Los Angeles First Time Buyer | You Must Be Armed And Ready to Play in this market

By
Real Estate Agent with Munson Realty Southern California Real Estate

Los Angeles First Time Buyer | You Must Be Armed And Ready to Play in this market- It's getting crazy out there again! Multiple offers, properties flying off the market. I really enjoyed the Lull we had at the beginning of the summer, It seemed like all of my clients were in escrow within a week or two. We even had the upper hand in many negotiations. But now, if you are a Los Angeles First Time Buyer be prepared!

If you want to find a home, take advantage of today's low interest rates and be a well informed buyer, be los angeles first time buyerprepared and keep these 8 basic principles in mind for our current market.

  • Have your finances in order. You must speak with your lender (bank) and get pre-approved for the loan. Do your "looking" on line but when it comes to "touring" be prepared! An experienced Realtor with your best interest in mind will not take you looking at homes until you've taken this first essential step.
  • Well priced homes in good condition move fast and with multiple offers. It is not uncommon for the final sales price to end up 5% Plus above asking.
  • Look at properties 5-10% below the top of your budget. So you have some room to negotiate!
  • Go see it now! If you love it, so does everyone else. Go, go go!
  • The average buyer will see 25+ homes.
  • The average buyer will write 5-12 offers before getting one accepted.
  • Write Strong Offers! This is not a "Low Ball" market. (The exception to that may be to an overpriced  home with 30+ days on the market).
  • Don't settle. Be realistic of course but this is your HOME! Move swiftly, make good offers but be the home meets a great deal of your basic desires!

Los Angeles First Time Buyers Must Be patient and never give up! Persistence pays off! Make sure your agent is putting you in back up positions on properties where they didn't accept your offer. Then, keep pushing forward, you will find a home!

 

Homes For Sale Pasadena & Los Angeles

Copyright © 2010 By Stephen Munson,Munson Realty homes for sale pasadena ca*Los Angeles First Time Buyer | You Must Be Armed And Ready to Play in this marketet,Los Angeles First Time Buyer, Los Angeles First Time Buyers*

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
California Los Angeles County Pasadena
Tags:
first time home buyer

Spam prevention
Show All Comments
Rainmaker
265,524
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

Stephan, I am extremely pleased to hear that your market is picking up because what happens in California eventually translates to our market here in Idaho!

I currently have several sales pending that need to close in California to be able to close here in the Boise area.  Already this year, my company has had two agents from California try to buy one of our listings for their primary residence!

When people realize what they can sell for there and what that translates to being able to buy here it is a pretty easy decision if your job doesn't keep you tethered to California!  For example, we can build a brand new customized home with over 2,000 sq. ft. and a three car garage for about $150K on up!

Another great thing is our quality of life!  For example, I got done submitting my last real estate task at about 6:30 pm tonight and was able to drive up the mountains and see three separate herds of Elk and still be home prior to 11pm.  I guess that is why I am still up at almost 1 AM responding to emails and reading Active Rain Blogs but I am OK with that!

When I got home tonight after scouting for my elk, I responded to several emails and voice mails including one from another Active Rain member that had a referral for me.  That is one of the many reasons I love working and living in Idaho!  

Aug 18, 2010 08:00 PM #1
Ambassador
1,559,032
Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
Get Results Team...Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Great points, and I love your title about being "armed" for the market. One typo - unless pyre-approved is a unique part of that "arming" process. :-)

Aug 18, 2010 09:08 PM #2
Rainer
257,850
Charles Edwards Bentonville
Coldwell Banker Harris McHaney & Faucette 479-253-3796 - Bentonville, AR
AR REALTOR, Bentonville Real Estate Agent and Broker

Great advice. Great localism post. I hope buyers are lining up to see property with you.

Aug 19, 2010 01:19 AM #3
Rainer
140,986
Pasadena Short Sale Agents Pasadena Short Sales
Munson Realty Southern California Real Estate - Pasadena, CA

Thanks for catching My Typo Michelle!

Aug 19, 2010 03:52 AM #4
Ambassador
2,541,687
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale

Great post Stephen! Persistence really pays off.

Katerina

Aug 19, 2010 01:20 PM #5
Rainer
13,400
Luis Montejano
Briggs Freeman Sotheby's International Realty - Dallas, TX

STephen, you are very right about this, very informative post! Thanks...LU

Mar 13, 2011 05:24 AM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
140,986

Pasadena Short Sale Agents Pasadena Short Sales

Ask me a question
*
*
*
*
Spam prevention

Additional Information