Buying a house in Los Angeles is a costly affair, and is only getting more so; some experts say we've got four more years of rising prices before there's any sort of change in the upward trajectory. But deals are still out there in some pockets of LA, and, there might be more if buyers know when to buy, says real estate data firm RealtyTrac. They crunched the numbers on sales of single-family houses and condos over the last 15 years looking for the month and date when, on average, buyers got the best deals. They found that this month, October, is a great time to buy.
The best day to buy in the Southland is October 1, when sales prices average 25 percent lower than the estimated full market values. That date has, sadly, passed, but if it's any consolation, nationally, October is the month with the greatest discounts to be had.
Locally, that seems to hold true too. "The start of the school year and the holidays influence our buyer decisions and serve as a strategic indicator of the most advantageous times for buyers to land their lowest-priced deal," says Mark Hughes, chief operating officer with First Team Real Estate, which serves the Southern California market. "Due to less buyer competition, October and November typically provide a dip in the SoCal real estate activity cycle." That's two whole months of possible savings!
· The Best Day of the Year to Buy a Home [RealtyTrac]
· Is There Anywhere You Can Still Get a Deal on a House in Los Angeles These Days? [Curbed LA]
· Los Angeles Housing Market Isn't Getting Bubbly, Says Study [Curbed LA]