REAL ESTATE NEWS
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IMPROVING! SALES PLUNGE! STEADY! COLLAPSING!
These are all recent headlines about the Los Angeles property market. Which one is most accurate? It can be difficult to know who to believe these days. Here’s how to make it easier: Who was the most believable five years ago? Who was the most reliable one year ago? Looking back at the LA Loft Blog archives, we can see who has the neighborhood knowledge and experience to be really on top of things in Downtown Los Angeles for many years. Based on ethics of “all truth is good truth,” the L.A. Loft Blog continues to disseminate the positive and negative numbers, the good, the bad and the ugly. There is great beauty, along with tremendous opportunities for success that comes from thoroughly understanding what’s really happening with the Los Angeles urban real estate market today in 2020. The most accurate headline is the one that is most obfuscated by the mainstream media, government and real estate professionals: COLLAPSING! Based on recent stock crashes, unemployment filing and GDP contraction, we’re already in the Greater Depression of 2020! And that shocking realization can be great news for those who plan to buy a home within the next several years.
How to Take Advantage of the Collapsing Real Estate Market
LOWBALL OFFERS — Wealthy real estate investor Ben Mallah says, “Place lowball offers to save 20% or more.” Crashing real estate is precisely the time to lowball, according to Mallah. Taking live phone calls on his Youtube video webcast, Ben advises newer investors: You’ve just got to find more deals. Use a real estate agent to find good deals. Bargain down the price. The asking price is not so important. Ben reminds us that it’s worth our time to try to get the price down — have your agent make up a lowball offer because the seller may not have any other offers, and the two might come to a meeting point. If the asking price is 20% too high, then offer 20% less. Duplexes and triplexes are great for beginner investors. Consider how long the property has been on the market.
If it’s been on the market for a long time, then you want to hit them with a low offer. Look diligently at what’s active on the market, including over-priced properties. Figure out what price makes sense, determine what price you’d be willing to pay, and make some offers. Properties that are on the market, actively listed for sale are up for negotiation. Some of the best deals take time. Get a dialogue going, find out what their rock-bottom is. When necessary, take the time to go back and forth with sellers three, four or five times, in the process of negotiating deals. Take as much time as necessary, go back and forth. Make your agent play the game. The harder he plays, the cheaper that the property will get.
See a small property that’s for rent. It costs you nothing, and it takes a five minute phone call. Ask the landlord how much they want to sell it for. This works well to find sellers, especially for smaller properties with a for rent sign on them. Strike a deal. In this time, with this crazy virus, they might take $50,000 less. They might take $100,000 less. The buyer has nothing to lose by asking. It costs nothing to ask. The agent gets paid by the seller, thus is working for the buyer for free. Tell the agent to keep putting in offers that make financial sense until the next deal is found.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
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