Monday, September 21, 2009
A brief pep talk to buyers.
As a real estate broker in one of the affordable and rapidly gentrifying neighborhoods of Los Angeles, I have the duty to be the truthsayer to my newbies about what to expect from buying a property in this day and age. I was just emailing this tidbit off to a buyer, and I thought it was too good to omit from the public eye.
The real estate market is hyper-competitive right now. (It usually is in LA). The only way to even have a shot in the lower price ranges is to get there right away when something becomes available. That's our job as Realtors, to bring you the top properties. But if you want to actually get one, you're going to have to get there right away and write a strong offer (i.e. over asking price with a good down payment). We can lead a horse to water, but we can't make them drink.
We know the homebuying process can be daunting, but the reward for going through this gauntlet of heartbreak and frustration is that prices are finally reasonable and within reach. For everyone who qualifies for a $300,000 mortgage, it becomes a question of if they will ever to be able to afford a home in LA if they don't get it now. Everyone who qualifies for only around $300000 in mortgage should strike while the iron is hot.
So don't give up, and when things come to you do go take a look. You'll be happy you did.