In times like today's, I am reminded so much of the market in the early 90's. I never, ever in my wildest dreams imagined the real estate market in Los Angeles could deteriorate so quickly. So here we are again. Now what? To sellers, I say if you do not have to sell, absolutely sell, then ride it out until the market recovers, which it will eventually. This market for sellers, is like selling a commodity at it's low point. If you do not sell then you do not experience a loss. For those that must sell because of relocation's, job loss, spike in mortgage payments etc.. then I say be prepared to make hard fast decisions. Be prepared to list at or below current comparable sales, and be prepared to pay buyer concessions as well as a full commission of 6% or more. This is the reality of the market. Expect to compete against banks and short sale properties, as the increase in these types of sales will start to become more of the norm than the exception.
The silver lining in all this is especially for first time buyers. What an excellent opportunity to find a good home at a great price, and at a decent rate. On top of all this it is now commonplace for a motivated seller to pay for buyers closing costs and other concessions. There are a myriad of new home buyer programs out there right now, from government sponsored silent second programs to down payment and closing cost assistance. In the private sector, home builders are offering below market interest rates, price discounts and upgrades. This cloud in the real estate could be a golden opportunity for astute home buyers in Los Angeles.
affordable housing and loan programs for Los Angeles area home buyers
As a real estate Broker we are pioneering the way for people to afford to own a home, and keep it. Our efforts these past several months have been focused on creating opportunities for homebuyers by assembling the many resources into simple to use systems and resources. You will notice our newest links on this blog, everything from affordable housing and loan programs for Los Angeles area home buyers. To programs for Pillars of the community, like Teachers, Firefighters, Police and Law Enforcement officers, Nurses, Military Personel, and Veterans. We have cutting edge loan programs from CALHFA (Califronia Housing Finance Agency), VA (Veterans Administration), CALVET (California Veterans Association). We also have Affordable Housing programs like silent seconds, closing cost assistance programs, City State and Federal programs.
Los Angeles REO's and forclosures
Find out about foreclosed homes, townhomes and condominiums in the greater Los Angeles area. We will show you how to find, buy or sell REO properties, or show you how to negotiate find or sell a short sale home. Find reo's in the cities of Alhambra, Altadena, Arcadia, Atwater, Azusa, Baldwin Park, Burbank, Bradbury, Covina, Duarte, Eagle Rock, East Los Angeles, Flintridge, Los Angeles, Echo Park, El Sereno, El Monte, Glassel Park, Glendale, Glendora, Highland Park, Irwindale, La Puente, La Canada, La Crescenta, La Verne, Lincoln Heights, Monrovia, Pasadena, San Dimas, San Gabriel, Shadow Hills, Sierra Madre, South El Monte, South Pasadena, Temple City, West Covina.
3 comments:
There is a ton of truth in waiting out the storm and not selling if you don't have to. You only lose when you sell at the bottom. If you can ride this out you'll at least break even over the long run. Unfortunately not everyone can ride it out as they may be forced to move or can't come up w/ the monthly payments. In that case they will need to consider getting themselves into a rental property. If they're in the Los Angeles area, they should check out Apartments Los Angeles.
It is true that you will only lose when u sell at bottom,so wait for good prices .
The tide definatley has turned in favor of the buyer. While prices soared the last few years and sellers had their opportunity to control the market, now the buyers have the upper hand. With money tight and lenders frozen sellers have to be much more accomodating and buyers can get what they are looking for at a much more reasonable price.
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