To buy a house in Los Angeles with residency, follow these steps: 1) Check credit score and secure pre-approval from a lender. 2) Use a licensed real estate agent to search properties aligned with budget and location preferences. 3) Make a competitive offer considering market conditions. 4) Close the transaction through escrow, ensuring compliance with local regulations like Proposition 10 and FHA loan requirements.

The Los Angeles housing market demands strategic preparation due to high median prices ($1.1 million) and low inventory (0.8 months of supply in Q3 2023). Pre-approval is critical as 68% of buyers in SoFi data relied on it to secure financing. Proposition 10, which caps rent control increases, indirectly affects buyers by stabilizing long-term affordability. FHA loans, requiring only 3.5% down, help 45% of first-time buyers in LA County, per HUD 2022 stats. Closing costs average $12,000, or 3-5% of home value, necessitating thorough budgeting. Data from Zillow shows 30% of LA buyers prioritize neighborhoods with top-rated schools, driving up prices in areas like Westside and San Gabriel Valley. Engaging a local agent familiar with escrow timelines (typically 30-45 days) ensures adherence to California’s strict disclosure laws and inspection protocols.