In a time when home prices are still high and interest rates are rising, competition is fierce and conditions often do not align as desired. In such times, gathering accurate information and acting accordingly is the way to prevent losses. I will summarize what I have learned from my experiences.

First, you need to decide on a neighborhood. Not all of LA is the same. Areas like Beverly Hills, Malibu, Brentwood, Santa Monica, and Pacific Palisades are practically inaccessible if your budget is under $2 million. Realistically, places like Glendale, Burbank, Pasadena, Torrance, Redondo Beach, Norwalk, Lakewood, and Signal Hill are more feasible. These areas may not be cheap, but they are relatively accessible and have solid infrastructure and school districts.

Second, you need to have a proper sense of budget. From the moment you decide to buy a house, you need to do realistic calculations. With interest rates currently around 7%, compared to the previous 3% range, the monthly payment difference can be hundreds or thousands of dollars. It is advisable to aim for a down payment of over 20%. This way, you avoid PMI (private mortgage insurance) costs and loan approval is easier.

Third, the choice of realtor should be based on trust. It is better to have someone who gives honest advice tailored to your situation rather than an agent who exaggerates themselves. An agent who says, "This house is good, but it will require remodeling costs," or "This neighborhood has parking issues," is more trustworthy. Quick communication and sincere responses are also important criteria.

Fourth, you must get an inspection. Even if a house looks fine on the outside, there can often be issues with plumbing, electrical systems, and roofs. Skipping the inspection can lead to tens of thousands of dollars in repair costs later. The actual condition of the house is as important as the price.

Fifth, you must also calculate fixed costs like HOA, property taxes, and insurance. If it's a condo, HOA fees can be significant, and property taxes are assessed based on the home price, so for a $1 million house, you can expect to pay around $12,000 to $13,000 annually. When combined with insurance, the monthly burden increases significantly, so you must check the total amount.

Sixth, when making an offer, you should exclude emotions. When you see a house you like, you may want to rush, but the more you rush, the more careful you should be. Since competition still exists, making an unreasonable offer can come back to haunt you later. It is wise to calculate whether it fits your lifestyle and budget before making a decision.

Seventh, you should also consider how long you plan to live there. If you plan to sell within 1-2 years, renting might be better right now. However, if you plan to live there for at least 5 years, it may be advantageous to secure a decent house now, even if it feels a bit burdensome. Each neighborhood in LA has a different atmosphere and value, so you should also look at future potential.

The conclusion is simple. The right answer is to act according to your own situation. It is not necessarily the time to buy, nor is there a reason to wait indefinitely. The important things are the house you want to buy, the budget you can afford, and the way you want to live.

Do not be too hasty. Ultimately, a good house comes to those who are prepared, not to those who wait for the right timing. If you check and prepare one step at a time, opportunities will surely come. Buying a house in LA is not easy, but it is not impossible either.