Honestly, I can’t tell you. 🙂
But, what I CAN tell you is that many of my conversations with clients over the past few years have consisted of “I wish I had bought back in 2010…2012…2015…”
Well, here’s your chance to stop kicking yourself for not getting in sooner!
I am not changing my tune despite the media hype. I’m encouraging my clients to invest in real estate if they can. The people who get into the market will be in a MUCH better position at the end of a potential recession than the people who waited on the sidelines and didn’t invest.
Yes, I’m a realtor, so obviously I have an incentive for people to buy. But I put my money where my mouth is!
I’m also an investor, and we just closed on 3 more apartment buildings in Los Angeles, for a total of 18 units.
(Feel free to reach out if you want to learn how I am investing in real estate locally!)
Is the market going to crash? I have no idea. The frantic pace has definitely slowed down a little and made things easier for buyers. People who are committed to buying a home and are consistent will absolutely get something under contract with my team.
So, should I wait out a potential crash? If it were me, I would actually speak to a lender now and see what is possible. Especially if you have a lease renewal coming up, I would absolutely NOT lock into a 1 year lease right now.
Yes, interest rates are increasing, but in the future they may go back down and you can always refinance. But the market overall favors people who get their foot in when they can.
Should I buy now? The real questions are — 1) do you have income and a down payment, and 2) can you make the mortgage? (To find the answer to the second question, call a lender). If the answer is YES, then you are ready to buy! Don’t worry what the market is doing.
(I share here how I’m protecting buyers in this market, so you will always have an out if the deal is not right for you.)
Now that things are shifting, people are scared and tightening up. But this is the exact OPPOSITE of what you want to be doing now, if you look ahead 5-10 years!
I am always happy to talk real estate and strategy. You can set up a free call, and check out my free workshops.
I also have a new listing in Mid City! Come be my neighbor 🙂
1417 S Norton Ave, Los Angeles, CA 90019
Craftsman fixer in Mid City
5 bedrooms 2 bath + bonus room
2 car garage with ADU potential
Showings by appointment
Talk soon!
Sammy Lyon
DRE #02113227