Time and time again I meet people who are interested in buying property. I mean - come on! We all know that purchasing property is one of the biggest decisions and best decisions you can make in life. It is nerve wracking and everyone wants to make sure they are getting a deal or a bargain... how do we define what that is? Let me help steer you in the right direction.
In Los Angeles, if you hold onto it long enough then the value is bound to rise - think about the people who were buying in 2006 & 2007 right before the market crashed. If they haven't already had to shorstale or foreclose on their property between then and now, they should be getting a bit of a smile back on their faces because property values are finally getting back to something around the value at which they first purchased the property.
You see the real estate market has "trends", property values rise and fall, demand and supply rise and fall... In my opinion you can't plan on housing prices rising or falling at any given moment - and you can't measure a bargain by how much someone purchased the property for or how the price compares to the neighborhood prices. I compare buying a property to wine tasting - we all have a different palette, some of us prefer white wine to red wine, some like it dry, others prefer fruity and light. Some people don't care how expensive it is - others are on a budget. Each one of us tastes the flavor in our own personal way and there isn't any rhyme or reason to our differences in taste or our differences in value - they just exist!
I always tell buyers to ask themselves a few questions when buying a property - this is what I think makes a house a "bargain" or a "great deal"
- Do you love the street & the neighborhood?
- Do you love the location?
- Do you love the property?
- Does the house offer most or all of what you desire in a home / investment property?
- Can you see yourself holding onto this property for the next 10 years?
- Is there demand to lease in this neighborhood? Would the lease price cover most of or all of your mortgage?
- Is this property within your budget?
... if you love it. If it fits your needs. If you plan to hold onto it for some time then this house IS a bargain!!
Maybe you are buying it at the current market value price, maybe you have to make an offer at your highest and best price and you feel like it's not fair because the last house to sell on that street a month ago was $50,000 less than the asking price on your desired property - suck it up!! Don't miss out on a good deal because you are waiting for last month's "bargain". It may never come around again.
This whole idea that you kick yourself because you paid more than your neighbor did, or because you purchased at the "height" of the market... GET OVER IT! I'm sure there were some people who were kicking themselves in the 1960's when housing prices were rising - they got their first family home for $40,000 and would be kicking themselves 10, 20, 30, 40 now 50 years later if they hadn't of gone ahead with the purchase.
The market may rise and fall but you may never find another property like this that fills your needs. In real estate we have a saying, "Time is of the essence". Don' t waste your time and lose out on a great investment because you are hoping prices will plummet again.
If you answer yes to all of the above questions just go for it! You've found yourself your own personal bargain!
REAL ESTATE BARGAIN: A great property that you love, that suits your needs for the price that you can afford!
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| If you bought one of these babies in 1957 you would be selling it anywhere between $400,000 and $750,000 today! |
You see the real estate market has "trends", property values rise and fall, demand and supply rise and fall... In my opinion you can't plan on housing prices rising or falling at any given moment - and you can't measure a bargain by how much someone purchased the property for or how the price compares to the neighborhood prices. I compare buying a property to wine tasting - we all have a different palette, some of us prefer white wine to red wine, some like it dry, others prefer fruity and light. Some people don't care how expensive it is - others are on a budget. Each one of us tastes the flavor in our own personal way and there isn't any rhyme or reason to our differences in taste or our differences in value - they just exist!
I always tell buyers to ask themselves a few questions when buying a property - this is what I think makes a house a "bargain" or a "great deal"
- Do you love the street & the neighborhood?
- Do you love the location?
- Do you love the property?
- Does the house offer most or all of what you desire in a home / investment property?
- Can you see yourself holding onto this property for the next 10 years?
- Is there demand to lease in this neighborhood? Would the lease price cover most of or all of your mortgage?
- Is this property within your budget?
... if you love it. If it fits your needs. If you plan to hold onto it for some time then this house IS a bargain!!
Maybe you are buying it at the current market value price, maybe you have to make an offer at your highest and best price and you feel like it's not fair because the last house to sell on that street a month ago was $50,000 less than the asking price on your desired property - suck it up!! Don't miss out on a good deal because you are waiting for last month's "bargain". It may never come around again.
This whole idea that you kick yourself because you paid more than your neighbor did, or because you purchased at the "height" of the market... GET OVER IT! I'm sure there were some people who were kicking themselves in the 1960's when housing prices were rising - they got their first family home for $40,000 and would be kicking themselves 10, 20, 30, 40 now 50 years later if they hadn't of gone ahead with the purchase.
The market may rise and fall but you may never find another property like this that fills your needs. In real estate we have a saying, "Time is of the essence". Don' t waste your time and lose out on a great investment because you are hoping prices will plummet again.
If you answer yes to all of the above questions just go for it! You've found yourself your own personal bargain!
REAL ESTATE BARGAIN: A great property that you love, that suits your needs for the price that you can afford!
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