YOUR DREAM HOME is waiting for you.

Whether yoU’re a new buyer or looking to trade up or downsize, I’m HERE to help.

I’m sure you have many questions, and I am happy to answer them. The easiest thing to do is simply set up a time for a quick phone consultation. But let’s get to some of the most often asked questions first:

CAN I AFFORD TO BUY RIGHT NOW?

If you can afford to rent a home in Los Angeles, and have funds available for a down payment, you can probably afford to buy in Los Angeles as long as your job and credit history are good and stable. Most buyers have at least 20% down in today’s market; however, there are loan programs available with 15%, 10%, 5%, 3.5% and even 0% down. Some buyers even qualify for housing grants or down payment assistance.

In addition to your down payment, expect to pay for your inspections and appraisal costs out of pocket, plus lender fees and any pre-paid mortgage or insurance costs at closing. In this market, there is an opportunity to negotiate for the seller to contribute towards your closing costs as well. It takes a good agent to convince the seller that helping you buy their home is in their best interests.

Not all lenders are the same. Contact me to discuss which lenders may have the best programs available for your situation. Give me a call or email and we’ll set up a time to chat. No pressure. Just information.

WHEN IS THE RIGHT TIME TO BUY A HOME?

Real Estate is an economy of supply and demand. Here in Los Angeles ew do have more home buyers than homes on the market. We do have seasonal dips where prices may decrease around the winter holidays; however, selection is much narrower then too. You are more likely to get a deal and have less competition during the holiday season, yet in the Spring you will have more properties to choose from. The bottom line is the market is right when it’s the right time for you. Ask yourself, do I have enough for at least 5-20% of the purchase price as a down payment? Is my income stable? Do I plan on keeping the property for at least 5 years?

SHOULD I WAIT UNTIL I HAVE 20% TO PUT DOWN?

Absolutely not. The cost of living in Los Angeles is higher than most markets in the U.S. In most cases, it is very difficult to save enough to keep up with rising home prices. While purchasing with less than 20% will get you a slightly higher interest rate and/or mortgage interest, it locks the price of the home down so that you can refinance later once you have 20% equity in your home. You don’t have to save the cash for that or pay down the loan to 80%. You simply have to have at least 80% equity, which includes the increased home value over time. You will be subject to whatever the market interest rate is at that time, however, we do anticipate rates will likely come down in the next year or two allowing you to refinance into a cheaper rate.

SHOULD I BUY OR RENT?

Buying a home helps you in 5 significant ways: It fixes your monthly payment. No landlord is going to increase your rent every year. It gives you stability, no landlord is going to sell the house out from under you. It gives you freedom to rent out your home and travel if you need, or rent it out for extra income. It gives you a sense of pride in homeownership and security in knowing you are sitting on a financial resource. And it builds wealth for your family or for your retirement. Buying a home is the number 1 form of wealth in America. Each month that you pay your mortgage, you are paying yourself in equity and paying off your loan so that you are one month closer to having NO monthly mortgage payment. Each month you delay homeownership, delays your ability to retire nearly rent free. You will still have property taxes, insurance and utilities, but no mortgage once its paid off. Or you can sell off your property, invest the funds, and live off of earnings from the equity. Any way you slice it, homeownership is a key part of retirement freedom in America.

Homeownership is not for everybody. Some folks are stretched too thin financially already. Some folks do not have income stability. For those folks, reasonable rent may be preferable.

SHOULD I WAIT UNTIL RATES COME DOWN?

What happens when rates come down? More homes come on the market as Sellers are willing to move. More buyers come on the market since they have more buying power. HOWEVER, the added activity sends prices higher. It is better to lock down a lower purchase price and simply refinance or have the lender “re-cast” your loan to a lower rate if and when rates decline.

I’m sure you have more questions about homebuying. Contact me for a complimentary homebuyer orientation or just an informal chat. We’ll set up a call, FaceTime or Zoom, or in person meeting to get started.

I’ll guide you through everything you need to know.

What you should know when buying a home…

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As first time home buyers there are so many unknowns, we didn't even know what we didn't know. Tiffany handled our lack of knowledge with ease! She held our hands through the entire process. She answered ALL of our thousands of questions, at all hours of the day or night. She put up with our indecisiveness and made the experience beyond pleasurable, albeit still scary. She stayed in touch with us after we made the largest purchase of our lives and continued to answer ALL of our questions about being home owners. We couldn't have been luckier to have worked with Tiffany and we look forward to working with her again when we buy our next house...our next bigger house!

Todd Nenninger & Melissa Lekus