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It’s a Tough Market for Los Angeles Home Buyers. What’s the Answer?

Posted by janepeters on January 13, 2013
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It is a very tough market right now for Los Angeles home buyers and you need to be on top of your game if you hope to get ahead of all the other buyers out there.  Even then you may not get the home of your dreams, but you do stand a better chance.

So, how can you stand out from the crowd in this home buying market?  In general, if a cash buyer is in the mix it is going to be a little more difficult to compete, but that is not always the case.Tips for buying a Los Angeles home in this tough market

  • Be pro-active. Your Los Angeles Realtor® will be scouring the Multiple Listing Service (MLS) to find properties which match your criteria and will receive updates as new listings come on the market.  However, on our local MLS you can be set up for your own search which you can tailor to suit your needs and change as you see fit.  You can receive updates every four hours which will keep you on top of the market.
  • As soon as you see something you like, contact your Realtor® and ask them to set you up for a viewing as soon as possible.  The sooner you see the place the sooner you can make an offer.
  • When you are at a showing, in most cases in Los Angeles the listing agent is going to be there and they are going to interact with you and your agent.  Deals are made an broken by that interaction.  The slightest sense that a buyer and/or their agent is going to be difficult can sway the listing agent against them.  Make no mistake, the listing agent has the seller’s ear.
  • If you like a property, don’t wait.  Make the offer.  You may not be sure of a few things, but that is what the due diligence (inspection) period is for.  If you find something you cannot live with, or negotiate on, then you can walk away.  And the offer needs to be strong.
    • Be sure you have cleared everything with your lender so that they can write the pre-approval letter which will need to go with the offer.
    • If your Realtor® tells you that the property is well priced, offer full price.  Hopefully you will have some wiggle room to deal with a counter offer if and when it comes.  This is not the market for making low offers.  Show your understanding of what it is going to take to buy the property.
    • The less you ask for in the offer, the better.  Lower your inspection period.  Maybe skip the home warranty.  Work with your Realtor® to come up with a way to make your offer stand out.
    • The more down payment you put in the better.  Anything less than 20% is not a strong offer when you are in competition.
  • When the counter offer comes, and it surely will, that is when you make your absolute best offer.  You can only do your best, but at least you will have given it your all.

Bottom line, the seller is looking for a buyer who can close and is going to be the least demanding throughout the process.  You may lose a few, but if you keep up the above practice you are going to find your new home.

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