This is for first time home buyers or people relocating to Los Angeles. I get calls/emails from buyers, investors weekly asking about specific properties and neighborhoods. The most common price range I hear range from $300,000 to $500,000. It seems to be a comfortable number for most dual income buyers I work with.
I’m a Local Realtor, born and raised in Los Angeles. and have lived throughout the L.A. area. South L.A., Inglewood, Palms/Mar Vista, Hollywood, Moreno Valley, Rancho Cucamonga, Hawthorne
Before you start the process of buying a home in Los Angeles, right after you find your Los Angeles Realtor®, you will need to talk to a lender. If you don’t have a lender I will be happy to provide you with recommendations. I work with a Number of lenders throughout the Los Angeles area. It’s important to connect the right buyer with the right lender for the right program.
There are a few loans that greatly appeal to first-time Homebuyers.
As always there are FHA’s which require 3.5% down payment.
VA loans are similar to FHA and depending on county loan limits may require 0 % down.
For conventional, loans we have first time home buyers programs which allow as little as 3%-5% down payment. If you’re thinking about buying a Condo in L.A. a 3% convention Loan is the way to go.
The state of California offers home buyers with down payment assistance programs such as CalHFA’s, CHDAP, CHF Platinum Grant, and the CHF Access program. Each program has unique benefits and there is no guarantee each program will be available and is subject to change without notice.
All three programs offer up to 3% assistance that can be applied to FHA’s 3.5% minimum down payment requirement.
A commonly asked question is, which program is best for me? Please keep in mind each program has different income requirements and qualifying ratios which can affect the purchasing power of the buyer.
A few areas where you might want to begin your Search
Leimert Park:
Leimert Park is a 1.19-square-mile residential neighborhood in the south region of Los Angeles, California, It is a master planned community built in the 1920s with Spanish Colonial Revival homes and tree-lined streets. It is also considered the center of both rich historical and contemporary African American art, music, and culture in Los Angeles-The Leimert Park market is very healthy. The median list price is $579,000 and the average home has been on the market for 88 days. In the past month, there have been 20 real estate transactions, with a median sale price of $741,500.
There are currently 29 homes for sale. There are 20 detached homes for sale, 1 townhouse for sale, and 8 condos for sale. In the past 30 days, there have been 20 home sales.
Balwin Hills
The Baldwin Hills market warmed up in this week’s report, as the number of home sales climbed 5.3%, pushing the total to 20 homes sold over the last 30 days. At the same time, Potential buyers should note that prices went up in the Baldwin Hills, with the median for this period rising from $705,000 to $741,500. Along with the increase in sales, the fact that there is a lower-than-normal one month of inventory indicates that Baldwin Hills is a solid seller’s market.
Why NOW is the perfect time to BUY in Baldwin Hills and surrounding Areas: See Link Below
Here’s the Huge Plan to Turn Baldwin Hills Crenshaw Plaza Into a 24-Hour Community
Inglewood:
Inglewood was once associated with negative stereotypes. As prices rise, the areas clean themselves up and prices are certainly on the rise in Inglewood. Once a place for gang violence, and generally undesirable area has become an “up and coming neighborhood”
The Inglewood real estate market is very healthy. The median list price is $440,000 and the average home has been on the market for 72 days. In the past month, there have been 29 real estate transactions in Inglewood, with a median sale price of $410,000.
There are currently 49 Inglewood homes for sale. There are 33 detached homes for sale, 1 townhouse for sale, and 15 condos for sale. In the past 30 days, there have been 43 new listings in Inglewood. Lots of good affordable condos in Inglewood.
West Adams:
Known for its mix of craftsman, bungalows, spanish homes. Gentrification is in full swing, but this is a centrally located pocket of the city that was overlooked for many years. Commuting to the west side, downtown Los Angeles, Beverly Hills, or even the San Fernando Valley is easily done from here.
The West Adams real estate market is tight. The median list price is $649,000 and the average home has been on the market for 44 days. In the past month, there have been 3 real estate transactions in West Adams, with a median sale price of $535,000.
There are currently 17 West Adams homes for sale, which equals about 5.7 months of inventory. There are 14 detached homes for sale, zero townhouses for sale, and 3 condos for sale. In the past 30 days, there have been 6 new listings in West Adams, 6 price changes, 5 new contracts, and 3 home sales.
A few other Areas you should consider are;
Park Hills Heights
View Park
Windsor Hills
Morningside Park
South L.A.
Compton
Downtown L.A.
Hawthorne
If you have questions about any of these cities feel FREE to Call!
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