All over greater Los Angeles today, median prices for homes in the metro area’s five counties are down 18% to 28% for the 12 months ended in March, according to DataQuick Information Systems, making Southern California a particularly lousy place to be selling a home right now. But, this could mean good news for people looking to buy real estate in Los Angeles. But whether you are looking to get out of a home you can’t afford, or hoping to purchase a new one, one of the most important steps you want to take is to look for a reputable real estate appraiser in Los Angeles. For people wanting to sell their real estate in Los Angeles, you want to ensure you are getting the best price for your home possible, and with an experienced Los Angeles real estate appraiser, you will get thorough, high-quality appraisals. For those of you looking to buy property, a reputable real estate appraiser will give you the comfort of knowing you aren’t paying more than the home is worth.
Of the country’s top 100 markets, 56 saw price declines; foreclosures increased in 98 of them. The same mix of crazy loans and speculative frenzy that pushed up and then pulled down L.A. was at work in Florida, the Southwest and much of the Northeast. The Midwest inflated less but in the end still proved vulnerable to a weakening economy and the debased lending standards of the bubble era. Sadly, in many of these cases, lenders pushed real estate appraisers to manipulate their numbers and comp checks, in order to get the price the lenders were looking for.
The L.A. story, in other words, is likely to be your story too. Unlike some famous bubble towns – like Las Vegas – L.A. has a mature economy and a diverse housing supply. There’s a house and a neighborhood like yours here, whether you live in a city, a leafy older suburb or a brand-new exurb. That’s the good news, because even with all the ups and downs, Los Angeles is always a desirable place to live. And with so much diversity in a place like Los Angeles, an experienced real estate appraiser is even more important.
In Money Magazine’s annual special report on real estate, you can see how homeowners in the greater L.A. area are coping and how the drama might play out in your hometown too. One of the biggest mistake homeowners who are trying to sell their real estate in Los Angeles are making right now is being inflexible with the price of their property. With the market being what it is, homeowners must be willing to negotiate their selling price, and a good real estate appraiser in Los Angeles will be able to tell what other comparable properties are selling for. Once you get these comparable prices from your lender or appraiser, you can figure out the fairest price to sell for. That being said, buyers aren’t in the position they were in before either, so you may have to negotiate a little more, in order to get the deal done.
No matter how you slice it, the bubble has most definitely burst, and with all the fraud that went on with lenders during the height of the housing market, it is a smart move to protect yourself by hiring an experienced real estate appraiser in the Los Angeles area who can help you get the price you deserve for your home.
Visit us at www.iappraiseforyou.com for more information on real estate appraisals in Los Angeles.