Are you ready for SoCal Spring Home Buying Season 2024?

Spring is the perfect time to buy a home in Southern California. With the most sellers putting their homes on the market during this season, you’ll have a wide range of options to choose from. In this article, I’ll provide you with all the information you need to navigate the spring market and come out on top.

Don’t Wait for Better Prices or Interest Rates

One common misconception among homebuyers is the belief that waiting for better prices or interest rates will lead to a better deal. However, as a realtor and a person looking for a deal myself, I can tell you that the current market offers stability, which is just as valuable. Home prices and interest rates are expected to remain relatively stable, allowing you to set a budget and stick to it without the fear of sudden price increases. So, instead of waiting for lower prices, take advantage of the stability in the market and start your home search now.

The Cost to Own Right Now

To prepare for the Spring market, it’s important to have a clear understanding of the cost to own a home in your desired area. Let’s take a look at the numbers for different counties in Southern California:

LA County

San Bernardino County

Riverside County

By knowing the cost to own in your desired area, you can better budget and plan for your home purchase.

Assemble Your Team

One of the most important steps in preparing for the Spring market is assembling your team. Your team should consist of a lender and a Realtor who are experienced and knowledgeable in the Southern California real estate market. It’s crucial to be pre-approved for a home loan and have a preliminary strategy discussion with your realtor before starting your home search.

Why is this important? In a fast-paced market like Southern California, where there is high demand and limited inventory, homes can go from listing to escrow within days. To ensure you don’t miss out on opportunities, your lender should be in the same time zone as you, available for weekend questions, and patient in explaining financial terms. Your realtor should be experienced, have positive reviews from past clients, and most importantly, have good chemistry with you.

 

Have a Contingency Plan

In the competitive Spring market, it’s essential to have a contingency plan if your budget doesn’t allow for your ideal home. Consider the following options:

  1. Condos or Townhomes: If a single-family home is out of reach, explore the possibility of purchasing a condo or townhome. These options can provide a more affordable entry into homeownership.
  2. Communities Outside of LA County: If you’re working from home, consider expanding your search to communities outside of LA County. You may find more affordable options and still have a reasonable commute.
  3. Homes with ADUs: Another option to consider is buying a home that already has an ADU (auxiliary dwelling unit) built out. An ADU is a separate living space, such as a studio or converted garage, that can be rented out for additional income. This rental income can help offset your mortgage and make homeownership more affordable.
  4. Homes that have been on the market for a while: Keep an open mind about homes that have been sitting on the market for a longer period of time. These homes may have been overlooked by other buyers, but they could still be a great opportunity for you. While they may not have the immediate “wow” factor of a newly remodeled and staged home, you can make improvements over time and create your own dream home.

The key to success in the spring market is to get your foot in the door while prices and interest rates are stable. Once interest rates start to rise and competition increases, it may be more challenging to find a home within your budget. So, take advantage of the current market conditions and start your home search now.

I’m Melissa Urena, your cheerleader and realtor, here to guide you from your first home to your forever home. If you’re ready to take the next step, book time with me below.

 

Book Time With Me: HERE

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(all data current as of 4/19/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

 

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