increase in annual inventory. If you have the cash, now’s the time to buy. If you’re looking for a deal, you could wait for prices to fall a bit over the next few months.
It's important to remember that trends can vary from city to city — and there may even be anomalies within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Los Angeles.
The best places to find a home in Los Angeles
Finding a home in Los Angeles usually means finding a home near Los Angeles, since most people moving here don’t want to live downtown. So many unique suburbs and neighborhoods make up what’s known as the “Los Angeles area.”
Here are five of the best neighborhoods and towns in the Los Angeles area to buy a home.
Wrigley Heights is a diverse and charming suburb. It’s close enough to LA for you to access the city but far enough away to get a break from the traffic. The neighborhood is sprinkled with cafés and restaurants, close to several A-rated schools, and popular among young professionals and families.
Only 1,035 people reside in Wrigley Heights itself, but it’s nestled in the larger Long Beach area, so you won’t feel isolated. The median home value is $400,800, and 89% of people own their homes.
While Wrigley Heights has a distinct suburban feel, Orangecrest has a more urban vibe. The area boasts a diverse population and proximity to many A-rated schools, like the esteemed Riverside STEM Academy.
Attracting young professionals and families, Orangecrest has a population of 33,051. The median home value is $427,393, and 86% of residents own their homes.
If you want a suburb with more residents than Wrigley Heights, Mission Grove is a good choice. With a population of 17,247, Mission Grove is a lively area, popular among young professionals, families, and those who enjoy an active lifestyle. It’s also close to Riverside STEM Academy.
The median home value is $434,781, and 74% of residents own their home.
With many parks and cafés, this neighborhood has a suburban feel, but it’s also close to city life. A number of top-ranking schools fall within its district, making it a great choice for families with small children. The area is also popular among young professionals and retirees.
The population is 6,750, the median home value is $646,526, and 89% of residents own their homes.
Arlington Heights is another area with a suburban feel and access to downtown Los Angeles. While you can easily reach the city, you’re nestled in a more peaceful area with a great selection of parks, restaurants, and family activities. The area tends to be popular among young professionals and families, and several top-rated schools are nearby.
The population is 12,635, the median home value is $467,380, and 95% of residents own their homes.
Four ways to get a great deal on a home in Los Angeles
While knowing the right time to buy is important to land a great deal, a few other strategies can help you too.
1. Find a great Los Angeles real estate agent
To get a great deal, work with a local buyer’s agent who has in-depth knowledge about your specific market. An agent is your advocate throughout the entire home buying process. They can personalize your search and make sure you find a deal that meets your needs.
2. Determine what you need and want in a house
Knowing what to look for when buying a home makes your search more effective and efficient. Work with a real estate agent to determine what you need in a property. They can help you narrow your vision, figure out an appropriate budget, and create a plan for success.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Los Angeles, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in California a typical house is worth $599,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $2,137. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $2,020.
4. Negotiate for the best possible price
Once you choose which Los Angeles home you’d like to buy, your real estate agent can help you make an offer. After the inspection, they’ll also negotiate with the seller to get you the best deal possible.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.