Buying a home in a fast-paced and competitive market like LA can be a bit overwhelming and even frustrating if you’re not prepared. There’s nothing worse than watching the home of your dreams get snatched out from under you by another buyer! So, how can you stay ahead of the curve to get the perfect home?
Here are 5 tips for finding the home of your dreams.
Get Preapproved. No Questions, No Debate.
You can’t expect to come out ahead of the competition if you’re not preapproved for a loan. If a seller gets two offers on a home and one is from a preapproved buyer (i.e. a buyer that has proof they can qualify for a loan), you can bet they’ll pick the preapproved buyer every time, unless the second offer is cash.
Be Realistic About Your Needs vs. Wants
While a certain amount of pickiness is definitely necessary for finding a home that’s going to work best for you, there’s a fine line between being discerning and being picky. Before you launch into the home search process, take some time to think about the features you really need—a certain number of bedrooms or bathrooms, a yard for a dog—and the things you’d ideally like to have—like granite counters or a fenced yard.
Having fewer needs opens up more options, possibly even those at lower price points. Remember, it’s much harder to add a bedroom or bathroom than it is to replace countertops!
Set Your Criteria, and Stick to Them
Now that you’ve got that needs and wants list established, those are your rules! If you need at least two bathrooms, don’t bother touring or even searching homes with only one. Narrowing down your search will save you a lot of time and effort looking at homes that don’t meet your criteria.
Document All Visits
When you start touring homes regularly, they can start to run together if you don’t take some notes. It’s a good idea to visit with a notebook and pen, or even a camera, so you can make note of your overall impression of the home, as well as the specific things you loved or didn’t love.
Be Prepared to Offer & Close
See a home you love? Don’t wait! This market is moving way too fast for buyers to take weeks or even several days to make an offer. Work with your agent to write up a competitive and reasonable offer and submit it as soon as possible.
Want to sweeten the deal? Sellers find cash offers particularly appealing, but there are plenty of other ways to make your offer stand out from the crowd. Being flexible with your closing date, lightening up on contingencies, and including a buyer’s letter are all ways to make your offer more appealing.
Ready to Find Your Dream Home in LA?
Are you thinking of buying a home in or relocating to LA? Then it’s time to contact Brad Korb Real Estate Group. We’re here to help you explore the area, discover its beautiful communities, and find the perfect home for your unique needs.