Market Watch: Top 10 Reasons it's a great time to buy Real Estate in LA!

1. Selection, Selection, Selection: Regardless of the price range you are in, there are plenty of houses from which to choose. Just a few years ago the beach resale inventory was at a bare minimum. As a buyer you were forced to make compromises if you were going to purchase a home. There is now great selection of single family homes, condos, and townhouses. Lots of options means you win.

2. Peace has come to the Bidding Wars: In 2005 we saw people making offers on numerous homes at a time. They would lose the first nine to the 'feeding frenzy' that existed. Only occasionally these days do we see a home go into multiple offers...and that usually happens because the Sellers have priced the home very competitively.

3. You can make an offer: A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today, a seller will not be insulted if your initial offer is below their asking price.

4. Patience be with you: In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision. Note: When you do find that perfect home, make an offer. Nothing is worse than losing the perfect home when you had the chance to buy it.

5. Due diligence is welcomed: In this market you are encouraged to obtain a home inspection, termite inspection, and an appraisal. In 2005 many buyers waived these important contingencies in order to gain an advantage with multiple offers.

6. There's also plenty of new stuff: In the not too distant past buyers had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. We know of many buyers who even slept in their cars in order to get to the head of the lines.

7. Repair requests are expected: After you complete your home inspection, it is appropriate to submit a request for repair list to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for the primary buyer to upset the seller whose home was increasing in value almost daily.

8. Fewer investors: It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyers caused
the market to inflate and affordability to decline. Mortgage fraud ran rampant. Now when you find a great home you can buy without having to compete with hundreds of prospective landlords.

9. Location, location, location: Today you can find homes closer to where your work. In the past buyers started looking further inland to find affordable homes. In this market, your chances are much greater for finding a more reasonably priced home within biking or walking distance to work, schools, and relatives. Not only are you living where you want to live but also are able to spend less on gas from shorter commutes.

10. Real Financing is available: The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are no longer available and for good reason. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business.

Regardless of what the national media portrays... now is a great time to buy real estate in LA!

Source: Broker/Agent News

For professional advice on finding the home of your dreams visit: LA Beach Living