Glendora Housing Market Trends & Forecasts 2023
Seeing housing markets across the country in need of recovery and rejuvenation is the current standard. The Glendora
housing market stands as a role model for others as it continues to thrive amid the turbulence of recent years.
Located in Los Angeles County
, Glendora boasts the benefits of the beautiful and prestigious Southern California lifestyle. The entire area has seen consistent rates of expansion as people continuously move to the area for one reason or another. This growth has made it possible to label the area as one of the most desirable cities to move to. Investors and high-net-worth individuals have taken note of the city’s growth and exponential expansion, pushing them to put their bids in on becoming a part of the real-estate-generated success.
Prior years have upheld these impressive trends and served as a positive offset to any less-than-desirable national conditions. As the new year progresses, real estate professionals work to predict what 2023 has in store for the Glendora housing market.
Home Values Increasing
Considering inflation, local standards, and other variable economic conditions, there are expected to be some upcoming changes
in the home values for properties on the market. The cost of living in Glendora continues to rise, and this directly influences the prices homes sell for as well as their appraised value. Keeping in line with the local growth rates, home values are expected to continue increasing, but at a slower pace than in previous years. More homes on the market and an equivalent amount of demand create a slower flow in the price hikes when it comes to determining a home’s local value.
Rising Interest Rates
Talk of interest rates rising has been looming more frequently in recent months. Keeping rates low and only subject to mild increases was a strategy devised to drive economic stimulation during the pandemic. Now, as things begin to shift back to a “normal” state, inflation is rising consistently, and the interest rates will have to adjust accordingly in order to keep the market lucrative in the financial sector. In the luxury housing market, this could drive more and more buyers to contemplate (and eventually carry out) cash purchases as a way to sidestep high-interest rates.
The Cost of Rent Will Increase
As home values increase, rental prices
will continue to do so as well. Real estate investors with rental properties will seek to receive a monthly rent payment that covers the mortgage but also benefits their pockets. Similarly, for houses that were bought outright, buyers will seek to charge renters an amount that will eventually equate to what they paid for the property but also provide them with additional funds. The rental market within the locale is equally as competitive as the purchasing market, so similar trends and increases are expected to be seen across the board. Increased home prices and mortgage rates may serve as a yellow light to people who are considering buying.
Investing Indicators will Favor Landlords
With the market becoming pricier for buying and equally pricier for renting, owning rental property in Los Angeles could be a smart move in 2023. Current property owners and prospective investors are well aware of this and continue to create and develop opportunities to maximize their tenant experience.
Luxury condominiums, apartments, and rental homes have a huge market in Glendora and surrounding areas due to the temporary nature of some residents. With such a massive entertainment community, short-term rentals are common. High-ticket properties can charge monthly rental rates at impressive amounts but with the flexibility of short-term leases. This makes it likely for current homeowners to explore the possibilities of renting out their property to tenants as a way to reap the benefits of the local market conditions.
Glendora Real Estate Market: Should You invest?
Investing in the Glendora real estate
market in 2023 would be a smart move, given the growing popularity of the area. If the area continues to be such a hub for migration, you will likely never have to worry about experiencing any difficulties when selling or renting out your property. Should you plan to keep your property long-term or indefinitely, the prosperity of the area poses additional benefits as well. As the years progress, the value of your property will continue to increase with the local inflation, making it a lucrative asset to have in your portfolio. Tactics like this tend to be a great basis for building or continuing generational wealth.
Aside from the financial aspects of deciding to invest in the Glendora real estate market, life in the city is as alluring as the homes are. The warm Southern California weather, paired with the endless opportunities and attractions in Los Angeles county, has made Glendora a revered place to live. Seeing the local population continue to increase even during hard times is a testament to the high quality of life that can be experienced when living in the area.
If you are interested in investing in the Glendora real estate market, contact Troy Worley
of BRCO Real Estate
today. They are happy to answer your questions about the best real estate for your investment portfolio.