From San Diego to Los Angeles, Real Estate is moving fast. All of the negative press has mislead buyers. They are very surprised to find out that purchasing a home in Los Angeles at what is now a fair price is harder than they expected.
Buyers need to be prepared to:
1) Write multiple offers
2) Be realistic about the price they can pay
3) Not hold out for the "perfect" home at the "perfect" price
4) Monitor the market with automatic email updates
5) Do not hesitate to write an offer
6) Make themselves available to sign and return paperwork promptly
7) Possibly write offers above the asking price
8) Meet the banks terms, "take it or leave it, no repairs, buyer beware"
The people who can get loans now-a-days expect to find the home they want, make an offer, and get it accepted. This is just not how it is happening! Because the buyers have heard so much negative things, they think that no one is buying. What is really happening is that some homes that are priced poorly sit on the market for months or even over a year. But the homes that are priced right get multiple offers, 10, 20, or 50 depending on the condition of the property and the asking price.
Much of the Los Angeles Real Estate market is priced to sell now. That means that within the first week, the home will be sold at or above asking price. Many, many people firmly believe that the market will start turning back up very soon. I am a believer! Are you?
