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Getting the Best Price When Buying a Los Angeles Home

Posted by janepeters on September 10, 2011
| 4 Comments

Getting the Best Price When Buying a Los Angeles HomeWhen buying a Los Angeles home you would like to feel that you are getting the best price.  But if you have a Los Angeles home for sale  you feel the same.  East is East and West is West and never the twain shall meet.  You know how it goes.

This is what makes the pricing of a home so difficult.  The seller always thinks they could have sold it for more and the buyer that they could have bought it for less.

So what is the best price?

Let’s say you have been working at buying a Los Angeles home for a long time, and for one reason or another, you have been disappointed.  Then a house that is almost perfect comes up.  It is the right size, it is in an area you love, it has been upgraded, it doesn’t need too much work to make the changes you need.  It might be priced a little high, not terribly, but you can still afford it.

You go to the brokers’ caravan and there are a lot of people going through it.  You know this one is going to go quickly.  One couple comes back twice while you are there. You have seen quite a few Los Angeles homes for sale go into escrow the first day they come on the market.

Do you make an offer immediately at full price?

Do you make an offer immediately at a somewhat lower price?

Do you wait a few days?

Here is an actual scenario that might help you in a similar situation:

  • I advised my client to make an offer immediately at full price.
  • The offer was immediately accepted, no counter.

Do you think that the buyer may possibly have gotten the home for less?  Maybe yes, maybe no.

  • Another offer came in after acceptance and that one has gone into backup position.
  • The listing agent has the first public open house tomorrow.

If we had offered $20 or $30,000 or more less the seller may or may not have taken it.  It would definitely have gone into a multiple-offer situation where we probably would have ended up offering full price anyway and possibly more.  Also the sellers may have wanted to wait until the public came through on Sunday to encourage more offers.  This way my client is the successful bidder on a home she loves.

Getting the best price when buying a Los Angeles home,  is getting the home you love at a price you can afford.  Testing the seller could lose it for you.

Need Help? Have questions? Fill out the CONTACT FORM or call Jane at 310-351-9208

4 thoughts on “Getting the Best Price When Buying a Los Angeles Home

  • on September 10, 2011

    WOW, excellent post, Jane! I believe that buyers think that there is such a huge inventory that the new homes on the market will wind up sitting as well. That’s why we’re here to give them the true data on sales in the area, prices in the area, what is selling and how quickly it will sell. If they don’t listen, oftentimes, they lose out. I’ve had some take as many as 5 times to realize that they need to take the advice of their professional!! Great info here…and you’re certainly our go-to agent in LA!

    • on September 10, 2011

      Thank you Debe. It is sometimes difficult to determine the price to offer, but when you see it and want it you need to go for it with your best offer.

  • on September 11, 2011

    Jane – Spot on “Getting the best price when buying a Los Angeles home, is getting the home you love at a price you can afford. Testing the seller could lose it for you.”

    • on September 12, 2011

      It happens that me made the right choice. There were people after us offering full price all cash!

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