Buyers Beware

If you’re buying to flip, the market will dip. If you’re buying to live, then put the cash to give. This isn’t going to be 2008. Expect a 10-20% price adjustment.

Listing agents tend to agree on the same thing no matter who we speak to: even with price adjustments, properties are sitting on the market longer than six months ago when listings were getting 40 offers.

Buyers should be aware of thinking you can predict the market. Just when you think the market is predictable, it proves to be unpredictable. That’s a good thing to always remember.

Prices for homes over the last year have appreciated on average 20%. Mortgage payments have increase by a much as 50% compared to a year ago. With limited cash buyers, financed offers are not able to meet today’s market prices making it unaffordable for today’s buyers.

We expect property values to decline 10% or more in the Greater Los Angeles Area. If you’re looking buy and hold, here’s our valuable advice for you:

There are less offers going in. If you’re buying to hold on to the property for at least 5 years, buy now. If there is a price adjustment, do not wait. Interest rates are going up before they go down.

Work with an agent that has sold in the area you want to buy. You’d be surprised how important agent relationships are in this business. We keep closing deals because agents trust that we are bringing solid buyers.

Ashman+Rubel Group covers listings and buyers across Los Angeles. We have also analyzed our own varied listings across the city and have expert knowledge of the real estate market

If you’re looking buy or sell, give us a call:)

- William Ashman