Los Angeles, often considered one of the most expensive cities in the United States, is known for its high cost of living. With the average rental prices being incredibly high, it can be challenging for many residents to afford to live in the city, let alone save up for a down payment on a home. This has led to many residents giving up on their dream of owning a home. However, recent market trends suggest that now may be the best time for residents or renters to consider buying a home.
With the inventory of homes in Los Angeles increasing, we are quickly seeing a shift toward a true buyer’s market. This means that buyers are now able to find properties that meet all of their requirements, without having to settle for less. This is great news for first-time home buyers, as it gives them more options to choose from and a better chance of finding the perfect home. The increase in inventory also means that buyers have more time to make a decision and can take their time to weigh their options before making a purchase. In addition, it provides an opportunity for buyers to negotiate better prices for the property since the market is in their favor. Furthermore, it is also beneficial for sellers as it allows them to reach a larger pool of potential buyers, leading to a higher chance of selling the property at a fair market value. Despite the current high-interest rates, it can still be advantageous for buyers to purchase now in Los Angeles, as competition among buyers is not as fierce. “The recent economic slowdown and tech company layoffs, as well as the trend of people moving out of the city, may have lessened the demand for housing. However, once interest rates drop again in the future, the market is expected to heat up, with more buyers entering the market and driving up prices. By purchasing now at a potentially lower price, buyers can take advantage of the current market conditions and potentially refinance when rates become more favorable in the future.” Sarah mentions.
According to Sarah Chung, a real estate agent based in Los Angeles, having completed over 300 transactions and selling over $325M of real estate “Rent prices in Los Angeles are becoming increasingly unaffordable for many residents, leading them to consider buying a home instead. With a buyer’s market and a wide range of properties available, now is the perfect time for first-time home buyers to take advantage of the opportunity to find their dream home.”
Sarah’s approach to selling, buying, and leasing set her apart from other agents. Her focus is on serving her clients and making the experience worthwhile, not just about the house, finances, or sales. She understands that buying or selling a property can be a stressful process, and her main goal is to make it as smooth and enjoyable as possible for her clients. Sarah takes the time to understand her client’s needs and preferences and works closely with them to find the perfect property that meets all their requirements. She also provides her clients with the necessary information and tools to help them make informed decisions throughout the process.
Her skills and qualifications as a licensed broker also give her an upper hand. She’s able to properly check files that other agents might have trouble with, ensuring that everything is in order and compliant. Her broker’s license also allows her to offer her clients a broader range of services, such as property management, and access to a larger pool of properties. Additionally, her extensive knowledge of the Los Angeles market, and her ability to navigate the complicated network of mortgage rates, tax laws, and other factors that can make buying or selling a home difficult, sets her apart from other agents.
As Sarah continues to build her brand, she plans to help even more buyers and sellers in the Los Angeles market and make the process of buying a home more enjoyable. With her expertise and commitment to her clients, Sarah is breaking down the home-buying process for first-time home buyers, walking with them every step of the journey.