It has finally become a BUYER'S MARKET, at least in Los Angeles!!! Here are a few main reasons why this market is ideal for home buyers:
1. Prices are dropping!
As I follow listings that I have seen on either Broker's Caravan, open houses or just appointments, I track each and every listing and continue to see prices dropping much quicker than I see them change status to "looking for a backup" or "sold." As homes continue to sit on the market and the urge for people wanting or in need to move, there is no other choice but to drop prices. Buyers should swoop in and make an offer on homes that have sat on the market for some time.
2. Interest Rates are LOW!
Anytime interest rates are at or below 6% it is a very good time to take out a loan. Of course these interest rates fluctuate so often that it is best to get in there at a low point and lock in your rate.
3. Many Homes on Market
There are so many homes and condominiums on the market right now. Buyers’ have choices. Many choices. Do they want to do some work and customize their home just as they like it? Do they want a move-in condition house, where all they need to do is bring furniture? Do they want a fixer and or land to build their dream home? There are so many options, layouts, upgrades to make your lifestyle just as you like it.
4. Rents Increase
Rents are not getting any cheaper. Every single year a tenant stays in their apartment, rent increases. Every single time a tenant moves out of the apartment, rent increases. This is what landlords do. They do this because they can. Rent control in the Los Angeles, Santa Monica, West Hollywood, Beverly Hills, etc. areas allow for rents to increase. Become your own landlord!!!
Foreclosures are unfortunate for some and fortunate for others. Banks and lending companies are taking over homes, condos, and properties at a high rate now because of non-payments. Banks and lending companies are not in the real estate business; therefore are selling homes, condos, and property for under market value. Buyers should be aware of this and take advantage of foreclosed properties.
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