5  Beginner tips for first timers buying a home in los angeles

5 Beginner tips for first timers buying a home in los angeles

 

By Sandy Flores Broker

5 BEGINNER TIPS FOR FIRST TIMERS BUYING A HOME IN LOS ANGELES, CA

In the past three years, prices of homes in Los Angeles have soared by 30 percent. In many areas, you’ll find a seller’s market. Only a three months’ supply of home available with 5,538 properties (single family homes and condos) sold in the past 6 months. Experts predict a seller’s market in 5 months’ time in Los Angeles and you can expect prices to go higher in coming years. So, if you’re still waiting to buy a home in Los Angeles, don’t wait too long.

But jumping in hastily isn’t recommended either. It’s possible for first time buyers to get too excited about the home buying prospect and rush in. Follow these 5 tips to avoid first time home buyer mistakes when buying a home in Los Angeles:

  1. How much house can I afford?

How much can you really afford? You need to determine how much of the monthly mortgage payments you’ll be comfortable with. Apart from meeting with a lender and reviewing your finances, there should be some soul-searching. Experts advise against going for the most expensive home you qualify for, unless you can truly bear the costs that come along with it.

  1. Be prepared

As a first timer, buying a home in Los Angeles presents you with so many options, yet you need to be prepared for rigid competition. If you are not paying cash, you should get a pre-approval from your lender before you proceed with buying a home in Los Angeles. Cash buyers tend to be more attractive to sellers because then the seller wouldn’t have to wait for the lender to approve a loan. You will need to have a down payment that’ll cover at least 20 percent of the selling price, and you may still face a bidding war for the home of your dreams.

  1. Check the down payment assistance program

Before you buy, check to see if you qualify for one of the down payment assistance programs. In Orange County, a family of four may qualify for state and federal assistance, even with an income as high as $108,350.

  1. Research The Neighborhood

Your knowledge of the area shouldn’t just be based on what your realtor told you. Research the neighborhood yourself during the day and at night. Converse with the locals at “Mom-and-Pop” stores, cafes, restaurants, markets, etc.

Immersing yourself into the neighborhood as a “local” will help you catch information that will not be disclosed by your realtor. This will give you a pellucid picture of the area.

  1. Choose the best Realtor

The truth is; agents deal with enormous amounts of problems and stress. Most of them are expert problem solvers, have “insider” information about properties/areas and can get you a great price on your home through great negotiation skills.

But just like in virtually any vocation, there will be the good and the bad. An inexperienced agent will set you back in time, money and can decrease your likelihood of getting the property you truly want. You need the best hands when buying a home in Los Angeles as a first timer, Give me a call 714.963.7462. Let’s find your dream home!

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Real Estate? Yes, it is for Real!

Real Estate? Yes, it is for Real!

SOLDSpring’ season gains are good news for Housing Market. New home sales spiked by nearly 20 percent year-over-year in March up to about 481,000, according to a report from HUD and the U.S. Census Bureau. It was the highest level the market has experienced since 2008.

Existing home sales also jumped in March, by 6.1 percent, the largest monthly increase since December 2010, according to the National Association of Realtors.

The NAR Pending Homes Sales Index increased by 11.1 percent year-over-year in March and has been gaining momentum hitting into its highest level in nearly two years.

Real Estate, Is it for Real?

HELOCs the next thing home credit product? Home prices, including distressed sales, rose year-over-year by 5.9% in March, according to data released Tuesday by CoreLogic.

The CoreLogic Home Price Index report found that March was the 37th consecutive month to feature year-over-year increases in home prices across the country. Month-to-month, home prices also rose by 2%, including distressed sales.

CoreLogic’s HPI Forecast estimated that prices will continue to increase month-to-month in April by 0.8% when including distressed sales and 0.7% without these properties

Welcome to the Spring Home Buying Season!

Welcome to the Spring Home Buying Season!

blog25Existing homes sales surged to their highest annual rate in 18 months, showing a promising beginning according to the latest report from the National Association of Realtors.

The total number of  existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 6.1% to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February, this is the highest annual rate since September 2013 that it was also 5.19 million.

Total housing inventory at the end of March grew as well up to 5.3% to 2 million existing homes available for sale. Unsold inventory is at a 4.6-month supply at the current sales pace, down from 4.7 months in February.

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Murrieta Listing – Back on the Market!

Murrieta Listing – Back on the Market!

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Beautiful Home in a great community.  Open Floor plan with a large living room and dining area. Spacious family room with cozy fireplace. Lot of windows. Good 4 size bedrooms plus additional bonus room that can be used as studio, second family room  or , or even a 5th bedroom.  IMG_0478

Large and Open kitchen with lots of kitchen cabinets, center island and additional dining room area.  Backyard Is Private With Patio. Property is located On A Cul-De-Sac.  Close to Shopping centers, schools, parks and ez access to freeways.

Murrieta is a magnificent land blessed with verdant open spaces dotted with towering oak trees, sycamores, a valley of rich grasses and natural hot springs. The natural scenic beauty of the area and what is still by California standards reasonably priced housing continues to attract significant numbers of residents and businesses who are finding Murrieta a great place to grow. It’s a community with a past and vision for its future. One that welcomes challenges, takes risks, embraces opportunity.   Murrieta trailsguide

Click the following link to view the report:
http://mrmlsmatrix.com/Matrix/Public/EmailReport.aspx?ID=1252703662&k=3496717XWZF6