Home Ownership Loses its Luster, Per L.A. Times Article

An article in today’s Los Angeles Times discusses the reasons deterring people from buying a Los Angeles home these days, and quotes me, a Los Angeles realtor^®, as an example:

“There’s a zillion reasons [sic] why people aren’t buying, but honestly, they would if they could,” said Jane Peters, a real estate agent in Beverly Hills.

As for Peters? She leases. Her rent is so low, she says, that buying just doesn’t make sense.

So how do I spin this so as not to look like I am encouraging people not to buy a home in Los Angeles? I have specific reasons not to buy, which I will not go in to.

Home ownership is not for everyone.  That is a fact.  But neither is renting.  Sometimes it makes absolute sense to buy a home.

Why should you buy a Los Angeles home?

• Tax benefits of home ownership.  You have numerous deductions against your taxes when you own a home.
• The home is yours.  You do not have to ask permission to make changes.
• Inflation protection.  Owning real estate has always been the best long-term investment and will continue to be.

There are many more reasons for buying a Los Angeles home and now is certainly the time:

• Mortgage interest rates are still low.
• Inventory in some Los Angeles communities is still up indicating a buyers’ market.

My recent post, Los Angeles Homebuyers, Should you Buy Now, lays out good reasons for not waiting to buy.

As I mentioned, home ownership is not for everyone.  But if you are building a future for yourself and your family, have steady income, a good down payment, and wish to stop paying your landlord’s mortgage in favor of building your own equity, then you are ready to buy a Los Angeles home.