I have been showing homes like crazy. Lucky me, I have a pool. When I am done showing homes in 100-degree weather, I can return home and just jump in. Buying a home in today’s Los Angeles Real Estate Climate is different. The market is changing; it is no longer a red hot seller’s market. Affordable homes in move-in condition are still selling like hotcakes, but not all are selling over the asking price. Some of these listings are even having price reductions. Home buyers in a position to purchase a cosmetic fixer-upper are going to find the only real estate “deals” to be found.
When George and I purchased our home, it was hideous; we were fortunately in the position to have a lot of work done before moving in. Of course, money is always an object, and we couldn’t afford to remodel all of the baths. Each one was more hideous than the next. We picked one, closed the door, and didn’t look at it for two years until we had the money to remodel.
Home Buyers take note: Buying a home is very different today; interest rates are historically low. If interest rates rise to double digits, there may not be a move-up home in your future. These means don’t settle. And if you can’t find your own piece of Los Angeles real estate, you will love coming home to; perhaps you should consider buying a home and renting it out.
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