WIth the high cost of real estate in Los Angeles and throughout Southern California, many people are looking towards other states when deciding to purchase a home or raise a family.
Taxes, Jobs and Cost of Living California has one of the highest state income taxes in the country, so that alone is a factor that can put more money in people’s pockets and allow them to spend more of it on housing and other costs. The job market in California has been strong recently, and while there may be better paying jobs and opportunities in certain areas and industries like Silicon Valley or the newer Silicon Beach area of Los Angeles, on a relative basis, it may not make that much of a difference once the high cost of living is factored in. California has a net Out-Migration to other states as can be seen in this report from the Legislative Analyst’s office. The top beneficiary recently has been the state of Texas, followed by Arizona and Nevada. Low or no state income tax, and a much lower cost of living have proven to be too much to overcome for even the beautiful beaches, mountains and temperate climate of Los Angeles and other areas in the state. Even though people may be moving to a lower paying job, the prospects of a larger house, less congestion, and an easier lifestyle are big draws. Relocating Your Equity Do you own a house in Southern California? If you have owned it for a long time, chances are you have a good equity position. Selling it may give you all the cash needed to move and buy a newer or larger home in another state. You might even be able to pay cash for the new house and avoid a mortgage all together if you have the equity in your current home. Locating and finding the right home in your new state will have its own challenges, and if you are relying on the equity from the sale of your Southern California home to pay for the new one, you may not want to risk the market uncertainties of listing and selling your house in Los Angeles or other areas in a traditional way by hiring a real estate agent. If this is the case, then selling to a professional house buyer may be a good solution for you. Going this route you can pick the date you want to close, and can predict when you will have the cash in hand so you can commit to the purchase of your new house. You may also have inherited a house in Southern California and wish to monetize that equity too. If it’s an older house that needs repairs, selling to an investor buyer means you won’t have to worry about doing anything to fix up the house - it can be sold completely as-is. When you need to sell your house fast to help you relocate, consider all your options and do what’s going to work best for you and your situation.
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Bright Idea House BuyersWe specialize in solving real estate problems - we are a local family owned business that purchases houses throughout the southern California area. Archives
July 2021
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