Population and the understanding of that term is one that should bear in mind when selling a house. Who is the buyer and what do they want in a home are two crucial questions that need to ask as well. A good example of this is the increasing Millennial generations that are making their way through these vast markets as first-time buyers.
According to the California Association of Realtors, there has been a 34% of homebuyers that were buying their home for the first time to be from the Millennial generation. This is partly due to how they are getting older and are willing to settle down, also allowing for an investment to occur while they stay in areas such as LA. Due to this, the neighborhoods have been decreasing in property value, becoming all the more popular in the market. However, this also means that several areas in LA won’t be affordable for many, such as Western LA.
Todd Jones from Rodeo Realty has also noticed this trend appearing in the market, and is shocked by it. He claims this trend has occurred in areas such as Highland Park and El Sereno that have increased their home market values due to the affordability in those areas. This also led to many having to move in other areas such as Los Villas or Studio City as well.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367