When it comes to the kinds of Echo Park news that people want to know, the state of the housing market is always right up there. Whether you are looking to move into the area in the near future or you want to explore what your options might be for selling up and starting a new life adventure in a different community, the hopes and goals of many will always depend on what the house prices are doing at any given time.
Keeping you up to date with relevant Echo Park news, here is a brief update about the state of house prices in the area.
The Echo Park News That You Have Been Waiting To Hear – How Are The House Prices?
- The headline of the matter is that home prices in the Echo Park and Silver Lake area have increased dramatically following the trend being seen across the country.
- There are many reasons for this, the first obviously being that house prices increasing in popular areas is the natural course of things. As cities and communities become more desirable to live in, the price to move there becomes much higher, and that is exactly what is happening in Echo Park. If you already have a property in the area, then you can be satisfied with the rising value, but those who are trying to make moves on the property ladder are facing some difficulties.
- The other, more unfortunate factor responsible for the rising property values in Echo Park is the COVID-19 pandemic. According to CoreLogic Case-Shiller Index, prices of what are termed as starter homes rose as much as 16 percent over 2020 prices. Prices in the Los Angeles-Long Beach-Glendale CA Metropolitan Division in general rose by 12 per cent (compared to national average of 11.3 per cent) and that trend doesn’t look like it is going to be slowing down as we move through 2021 and beyond.
- The number of people opting to move house at the moment is at an all-time low, and that is the main reason for the prices of the properties that are available being so inflated.
- Add to the mix the fact that general building materials like lumber are also being sold for a higher rate than normal, and you are facing a dilemma whether you want to buy an existing property, or an older project property with the aim of renovating immediately.
- There is strong demand among millennials for properties in the Echo Park area, but thanks to prevailing interest rates which are very low, this has tightened up the housing market and made it very hard for people to get their foot on the first rung of the property ladder.
So, whether you already live in Echo Park or you are hoping to become a local resident soon, one thing you must make sure to do is keep up to date with all of the relevant Echo Park news on Silverlandia. It’s a one stop shop for everything that you need to know and everything that you should be keeping track of to get the best out of your surroundings and local community!