For most people buying a home can be the biggest financial decision
of their life and can be as stressful as finding a lifetime mate. In order
to take the walk down the church or bank aisle you must really decide
that you are making a sound and well thought out decision. Let’s
think about renting like dating. You get to try on your potential long
term mate to see if they fit well, follow orders, clean up after
themselves and after some time together whether or not this person is
someone you can stand to wake up to every morning- marriage, not
so much. Let’s batten down the hatches people because you are in
for the long haul if you don’t stay in it to win it, potentially you can lose
half of your assets. Now the thought of buying your first home can be
similar in you are afraid to choose the wrong neighborhood, the wrong
view, the wrong number of bedrooms, pay to much or potentially face
another real estate crash and see half of your potential assets simply
disappear.
In the DTLA market, real estate took just as good of a hit as the rest
of the country. Lofts formally selling for $750,000 became $325,000
overnight. At some points there were foreclosed properties selling for
just $99,000! Buying in DTLA was a steal and those of you who
decided to be unfaithful to your current home by selling or foreclosing
ended up at a substantial loss.
However, for those of you who stood steadfast and pushed that real
estate mistress away, the market in DTLA has now recovered to pre-
crash pricing and above AND you are now in a position of profitability.
Homes that were selling for $200,000 in 2011 are now closing at
record prices of $550,000. Moral of the story, hang on to your wife or
your property. Mistresses like real estate cycles are pretty hard to
predict. Today the New York Time’s says the most expensive areas in
the USA like New York, San Francisco and Los Angeles have seen
record increases in home values and continue to rise. For those of us
in DTLA paying rental prices only second to Santa Monica buying
becomes more and more feasible even with higher prices as the
investment in your home and mortgage can benefit you in the long
run, big time. Of course, when calculating a home purchase you
must remember things like property taxes, repairs, parking and
homeowner’s associations (in condo and gated communities).
My best advice when thinking about saying “I Do” and buying your
first home is align yourself with a group of professionals who are
experts in their field and on your side. Make sure they are familiar with
the neighborhood you love, have preferred partners, are great
negotiators with great reputations and ready to go through the step-
by-step process of buying your home. The decision will be a lot
easier when you have a “village” of professionals working you through
the entire process. Feel free to call LA LOFTS Realty and speak to a
real estate professional to help you buy our sell your home. For a free
consultation, call or email, [email protected] - 213.6265433 for
more information.
Tiffany Gatto
LA LOFTS Realty ®
548 S Spring Street #109
Los Angeles, CA 90013
213 626 5433
tiff[email protected]
www.laloftsrealty.com