Recently, this article came out claiming The housing market has never been this unaffordable for new buyers. And they’re not wrong!
It is NOT easy to buy a house.
BUT, let’s be real. It wasn’t easy in 2008, 2012, 2020 OR 2023 to buy a house!
There are structural issues & generational barriers in the housing and lending industry that have prevented people from owning a home.
The most recent kick in the pants was that mortgage rates on 30-year fixed loans more than doubled from 3% to above 7%.
How does that play out in practice? If a couple years ago you qualified for let’s say 800k, now, with the same income, you are probably in the 600s.
And it’s just HARD to find a home that you like in LA at a lower price.
So, what is our team doing about it?
1. We are spending A LOT more time in the “getting ready” phase. We don’t even take you to see a house until we are double triple sure you are GOOD financially, and not stretching yourself past what you can do. We are doing a ton of advising and strategizing together.
2. Frankly, we are re-setting expectations. Maybe that first house is gonna be less cool than you thought, or you could have bought 2 years ago. But it WILL help you build equity and win the long term game of real estate. We are just helping you get your foot in the door.
3. We are making a 3-5 year plan to help you refinance when rates come down again, or upgrade to a larger home with the equity you’ve built. We are looking way further down the road with you to help make the stepping stones more manageable.
The housing market in LA is always tough, so we’re here to help you figure it out!
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Download my FREE guide to down payment assistance at:
www.buyahouseinLA.com
Sammy Lyon
REALTOR®️
DRE #02113227
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