A handful of individuals have been asking our Eastside of Los Angeles Realtors: “is it a good time to buy?” Then they follow up with, “We can’t find anything in our price range.” Or “We keep getting out bid.”
Our experienced Eastside of Los Angeles Realtors will then tell them our mentors advice:
“Don’t wait to buy real estate. Buy real estate and wait.”
That type of advice generally tends to turn people into the “dear in the headlights” look. We figured it would be an outstanding idea to blog about the current Eastside of Los Angeles Real Estate market, and where we feel the Eastside of Los Angeles’ market is heading the rest of 2018.
Before we glance forward lets look at the previous year. The average sales price from 2016 to 2017 in Eastside of Los Angeles markets has increased by 13%, and the number of homes sold has decreased by 30%. What does that tell us? Sounds like it’s a sellers market to us. The first quarter of 2018 has been relatively on the same path as 2017.
Kinda Of A Big Deal
So, if it’s a sellers market why have we successfully have gotten 95% of our buyers into properties within 90 days of meeting them? Do we have a magic touch that gets my real estate clients exactly what they desire in a home? Maybe we posses super human strength? Not really.
Do we help them manage expectations, find the best property for sale on the market or off market, and negotiate a favorable price and terms? Yes. That’s what we do every single day. and WE ABSOLUTELY LOVE IT! : )
We Lost The House
If you’re a would-be buyer who has had less than favorable luck nabbing that home this past year. You should think about switching Realtors. In this Eastside of L.A. Real Estate market, you’ll have to learn how to recognize property value first, then your Eastside of Los Angeles Realtors will help you get creative with your buying strategy, and the way you’ll be negotiating a deal.
Finding Value and Spotting The Bargain Sale
When buying real estate in the Eastside of Los Angeles, especially in this market, there’s a lot more to it than stepping in an open house and writing an offer based on emotion. You need to have the ability to identify an exceptional deal when you’re standing in one – it all comes down to a savvy Eastside of Los Angeles Real Estate Agent doing their homework correctly.
For example, we can tell you what the price for square foot is on different streets in Silver Lake and Los Feliz. If your agent can’t do that for you, highly take that into consideration.
Next you’ll want to do a sales comparison or a CMA or pulling COMPS however you want word it. And don’t only look at the past 3 months of recent sales either. You’ll want to have your Eastside of Los Angeles Real Estate Agent pull properties currently under contract and find out what that number is that it’s in escrow, and also sniff around the off market sales.
In addition, make sure you have your real estate agent contact their Title Rep and pull the past six months of Off Market sales. It’s a work around strategy. This way you’ll have a thorough understanding of what’s happening in the local Eastside of Los Angeles Real Estate market both on the MLS and the quiet off market sales.
This Is The One We Want, Now What?
You walked into an open house or an agent has set you up on a showing, and you just are completed enthusiastic with the property. We suggest that you try not to jump and down, and more importantly let your agent do the talking for you. You’ll have to play it cool. Don’t let the Eastside of Los Angeles Listing Agent notice all your cards.
Look around the place and look at the fixtures and appliances. Ask how old the roof, plumbing, and electrical is. Your Eastside of Los Angeles Buyers Agent should get specific and detailed information from the Listing Agent, and within a few minutes of tennis dialogue you should have a much better understanding of what you’ll need to get done if you genuinely want to be the new owner of the property.
Get A Package Ready
The best properties in todays market in Silver Lake, Los Feliz, and Echo Park real estate are getting a handful of offers at a time. Regardless, that does’t mean you can’t get a terrific deal on the real estate property you want to buy. A strategic Eastside of Los Angeles Real Estate Agent would allow for an assortment of open houses and then set a deadline for offers when putting a new property on the market.
That way they’ll have the perception of time on their side to appear as if they’re in control even if they don’t have any offers in hand. Nonetheless, if an incredible offer comes in before the offer deadline, who’s to say a seller cannot accept the offer.
Our Eastside of Los Angeles Realtors suggest that you write a strong cover letter highlighting your incredible buyers that are simply God’s gift to the earth. In addition, make sure you ramble on a bit about why they love the property and touch base on their careers and neighborhood involvement. Sending pictures are optional and might be a bonus.
Furthermore, sellers tend to generally want to sell their properties to people that they like or feel they have something in common with. In addition, you may want to butter up the listing agent a bit in the letter. It couldn’t hurt. Obviously the more flexible you’re with the terms the more likely it is that you’ll win the property and open escrow.
Once you’re in escrow, make sure that your agent clearly understands the time lines and contingency periods. The last thing you’ll want to do is piss off the sellers before you have an opportunity send them a Request For Repair form.
An exceptional Eastside of Los Angeles Real Estate Agent will ask for some kind of credit if the property is in need of termite work (they all are) this is Los Angeles, Californian.