When Is The Right Time To Buy A Home? It Depends On Many Factors
LOS ANGELES (CBSLA.com) — It's a question every prospective homeowner asks at one point or another: When is the right time to buy?
"Prices are going up and up and up," first-time homebuyer Frith Dabkowski said.
The first thing Los Angeles-area home hunters learn is that this is a seller's market. Dabkowski and her fiancé have been shopping around for nearly a year.
"There was a little bit of impetus to get in now before it became unrealistic," she said.
But in Southern California's volatile market, is it really realistic to buy?
"As first-time buyers, it's nerve-wracking. It's intimidating. It's the biggest thing you are ever going to buy," Dabkowski said.
But there's no time like the present, because the key to real estate is to get in before you get priced out, according to Tami Pardee of Venice-based Pardee Properties.
"Here is the thing, in Los Angeles, you have to get into the market or the market will escape you," she said.
One of the best ways to getting into a home is to find a trusted real estate agent.
"This is a life-changing moment for you and you have to feel good about who you are working with," Pardee said.
It's advice Dabkowski took to heart.
"We picked one that seemed to know the neighborhood we like and had a personality that matched us – wasn't too pushy and was really understanding of what we were wanting," she said.
Next, Pardee advises home hunters to expand their horizons.
"People will say that they want to live in Venice, but they have $500,000, so we will take them to different areas that are similar to what Venice was 20 years ago," Pardee said. "We will take them to Inglewood, we will take them to West Adams, we will take them to Westchester."
Those expanded horizons should also include considering condos or apartments.
"Nobody in L.A. gets everything they want," Pardee said. "It's too expensive here, unless you are a billionaire. But you can get things that you need, you can get a great little community."
She says there are several tax advantages, whether it's the first-time buying or moving to a new property.
"Let's say you bought for $500,00 and you sell it for $750,000, you have a $250,000 tax advantage that is essentially tax-free," Pardee said.
The advice panned out for Dabkowski, who now lives in her perfect home.
"It definitely made a huge difference, having somebody that was willing to take us step by step, who I didn't feel stupid asking questions of, who was willing to explain, who went out of their way to make sure we were feeling comfortable and that our nerves were not getting out of control at any point," she said.
