If you are a first-time or potential home buyer in the Hollywood Area, or Los Angeles in general, you may want to be aware of the current Real estate market. 

Author Carson Buck, of homes.com, writes an interesting article detailing four considerations to be aware of in this market in where you are, "paying more for less". 

1.) Knowing Your Financial Limits

You should be aware of your financial standings. Questions to ask is can you realistically afford to borrow or budget to own a home. Because interest rates are going up, getting pre-approved for a mortgage is a necessity. 

2.) True costs of Owning a home

Consider that you are able to afford a home at that set amount. However, to afford that "set amount", you might possibly sacrifice instances in your life to obtain that home. You shouldn't have to sacrifice anything purchase your dream home. Understanding financial buffers and how to manage costs such as home utilities or maintenance is some of the things to look out for when purchasing your home.

3.) Negotiation

Negotiations are important when purchasing a home. The possibility of lowering the costs when purchasing anything is a no-brainer. As you inspect that potential home you had an eye on, understand all the details that may put you at a disadvantage. We have already covered on "Tips to be aware of when purchasing a home" (Link below)

(https://www.exitgroupla.com/tips-to-be-aware-of-when-purchasing-a-home)  

Negotiate with the Agent and/or seller to establish a reasonable price.

4.) Think of Selling the Home Before you Buy it

Before you buy your home, consider the stance of that home and the future market. Would it be difficult to sell your home if you had a situation where you had to? Pros and cons are always good to draw up in this situation. Don't overlook this. 

 

The Ward Team at EXIT Group LA can assist you with these types of situations. We only consult and let you hear what you need to know, rather than what you want to hear. Our team is always ready to follow up on any inquires of Real Estate you may have. Hollywood, or Los Angeles in general, is vast and has plenty of homes to find. 

Give our office a call at (877) 464-5404 

or Email James Ward at james@exitgroupla

 

Be sure to look up related posts on homes.com (Link is below)

http://www.homes.com/blog/2018/05/rising-rates-what-potential-buyers-need-to-know-about-home-prices/