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 prepared 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!
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