For people who are on the fence as to whether to continue renting or to purchase, I say this: make the leap and buy a house or condo - while you still can. There is a huge demand for housing in Los Angeles right now and interest rates are at historically low values.
What about the next bubble?
Fifteen (15) years ago, the demand was driven by banks irresponsibly throwing out tried-and-true underwriting standards and giving out loans to just about anybody who applied. This time it's different: most of the bad loan products are not available and the strong demand for housing is being driven by an influx of high-tech and other business demanding skilled and highly-paid labor into Southern California, whether it's powerhouse medical centers such as Ronald Reagan-UCLA, Cedars-Sinai and Providence St. John's Health Center , regional hospitals such as Kaiser-Permanente or biomedical, marketing and social media powerhouses.
There is scarcely a single-family residence under $1 million on the Westside or South Bay sections of Los Angeles anymore, and from the influx of calls and business I'm receiving, there are plenty of takers. I predict that those who wait are going to be priced out of the market and become perpetual renters.
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