Secrets to Buying A Home in San Marino Right Now

The beautiful Los Angeles suburb of San Marino is a highly desirable place to live, and its spacious feel is by design. From its inception, growth has been measured and intentional to maintain the character and community feel of the area. San Marino is known for ample parks and green space, as well as excellent schools. In addition to drawing families with children, San Marino is in the top percentage of ideal places to retire in America and is ranked as one of California’s best suburbs.

Does this sound like the kind of place you’d like to call home? Local real estate agent Gordon Wang offers insights into the San Marino housing market and some tips to help you be a savvy home buyer.

Changes in the economy, interest rate hikes, and inflation have made 2022 a bit of a roller coaster ride for home sellers and buyers, not only in San Marino but across the United States as a whole. Uncertainty seemed to make buyers more cautious, slowing down the rate of sales from 26 days on the market in November of 2022 to four months in January of 2023. However, as we move farther into 2023, inventory is beginning to move faster. Historic trends indicate rates of sale will continue to increase during the “real estate season” in the spring and summer months.

The market continues to favor the seller, with inventory remaining lower than the demand for housing. Available homes for sale have dwindled steadily over the last year, and that means prices are high and continue to appreciate.

So is this a good time to buy a home in San Marino? Certainly. Real estate continues to appreciate, and if you are planning to live in the home you purchase for five or more years, you can expect to profit from your investment.

Also, consider your lifestyle. Is a spacious oasis with parks, excellent schools, and a community feel –– all within minutes of LA’s city limits –– desirable? If your answer is yes, it’s time to get in touch with Gordon Wang and start looking for the perfect San Marino property to call home.

Because the San Marino real estate market currently favors the seller, buyers need to enter the housing search with a degree of savoir-faire. With a little preparation and flexibility, you’ll have no trouble finding the right home for your family.

Get in touch with your financial advisor before you begin looking at houses and make sure everything is in order for you to make that initial down payment. Determine your budget and be prepared to stick with it.

Next, get in touch with mortgage lenders and get pre-approved for a loan (unless you are prepared to make a cash offer).

Also, consider the loose ends you’ll need to tie up in your current residence. Will you need to sell your current home before you buy? If so, hurry to prepare your current property and get it on the market.

Finding a home that checks off every box on your wish list is highly improbable, but it is important for you to know exactly what you must have in your new home to thrive there. Likely you have a number of preferences as well, features that would be nice but are not deal breakers. Make a list of each, and weigh the properties you are considering against the list.

Also, remember to think about the future. Are your family dynamics changing? You may be adopting a child, bringing an aging parent to live with you, shifting to working from home, or preparing to send a teen to college. Consider your future needs as well as your current ones as you are developing your wants/needs lists.

Looking for a house that is “perfect” will result in much frustration. Be willing to compromise on features where you can to give you the broadest variety of options. Future additions and remodeling projects are always an option when you find a home that is almost “just right.”

In this competitive market, it is highly probable that a seller may receive multiple offers
for his home. When compared side-by-side, the offer with fewer contingencies is more
likely to be accepted. Evaluate your offer with the help of your skilled real estate agent,
and only add the contingencies that you know are necessary to mitigate any problem
areas or give you peace of mind.

Home is a word that carries with it so many memories and attachments. When someone lists their home for sale, they want to know that the next owner will care for and value the home as they have. Let the seller get to know a bit about you and your family, who you are, and why you are relocating. Let them know what you love about the house and the future you envision for your family in that home. If the buyer trusts their property will be in good hands with you, it can powerfully influence the negotiation process.

Cash offers reign supreme in real estate transactions. If you are able to do so, paying in cash will virtually guarantee that lovely San Marino home will be yours.

After reading about the housing market and these practical tips, if you are ready to make a move or if you have questions about San Marino real estate, reach out to Gordon Wang. He’ll take the time to listen and get to know you so that he can advocate for your real estate needs all the way to the closing table. Give him a call today.

_{*Header photo courtesy of Gordon Wang}