LA BUYERS FINALLY HAVE LEVERAGE. HERE'S HOW TO USE IT THIS FALL.
For most of the last five years, buying a home in LA meant one thing: get in line, waive everything, and pray. Twelve offers. All cash. No inspection. Rent-back for the seller, free of charge.
That market is gone. And most buyers haven't noticed yet.
Right now, the buyer who shows up prepared has more negotiating power than at any point since before the pandemic. Here's what changed, and exactly how to use it.
BUYING A 1920S HOME IN A 7% MARKET: WHAT THE INSPECTION WON'T TELL YOU
I love old houses. Coved ceilings, original tile, a Batchelder fireplace, steel casement windows that catch the late-afternoon light in Silver Lake. That's why I do this.
But here's what nobody says out loud: a 100-year-old house is a 100-year-old machine. And when your mortgage rate starts with a 7, there's a lot less room for a $40,000 surprise in year one.
A standard home inspection is a great start. It is not the whole story. Here's what I tell every buyer who falls for a character home.
7% ISN'T THE ENEMY. WAITING FOR 5% MIGHT BE.
Every buyer I've talked to this month asks some version of the same question: "Should I just wait until rates come down?"
I get it. Nobody wants to lock in a 7-handle. But I'm going to say what most people in this business won't: waiting for rates is a strategy, and for a lot of LA buyers right now, it's the wrong one.
