For most first time home buyers, buying a home is just that: finding a new place to call home. But how is that different from moving from one rental to another? While it is true that home ownership can bring some woes, the positives far outpace the negatives and right here in Los Angeles one positive is really starting to pick up the pace.
When you buy a home you are not just creating a new place to call home, you are making an investment. In the Los Angeles real estate market, that investment will reward you handsomely. LA Times reports on a new study conducted by Zillow that the average seller in Los Angeles, who had owned their property for about 10 years made on average $200,000. Across the board, this came out to an average of nearly 54% gain.
In percent gain on sale, Los Angeles ranked 5th amongst a list of 33 metropolitan areas and was the third California city (behind Oakland and San Jose). So if you are in the market, whether you are a first time buyer or onto the next house, rest assured that in addition to finding a new place to call home, you have made a sound investment.
To see the whole list of cities, check out the original article on Los Angeles Times.