West LA & Westwood Real Estate Advice
ARE YOU THINKING OF BUYING A HOUSE OR SELLING YOUR HOME?
With such an unusual year behind us, many of you are still trying to figure out if buying a house or selling your property is the right time and move.
I want to share popular sentiments amongst local agents I network within the West LA and Westwood real estate markets for buyers sitting on the sidelines or sellers waiting to list.
1. Selling in a down market means buying in a down market. If you list now, you might sell a bit lower, but you can buy more with it. Think of the home — and that balcony or home office — you can now buy at a discount.
2. Active buyers are more serious than ever before. People have spent the last five months realizing the inadequacies of their homes. As a result, the buyers looking right now, in the middle of Covid-19, are very motivated to get a transaction done and take advantage of the historically low mortgage rates.
3. Price so that the market chases you up, not down. If you don’t price correctly, chances are buyers will not bid — and they may not even view.
4. We don’t know what the future holds. Don’t take this buyer demand for granted. This unprecedented year is far from over — the election and ongoing pandemic could freeze real estate activity again, making it harder to sell afterward. And if your home may require some home improvement services to shine, it’s time to take advantage of this moment when we know that contractors are still allowed inside the house.
Buyers in Wait
1. Prices will likely go up because of inflation. After an unprecedented government stimulus, expect inflation sooner or later. Investing in real estate is an excellent hedge against that.
2. Interest rates are at historic lows — but don’t take that for granted. Requirements and rates will worsen at some point.
3. There’s real value in comfort and security right now. What matters more to you: trying to time the bottom of the market or finding the right home that’ll make you and your family feel comfortable and safe during this time?
4. Try to avoid the “wait and see” mentality. Nobody buys at the bottom — and knows it. Focus on quality as your priority: the best deal on the best match that meets your needs for years to come.
Get the Right Info When Buying a House or Selling Your Home
Buying a house or selling your home in today’s market can be complicated. If you’d like a more tailored look at how the market is playing out in your neighborhood, contact the Shilian Group – the premiere West LA and Westwood real estate Agency at (310) 299-7655.