As the year is coming to a close, we need to reflect of what is going on currently in the Real Estate market in Southern California.
Looking at the current state, price of homes are down anywhere from 20% to 45% depending which Micro Market area you are looking at compared to 2007 prices. As a consumer you should be jumping from joy, that you have the opportunity to step into the Southern California's Real Estate Market.
Interest rates are hovering around 4.5% - 6% depending on the size of the loan and your credit worthiness. Again as a buyer this should make you salivate from joy either you can get more for your money or it will cost less to buy what you want.
Inventory is up so you have a better selection as a buyer. This is fantastic, you can go home, ask your Realtor to do the research for the comparables. As a consumer you can think about the largest financial decision, you do not need to write the offer on top of the hood of your Realtor's car. Here is your opportunity to get into that neighborhood you have been dreaming about for the past five years.
The best part is you are not competing with ten other buyers trying to outbid each other to get this home. There are fewer buyers out there; hence you can even negotiate on the existing asking price. This is a win-win situation being a buyer today.
There is a new Administration and a new Stimulus package around the corner. Here is your opportunity to protect your financial well being. Everyday I read something about how emotional the stock market is, as well as new scam artists stealing your hard earned moneys.
Logic, Reason, Commonsense tells you to step into the Real Estate Market and buy, but you lack the confidence. My advice is step out of the ‘Herd Mentality' of Real Estate buying. Do not wait until prices are going to start climbing again and you will miss out on such a great opportunity. Get your Confidence back and buy while you can still negotiate such fantastic price in great locations.
If you are a consumer who is considering buying or selling a home,investment real estate, vacation homes, or beach properties in Southern California, Los Angeles,Beverly Hills,Culver City,Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at http://www.endrebarath.com
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