Real estate remains a solid investment, especially in light of the recent stock market gyrations. But, should Westsiders get into the market, as either buyers or sellers, in these volatile times? Westside Today queried two top real estate agents to find out.
Michael Edlen and the team of Mary Lu and Kathleen Tuthill have been fixtures in Westside real estate for decades. Each brings years of experience and skill to their trade and each remains cautiously optimistic about property.
If you’re a potential home seller, they advise you to ask yourself, “Why sell my home?†If you want to sell your home then it might be advisable to wait until this downward cycle is over. “Real estate behaves much like a commodity; it has its cycles,†says Edlen.
Strong or not, “spring is the best time to list your home. It is the busiest time in real estate. If you have to sell now, there are buyers with a genuine need who are still looking, now through Thanksgiving,†say the Tuthills.
For the motivated seller, fall can be a good time to list your home “because we typically sell quite a few homes between October and the week before Thanksgiving,†says Edlen.
The news is better for buyers. “There are a lot of well-priced homes available,†advises Edlen. “Most homes are not selling immediately. Qualified buyers, who are ready to move when their expectations are met, can get a good value on a home without much competition,†according to the Tuthills.
Whether you’re buying or selling, working with real estate professionals is to your advantage. As a recent home buyer told me, “The MLS doesn’t tell you everything. An experienced realtor can give you the inside scoop and help you through the negotiations and paper work.â€
Great. Now you and your agent have found your dream house. Can you finance it? Loan broker Monique Braud Peace gives a qualified “yes.â€
“This market is extremely volatile. I’ve seen loan programs and guidelines change on a daily basis.†Even though the days of the stated-income loan are gone and credit markets are tight, there are still loans to be had – for a price. “Most jumbo fixed-interest rate loans are in the seven percent to eight percent range. There are a few adjustable rate programs with interest rates starting in the low to mid 6 percent range.â€
Throughout Los Angeles and the country, it’s time for buyers and sellers alike to get back to basics when evaluating their home needs. If you have too much house, put it on the market; its near-term value is no longer guaranteed to rise. If you’re a buyer, be prepared to present a 20-30 percent down payment and start gathering your financial records; banks are looking at them this time around.
For more information from those mentioned in this article visit www.MichaelEdlen.com, www.MaryLuTuthill.com and www.MoniquePeace.com
