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What is a “Timeless Question in Real Estate”? “Is this a good time to buy?”

Posted on Dec 18, 2011 by in Active Rain | 0 comments

What is a “Timeless Question in Real Estate”? “Is this a good time to buy?”

If you have been a Realtor one year or a hundred years like me. The reoccurring question comes up from “First Time Buyers”: Is this a good time to buy? Normally the “Used car salesmen mentality” kicks in to too many Real Estate Sales Associates, “It is always a good time to buy” answer. Now to the Professionals i.e.: Realtors real research goes in to the answer.

 Questions get bombarded to the potential client: Why do you want to buy? What do you want to accomplish? What is your short term objective? What is your long term objective? What are you paying for rent now? How much are you comfortable paying per month? What is your dream home? The questions go fast and furious. How is your credit? How much do you have saved up? What is your comfort level? Do your tastes conform to your budget? Are you willing to compromise and where?

Once the Realtor has the answers, then an intelligent answer can be given: Yes it is a good time to buy, since interest rates are at a 60 year low, prices in the Greater Los Angeles area are at 2003 prices. Since I am a Beverly Hills Realtor I see that homes that are selling for $1.3million in Beverly Hills are usually “teardowns”. My question comes in: Do you want to have a move in ready home? Or are you willing to spend $200,000 or more to make it comfortable to your life style?

google image Candy Spelling's home

OK I have to put this out; I do not care if your budget is at the low end or at the high end. Generally you will not find the “perfect home no matter what your budget is. Truly” a good example is Candy Spelling’s home, as most of you know was listed for $150million in Beverly Hills,CA. She sold it for a bit less to Petra Ecclestone, for a mere $85 million. The important point here is what did she do(Petra that is)? She had to spend money on making it to her taste, Period! So I do not care if you are buying a home for $150,000 or $150 million the answer is the same. Is it a good value to you? Yes, you will have to make compromises.  There is no perfect home; hence you need to be realistic where you are willing to compromise. Is it location or is it condition or is it size? Again I could go on and on, the bottom line is “compromise” you must.

Petra Ecclestone the New owner of Candy Spelling's home

 So you ask what the benefit is. The answer is easy: That is the fun of owning your own home. The landlord is you; hence no one can tell you where you can put that Flat Screen TV or that painting, and you are the owner. Freedom to choose your colors, where to put nails on the wall …. I can go on and on.

candy spelling's taste

With that said is it a good time to buy? The answer is clear to me. Sellers are willing to negotiate, prices are down to 2003 in the greater Los Angeles area, and interest rates are at an all time low 60 years ago prices. So if you need a Realtor who will give you the straight answers. All you have to do is e-mail me with your questions.

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

 

 

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