Prepare before you search Manypeople believe home buying begins with the home search process but beforeyou open your favorite real estate search app,it’svital to knowwhat youcan afford. If youcurrentlyown ahomethen youlikely have some idea of theexpenses of home ownership.Ifyou’verented in the pastorare starting out for the firsttime, much of this process will be new. Part of calculating what youcan affordisalsoknowing how much youwill need to have in an emergencyfund and reserved for maintenance. If youwill be using aloan, youshould getpreapproved beforeyou begin searching so youknowexactlywhat your budget is.

Know your priorities Buying ahouse is an intenselypersonal decision and noteveryone has the same priorities. Makealistofyour requirements and wants and knowwhat youare willing to compromise on. Theremay be some things on the listthat areessential such as being in acertain school district for your children, while other factors such as apool or large garageyou maybemorewilling to forgo.

Low inventory is a factor In the competitive Los Angeles market, well-priced homes move quickly. According to data from the California Association of Realtors,® the Unsold Inventory Index in November was 4.2 months.

This number represents the amount of time needed to sell the amount of homes listed now at the current rate of sales. Traditionally this number hovers around six or seven months as a normal rate.

That rate hasn’t been seen for several years, leading some analysts to conclude that low inventory may be the new reality. For buyers this means knowing that there may not be a lot of time to weigh a decision. If the home is what you want, move quickly.

If you don’t prevail the first time you make an offer, don’t be discouraged and keep searching. The 2015 National Association of Realtors Profile of Home Buyers and Sellers showed that the average buyer searches for 10 weeks and views 10 homes but for some buyers the search can take more time. Be patient and don’t get discouraged, the destination is worth the journey.