By Success Money
Are You Ready to Buy a Home in Southern California?
Ask yourself these 5 questions
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HERE ARE SOME QUESTIONS YOU SHOULD ASK YOURSELF. 1. DO I NEED A REAL ESTATE AGENT? Trying to DIY in this current market can be detrimental. It does hold the allure of cutting back on agent costs, but in the long run, you could be looking for a home for up to six months. You do therefore need a real estate agent- a professional one at that. It is perfectly alright to check their credentials. One who has your best interests at heart. A real estate agent with much experience who will see faults in a home that you on your own couldn’t. Get yourself a real estate agent that is a great negotiator who will get you the best deal and, best of all, save you money! 2. WHAT ARE YOUR EXPECTATIONS? When buying a home, a person tends to have a picture of what they want, and that’s okay. But in this market, you are going to need to adjust your expectations. Your dream, be it a condo or a single-family home, comes with a higher price tag. Nationally, people have been paying 50,000 to 100,000 over the list price. The market might be cooling off, but chances are you will still pay a steep price when buying a home. Therefore, assess your financial situation and see whether you can comfortably meet the seller’s demand. If not, it’s okay to rethink your expectations and make them a lot more realistic. 3. ARE YOU READY TO MEET THE MARKET DEMAND? Houses are receiving multiple offers on account of the low l
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uying a home in itself is very intimidating. But purchasing a home in this very competitive market is an extreme sport. And even though the market is decelerating, home prices are still very high and out of reach for some homebuyers. The housing market as a whole has been characterized by low supply and high demand. Factors that have seen home prices rise to astronomical levels. However, there is an uptick in inventory, which is expected to take off some competitiveness from the market. It is also important to keep in mind that 70% of homes in California are still selling above the list price. Price appreciation in South California went up 30.3% in June this year, setting a new record high. With the Median home price being $680,000 in June, homes in southern California aren’t exactly cheap. It is, therefore, important to make sure that you are a hundred per cent ready.
