The media often portrays the real estate market as volatile and unpredictable, with stories of bubbles bursting, foreclosures, and price drops dominating the headlines. As a result, many potential home buyers in 2023 may be deterred from entering the market, believing that they will not be able to afford a home or that it is too risky of an investment.
However, this mindset can be self-defeating because it can prevent people from taking advantage of opportunities that are actually available in the Los Angeles real estate market. For example, there may be certain areas or types of properties that are still great investments despite overall market trends. By focusing only on negative headlines and not doing your own research or seeking the advice of a trusted real estate professional, you may miss out on these opportunities. If you want to buy a home and think it's a "bad time" then you need to read this.
The long term effects of this are preventing you from building towards financial freedom through West LA Real estate with the best tool on your side….”time!” Buying anything 5 years ago and refinancing later would have been better than buying at the absolute best time in the market over the last 4 years.
For example, In Santa Monica real estate, which is a micro market of Los Angeles County….which is a micro market of California, Which is a micro market of the USA. (you can see where I am going here) What happens in our market is completely different from what is happening in most other markets and needs to be treated as such by evaluating the actual data.
If you rely solely on the media narrative, you may miss out on opportunities to purchase a home that is within your means. You may also overlook emerging markets that offer affordable starter homes to invest in. Moreover, you may end up buying into the market at a much higher price when you eventually do decide to purchase a home, not buying at all, or competing with a large pool of buyers who delayed their purchases for similar reasons.
Therefore, it's important to do your own research and speak with a licensed advisor and realtor in the real estate industry to get a more accurate picture of the market. This will help you make informed decisions about buying a home and avoid being swayed by media narratives that may not reflect the actual situation in Los Angeles & Orange County real estate.
Please take 30 minutes a week to prepare, study, and/or speak with a professional to take your own educated steps towards a home to live in, financial freedom, and the largest investment of your life. At the end of it all you will be able to make the best decision for you except now you will actually have the information you need to do so.
“Whether you think you can, or you think you can't – you're right,” -Henry Ford