Have you been watching the Los Angeles real estate market like a hawk? If so, you know that home prices are almost always higher than the average median income. However, you don’t want to throw in the towel just yet.
Believe it or not, the Los Angeles real estate market is becoming more favorable for buyers. So, what does that mean for you? Keep reading to find out.
3 Ways to Cheat the Los Angeles Real Estate Market
Do you want to know the secrets to getting an affordable piece of real estate in Los Angeles? Who doesn’t? With the change in the market, you’ll want to know what that means for you and your search and how you can use it to your advantage.
As you likely know, real estate, in such a sought after area, can be one of the best investments you can make. However, that’s only if you can actually afford it and beat out the competition. If you’re ready to learn how the Los Angeles real estate market can work for you, keep scrolling. The buyer’s market you always dreamed of isn’t far away. Below we’ve put together three things that real estate agents in Los Angeles don’t want you to know about cheating the current market.
Selection Is Everything
One of the best changes to come to the Los Angeles real estate market is the amount of variety. Years ago, the number of houses on the market was extremely low. In a recent report, it was found that over 21,000 homes were listed in January alone. If you read the title of this section then you can already guess what we’re going to say next: selection is everything.
Why is selection everything? Well, it can’t hurt when you have more to look at. More selection on the market often means there are a variety of price points. However, the competition is easily the best part of a large selection which leads us to our next point…
The Competition Is Fierce
Competition is a great thing for the real estate market especially when it’s in the buyers’ favor. When there are thousands of homes on the market, it’s easy for the buyer to be picky. When buyers have a more extensive selection, it encourages sellers to lower prices, fix up potential problems, and even focus heavily on staging.
When you see a large selection you know the competition is bound to be fierce; this is especially true in a high traffic area like Los Angeles. Striking when the market is fat with potential is the way to go! Not only will your bank account thank you but you’ll have a much easier time finding that perfect piece of property with so many to choose from.
Builders Want a Piece
Have you ever dreamed of building or designing your own home? If so, the current Los Angeles real estate market is helping to make your dreams come true. With the market shifting in the buyers’ favor, people are reaching out to builders less and less. This lack of interest in building homes means builders are keen to offer some fairly sizable discounts.
Building a home, in some cases, can be just as affordable as buying. After all, wouldn’t you rather have a brand new home instead of an old one? If you can find a piece of land in your price range building is an easy way to cheat the market.
Ready to Get Started?
Now that you know the secrets to the current Los Angeles real estate market you can confidently start your search for the perfect property. To ensure you’re looking in the right places, contact Teresa Mack, your Los Angeles urban luxury specialist. Teresa is committed to helping people capitalize on the market whether that be through buying or selling. Head to teresamack.com/portfolio/schedule-appointment/ to schedule your first appointment!