“Location, location, location” said realtors for more than a century. That is changing. With more people being allowed and able to work from home and an increase in fear of being physically near to others, “location, location, location” is losing its power. Instead, people are more focused on what is in the house rather than its whereabouts.
The drive to stay in Los Angeles (as well as other large metropolitan regions) is diminishing. This is actually good news for the home buyer. According to California Association of Realtors Senior Economist Jordan Levine:
“That affordability motivator for going to a place where they can actually afford to be a homeowner is still there, and now they’ve got that wind in the sails in terms of that flexibility to be able to do that while still keeping their California-based jobs. Areas that are more affordable and folks can actually achieve home ownership now that they’re not strapped to these more dense, urban areas.”
For those who have long wanted to purchase a home but have not been able to do so until now, this good be a prime opportunity. Many homes in Southern California are being sold at the lowest levels for years.