So, you felt the call of the West and you have decided to become a homeowner in the hot Los Angeles real estate market. You have read about the high demand, low inventory and high housing costs. Hours have been spent getting educated on this highly complex housing market. Are there any tips or tricks that you need to know when buying a home for the first time in the luxury Los Angeles market? This list will help you better understand how to navigate the process and find the home of your dreams.
Tip #1: Secure Your Financing
In many other areas of the country homebuyers have the luxury of moving at a comfortable pace when searching for a home. This includes finding the financing they will use to purchase their home. When buying into a hot market like the one in Los Angeles it is extremely important to be ready to put in an offer when you find a home you love.
Tip #2: Be Prepared to Move Quickly
Tip number one brings us right to important tip two. Homes in this market do not sit for long and they generally bring in multiple offers. When perusing the available LA homes, buyers must be both financially and mentally prepared to put in an offer when they find a home that meets their needs.
Tip #3: Create Your Must Have List
A great way of staying on top of this fast moving real estate market is to have a carefully planned list of your family’s must haves. This helps to cross off homes that are not a good fit and help you hone in on the ones that are. While the list should include the basics like number of bedrooms and bathrooms and overall style, but being specific can help. If a pool is a must, make sure to include it.
Tip #4: Be Realistic About Your Chances
Buying into the Los Angeles housing market may mean that bidding wars are a part of your life. With high demand and low inventory, putting an offer on a home is by no means a definite. Most luxury homes receive multiple offers which can quickly lead to a bidding war. Be prepared for this inevitably and be realistic that even though you place a reasonable bid this might not be your home.
Tip #5: Hire A Great Real Estate Agent
What is probably the most important tip in finding your perfect LA home is to find a real estate agent with whom you work well. This person is going to guide you through a process that can be grueling at times. Multiple bids that are turned down can lead to frustration and even heartbreak. Your real estate agent will help you find the homes that fulfill your wish list and help you create an offer that can’t be refused.
If you are in the market for one of the available luxury homes in Southern California, please contact one of our experienced real estate professionals. We specialize in luxury homes in the most exclusive communities in Southern California.
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