Zillow names LA 4th on national list of Seller's MarketsThe residential real estate business is entering its annual Spring ritual. Home buyers get restless and need to get a bigger home, relocate because of the job, or buy a first castle. Most would speculate that kids drive the Spring uptick in business. Most families would prefer to move in Summer, so school years aren't interrupted. Therefore, they need to find and buy in Spring.
Whatever the case may be, Spring has, is, and is likely to continue to be, the hot time for buying and selling. What might that mean for you? Depends on whether you are buying or selling.
Sellers are in control this year all over the West. Specifically in Los Angeles and even more specifically in the hot Eagle Rock and Venice areas. However, even Riverside got a nod as one of the top 10 seller markets in the US.
Therefore, if you live in California, and if you are thinking about listing your home, this might be an ideal time to do so. According to the Los Angeles Times, there is an influx of money from Asia scooping up homes in the burbs. Meanwhile other cash buyers from all over the world are buying Westside properties. Major corporate buyers have wiped out all the steals in lower cost homes and eliminated the foreclosed home overhang. We have been reporting for a year that there are really no deals in LA, except for fixer-uppers and even those are hard to find and expensive.
Buyers don't do so well when sellers are in control. On the other hand, there seems to be a huge amount of cash in the pipeline looking for homes. This includes the new rich primarily from tech, the foreign buyers, and middle age buyers who have made substantial equity on an existing home and are looking for something better. Until these groups have all been satisfied, and there is no evidence that they are anywhere near done buying, prices will be heading up.
Therefore, the risk side of the buying equation may be acceptable to most. Most Los Angeles homes are still 20% off the pre bust highs. It would not be surprising to see those highs tested in the next year or so.
The issue for a buyer may be less about risking and more about finding. There continues to be a huge shortage of good properties to choose from. Therefore you have to be very nimble and move quickly when the opportunity arises.
Getting a pre-approved mortgage is one way to improve your position against other bidders. You can apply for a new mortgage online in about 15 minutes with Guaranteed Rate. Or you can pick up the phone and call Bill Rayman to learn more about the details.
Bill Rayman Home Mortgage12121 Wilshire Blvd
LA CA 90025