Buying a Condominium in Downtown L.A.
Should Home Buyers Wait Until Prices Crash Again or Should Buyers Go Back in Time?
Because prices have gone up significantly in the past few years. our team of real estate professionals hears all too many complain that they want to buy today’s homes at yesterday’s prices. A typical real estate market lasts 6 months. That means that prices today are about the same as they were 3 months ago, and about the same as they will be in 3 months. Real estate agents and appraisers use this 6-month rule in determining property values. Those who want to buy 1 year from now or who wish they bought 3 years ago are not in today’s real estate market. But there is a solution. There is one kind of time machine that does work.
Should I buy now, or should I wait?
“If I only would have bought three years ago.” — Our team hears that line all two often these days now that Downtown loft and condo prices have more than doubled in the past 3 years. That sentiment usually coincides with a desire to own a home, but, unfortunately, also with a continuing failure to pull the trigger. Those who are afraid to buy a home in today’s healthy, stable real estate market are, in fact, also likely to be petrified when confronted by a major recession. Another line that we hear: “I’m going to wait for Downtown real estate prices to drop,” say some recent wanna-be home owners. “Good luck!” says Alta loft owner Mike P.
Fortune Favors the Bold — Virgil
Time is on Mike’s side because he was ready, willing and able to buy a home in 2012 when prices were at the bottom. Mike took advantage of low prices, low rates, special incentives and a first-time homebuyer’s assistance program when they were available. Those programs are largely long-gone, and what similar programs remain are mostly rendered impotent in L.A.’s competitive, hot real estate market, where cash is king.
Housing prices have generally only sustained big drops during recessions, and the scaredy cats who are afraid to buy a home in today’s stable market have no rationale for proclaiming that they will have the money and guts to buy a home when a major recession hits again.
The truth is that real estate prices usually go up and up and up most of the time. They rarely go down. The long-term real estate price chart is UP. As for the time machine that lets us benefit from the past — there is only one true way to go back in time. Today is the past when we look at it from the future, therefore, successful outcomes call for taking action today. Or, as Inc puts it, Choices Today Create Our Tomorrow.
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Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.