Set against the backdrop of Mt. Wilson,
Arcadia is a tree-lined suburb nestled in the San Gabriel Valley, less than twenty miles from downtown Los Angeles. This classy community is a highly desirable place to live, and for a good reason. Arcadia promotes a vision of diversity, neighborly volunteerism, and the preservation of green spaces in the area. Neighborhoods are well-maintained and visually appealing, and residents take pride in their community.
Additionally, Arcadia offers residents the best of community resources and employment opportunities. The schools are top-ranked, listed among the top 1% nationwide. Methodist Hospital is considered one of America’s best medical centers and offers an impeccable standard of care. Buoyed by its receipt of the 2017 Eddy Award for the Most Business Friendly City in Los Angeles a few years ago, new commercial, industrial, and residential developments, as well as revitalizations of underutilized properties, prove Arcadia was just warming up.
Are you interested in moving to Arcadia? Are you wondering how the Arcadia real estate market is performing after a nationwide year of economic volatility? Continue reading to find more insights into the market.
Arcadia housing market forecast 2023
California real estate has been on a roller coaster ride since 2020, and perhaps nowhere more than in metro Los Angeles, one of the most sought-after real estate markets in the nation. With
rising interest rates and increasing inflation throughout 2022, buyers and sellers alike paused to contemplate their options. For many, cost of living increases removed them from the possibility of home ownership. Even so, Arcadia remained a sellers’ market.
Home prices decreasing
According to the
latest market reports, home prices in Arcadia and the Los Angeles area have decreased by 6% in the last year. The median sales price in February 2022 was $773,490 but decreased one year later to $726,870. Inflation is the likely culprit here. With every aspect of life costing more money, sellers had to concede on their listing prices in order to attract cautious buyers into the market.
Lowering interest rates?
Interest rates for home loans are still comparatively high, with the current mortgage rate for a 30-year fixed loan at 6.96% and a 15-year fixed loan at 6.15%. Remember that these rates can fluctuate slightly depending on the lender and your qualifications. Take the time to shop around and get several quotes before committing.
While the precise numbers by which interest rates will fall can be anybody’s guess, there seems to be a
consensus among analysts that interest rates will continue to decline throughout 2023 and even into 2024.
This assertion may seem like an invitation to hold off on purchasing a home until interest rates are fully settled. However, one must consider that lower interest rates open the opportunity for homeownership to more people. As the number of buyers increases, house demand will cause prices to rise. Mortgages can be refinanced when interest rates go down, but the house you fell in love with will no longer be available.
Investing indicators will favor landlords
Rental costs are on the rise as increased mortgage interest rates have made homeownership unattainable for many. Investors who purchase apartments for rental income can reasonably charge higher rents than a year ago.
Negative/ positive net population migration
The metropolitan Los Angeles area has seen modest growth over the last three years.
Los Angeles County housing market trends 2023
Across Los Angeles County, home sales have more than doubled since the same time one year ago. While sales have slackened recently, it is the only feature slowing down. There is still more demand than available on the market.
How COVID-19 affected the Acadia real estate market
The number of properties available for purchase in Arcadia dramatically decreased during the COVID-19 pandemic. As people began to work from home, the purpose and function of “home” shifted for many; it was a sanctuary, an office, a school, and the focal point of recreational activities. As businesses began to reawaken in early 2021, the inventory of homes for sale surged, as well as periods of tremendous price increases.
Arcadia real estate market: should you invest?
In over a century of quiet suburban living, the value of Arcadia real estate has only continued to increase. Arcadia real estate is an excellent investment.
Tips for buying and selling in any housing market
Recent real estate trends have shown us that the savviest investors can adapt to changing times. Use these tips to help weather buyers’ and sellers’ markets.
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Select a real estate agent with the skills, experience, and personality to work for and with you
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Know your short and long-term goals for investing
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Make preliminary preparations, including saving up for a down payment, obtaining pre-approval for a loan, and readying your current residence for sale
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Collect documentation you will need during the loan application and home purchase process
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Practice flexibility and patience. If the market is hot, you may be outbid on a house. If it is slower, you may wait a while to find a property that suits your needs.
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