The Friday Blog

With the Greater LA housing market being on fire at the moment, some of my clients are in a dilemma as to whether they should wait for things to cool down and buy then ? A lack of available inventory is currently resulting in a seller’s market but with interest rates being low and some great mortgage deals on offer, in my opinion, it’s still a good time to buy. Firstly, as a result of a lack of inventory, the number of people seeking to rent has increased resulting in a marked increase in rental prices. Paying off someone else’s mortgage is never a great idea. However many renters are hamstrung by the fact that they are unable to save up for a deposit to buy whilst paying rent, as the rents are so high. Naturally the benefits of buying are that you get the tax relief on both your mortgage interest payments and your property tax payments and you can put your own taste into your home. Even if you are in a position to buy, it’s still a bunfight out there with sellers currently receiving multiple offers in excess of asking, which means you are competing with other pre-qualified buyers. My simple advice would be to put your credit in order, improve your credit score and go see a lending officer to see what financing you can qualify for. There are a number of different tailored to suit loans available and knowledge is power. Having the knowledge to hand of what you can afford and how quickly you can move forward increases your chance of purchasing success and may hopefully obviate your dilemma of whether to rent or buy. We all know how stressful this home searching process can be but armed with the right information you can certainly move up the queue. Have a great weekend.

Posted on July 21, 2017 at 11:45 pm
Nigel Rush | Category: The Friday Blog

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