In this article how to buy a home in Los Angeles, I will share how to buy a home in Los Angeles breaking up the process into 7 steps so you can have a concise framework of the right information to empower you to take action today to start paying yourself first through residential real estate. The second part of the article breaks down the sections further providing insights from experience also helping to define key terminologies that will pop up throughout a transaction.
7. Once you’ve negotiated a price and the inspection is complete, you’re ready to close on the home. Your loan officer can help you with the paperwork and guide you through the closing process.
Thank you for your time in reading How To Buy A Home In Los Angeles. I hope the article and the breakdown of the home buying process and steps will help empower you to take action today to start paying yourself first through residential real estate. As a full-time residential real estate expert here in Los Angeles I actively work with first home buyers and those expanding their portfolios. It is not uncommon to send clients searches of 500 homes where we further distill that down to the homes that more tightly reflect your interest. I vet out these homes closer, finding key details such as how long they have been on the market, if the property comes with tenants, when it’s available to see and any material information and facts that may be vital to continuing with a future transaction. From here I compile a property tour for you which usually includes 10-15 homes. We may pack provisions but always stop in the middle for lunch. While on the tour you get to see features of the different homes that help open you up to the possibilities of what you want the most in your next home such as fixtures and landscaping to certain modern amenities like all-in-one washer and dryer, garage flooring and storage space. I can get you into your next home in 30 days from pre-approval to close of escrow. We work with several exceptional preferred lenders and have a team of vendors that can help you enjoy and optimize the value of your new asset for years to come.
According to Rocket Homes Los Angeles California has 5,795 homes for sale to choose from. Between December 2022 and January 2023, the Los Angeles California real estate market has seen an increase in the number of listings by 11%. In January 2023 median list price was $989,979 and the average listing age was 44 days. From December 2022 through January 2023, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties increased by 4.4%, the cost of 2 bedrooms properties went up by 6.6%, 3 bedrooms properties prices increased by 5.7%, 4 bedrooms properties became 10% more expensive, 5 bedrooms properties prices increased by 1.8%. Housing inventory have changed in this real estate market: the quantity of 1 bedroom homes went up by 3.9%, 2 bedroom homes became 5.6% more available, number of 3 bedroom homes increased by 7.1%, 4 bedrooms homes became 12.9% more available, and the volume of 5 bedrooms homes went up by 23.3%. In January 2023, from all listings sold in Los Angeles California there were more than 237 sold above the asking price, over 541 sold below and more than 140 were sold right at the asked price.
My passion for California history, writing, architectural preservation, and extensive sales background drew me into becoming a residential real estate advisor. I am a property systems expert and specialize in historic properties. My focus is on the thorough research of your home using an array of databases and tools. I uncover the archival facts to build your homes’ story, going beyond the system checks, marketing, photography and staging, and into the spirit of your home, setting a price that attracts the attention to create multiple offers of interest to optimize your return. Recently I represented a record breaking sale for the most expensive home ever sold in Echo Park at 744 Sq. Ft. On the buying side, I know the terrain, from immediately developing rapport with the listing side to represent you in the best light and get a closer understanding to what the sellers want, so that I may negotiate the terms which keep more money in your pocket. I know the emerging markets, geographic pockets where the hidden gems lay, and where to look for hidden value based on your purchasing power and interests. I hold multiple certifications and continue to empower our clients with this knowledge, helping them get closer to building wealth and financial independence.