La Canada Home Values February 2017: Last month, twelve La Canada homes sold, ranging from $777,000 to $5,650,000. Expect La Canada home values to continue increasing this year.
The ability to afford a home is becoming more complex. The real estate landscape has shifted dramatically. While the foreclosure crisis is behind us, its impact remains. It fundamentally changed the housing market. One significant change is the scarcity of starter homes. These once-accessible properties are now hard to find. During the financial crisis, investors seized the opportunity. They bought tens of thousands of homes at rock-bottom prices. Rather than resell them, they converted many into rentals.
La Canada Home Values February 2017 Recap:
This shift had a lasting effect. According to census records, single-family rentals surged. In 2009, there were about 11 million single-family rentals. Now, that number has climbed to over 15 million. This sharp increase reflects a significant market transformation. As more starter homes became rentals, first-time buyers found fewer options. This added pressure to an already competitive market. Affordability challenges grew. For many aspiring homeowners, the path to ownership became steeper and more challenging.
The ripple effects are still felt today. Limited inventory pushes prices higher. Competition remains fierce. As a result, the journey to owning a home is now more difficult than ever. La Canada home buyers’ lack of listing inventory is a serious concern. Call Phyllis at 818 790-7325 to learn more about La Canada home values.
