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This will allow more people to participate in real estate ownership and building equity
On top of the scarcity , rates were negligible to overall costs . Now that rates are high and seem to only be going up to quell runaway inflation , supply remains low for a whole other reason . People do not want to move while rates are this high , creating the same scarcity we saw during the pandemic . Low supply may not last though , if and when rates start to lower , which hopefully creates some leveling out in pricing across the board .
Are there any new regulations or policies that have been brought into play that customers should be aware of regarding building , land purchase etc ?
The most controversial policy has to be the Mansion Tax that Los Angeles has implemented . This includes a four percent tax rate on home sales between $ 5 million and $ 10 million . And a whopping 5.5 percent tax rate on home sales above $ 10 million . This equates to hundreds of thousands of dollars on the sale of a property that many are trying to avoid . This policy will come into vote once again in 2024 , but it has wreaked havoc on the Los Angeles real estate market .
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