Los Angeles Home Buying Tips
2009 is turning out to be a good year for Los Angeles home buyers. Lower prices, near record low interest rates and high inventories are all working in favor of Los Angeles home buyers. Those home buyers making good long term financial decisions will reap the benefits of the current soft market for years to come. Here are 5 Los Angeles home buying tips.
1. Think long-term
We may see soft prices in the short-term, but real estate, like other markets, is cyclical. Over the long haul, the real estate market will bounce back and prices will rise.
2. Think local
Real estate is local. Ignore national headlines and listen to your local real estate expert. The real estate market in Columbus, OH is not the same as the real estate market in Orange County, CA. Work with an experienced Realtor who knows how to analyze the local market and your opportunities and get you the best deal.
3. Think deal
Look for deals...foreclosures, short sales and motivated sellers. But be realistic; you are not going to be able to buy for 40-50 cents on the dollar. Your real estate expert can advise you as to how to secure that great home at a realistic price.
4. Re-think risk
Don't buy a foreclosure for the price alone. Many foreclosed properties are in deplorable condition. Get a home inspection and know exactly what you are getting into before you buy. And bear in mind that many non-foreclosure homes are better deals that those listed as a foreclosure. Don't let nomenclature take you down the wrong path so that you miss other bargains.
5. Think budget
Take a close look at your finances and determine how much house payment you can realistically afford. Don't over buy. But don't forget to factor in your annual home-ownership tax savings when calculating your net after-tax annual mortgage payments. And let's not forget your ability to increase your tax exemptions that are allowable by the IRS so that you can have more cash flow during the year to make your mortgage payments.
I'm happy to explain these budget issues to you. Just contact me direct at EileenWalshRealtor.com.
Learn more about Los Angeles home buying at EileenWalshRealtor.com.
