Is the question I am most asked by clients and prospective buyers. In my humble opinion, I believe it’s a great time to be a buyer in Los Angeles. Prices are down 35% from their peak. Over the past couple of months, there has been a noticeable trend throughout LA, in which, Standard sale homes that are priced right are moving quickly. And the short sale process also seems to be speeding up. The end result of this is that housing prices in Los Angeles actually edged up last month.
So, if you are a seller and have been waiting for the right time to sell, it is time to start paying closer attention to what is happening in the market. Your time may be coming soon. If you are a buyer, whether as an investor or as an owner-user, it is time to seriously think about ‘pulling the trigger’ on something before things really begin to spiral upward. The last time things started to surge upward like this back in 2003/2004 most buyers didn’t buy until prices had been rising for some time, by then, they had already missed out on the real bargains. People who did have the foresight to buy at the beginning of that price surge all looked like Real Estate geniuses to their friends and family a few years later!
There you have it. Call me if you would like to sit down talk and feel free to pass this on to your friends and family.