So… Is This Actually a Good Time to Buy?

My answer: Yes! Especially if you’re planning on buying in Southern California.

I’ve been having a lot of conversations lately that start with some version of, “We’re just going to wait until rates come down.” Which is fair. Interest rates are higher than they were a few years ago.

However…

Right now, we’re in a noticeably friendlier buyer market, especially compared to the chaos of 2021 and early 2022. Inventory is up. Homes are sitting longer. Sellers are more realistic, or at least more open to becoming realistic after a few weeks on market.

I can’t tell you how much that changes the dynamic for a buyer.

Instead of writing an offer in 12 minutes with zero contingencies and a vague sense of dread, buyers actually have leverage again. You can negotiate price, ask for credits or repairs. You can actually take a beat and think without assuming someone else will swoop in with an all-cash offer.

I’ve seen fewer (if any) bidding wars. It’s been a minute since I’ve seen any “best and final” situations that somehow involve fifteen buyers. The market is more realistic and it truly benefits the buyer.

Rates going up and down is another thing I tell buyers to consider. If rates drop meaningfully, demand will come back FAST, and so will competition. Buying in a slower market and refinancing later is the time tested way of getting ahead in a competitive market such as Los Angeles.

As you can assume, all of this is case specific. Timing still depends on your finances, your lifestyle, and how long you plan to stay put. But do not be discouraged by a temporary factor like higher interest rates.

I’ve seen that the market rewards buyers who are prepared, realistic, and not trying to time things perfectly. Those people are getting good houses, better terms, and a lot less stress than buyers did a few years ago.

If you think this strategy is interesting, please reach out to me and we can talk more about finding your home.