Thinking of selling your home in 2017? Here's what you need to know.

Higher prices and low inventory in LA tell a convincing story for why you should sell in 2017. Many agents are clearly pushing for this narrative. While I generally agree, I always tell folks it all depends on what your objectives are. So here's what you need to know.

1. Keep an eye out on mortgage rates (because your potential buyers are). The 30-year fixed rate in LA ticked down to 4.47%, but is still above the national average. Nevertheless opportunistic buyers (especially those with great credit) will be watching this closely looking to lock into a good rate early. If interest rate expectations hold, expect to see the bulk of loan applications crowd into Q1 and Q2 of this year because mortgage rates will likely go up by end of year.

What this means for you: Get to know the pool of buyers coming in now and what they're looking for in a home. This can give you the upper hand early in the game.

2. Know your competition (I can't stress this enough). A dose of reality early in the game is the best antidote for disappointment down the road. If you're looking to sell your home, you're essentially putting a product out in the market that is competing with others. Some will have different designs, some will have been recently renovated, the list goes on. Here's my point. Ideal buyers will value your home relative to what else is out there.

What this means for you: View the market from multiple angles beyond just price and CMAs. Know how many homes you'll be up against, how they break down by distinct features and designs and who the ideal buyers are in your area. Knowing the demographic shifts are also key in understanding who are the most likely buyers of your home--most CMAs miss this entirely.

3. Higher prices and low inventory can also work against you. Selling your home also means you'll be thrown into a market with higher prices and low inventory assuming you're looking to continue to own.

What this means for you: Narrow down your ideal neighborhoods and understand current playing field of available inventory. The more data and knowledge you have, the less susceptible you'll be to the price advantage of sellers.

I encourage home owners to take advantage of market opportunities when they present themselves. But I also encourage them to be armed with the right data and knowledge so they can maximize ROI.  

Try our free market analysis service and see what we can do for you.

Ktown's real estate opportunity and the backdrop of high crime rates.

There's been much talk about the development of Ktown, from kick ass new hot spots, cool restaurants and all sorts of neighborhood revivals along the Wilshire Corridor. On the surface this bodes well for the long-run property values in the area, but under the hood, K-town's crime rates are still among the highest in Greater LA.

As a residential real estate investor, these are major considerations I often discuss with clients looking to buy or sell.  On one hand, we're amid a major wave of development. Among them will be 30+ new buildings that alone, will change Ktown's skyline completely. From mixed use properties to high rise condos and the like, we'll definitely see a spike in commercial activity and new tenants flooding the half dozen zip codes of the area, bringing new sources of wealth.

On the other hand, there's the stark reality of consistently high crime rates. And I'm not talking smash and grabs, but actual violent crime. The LA times has an awesome crime mapping site; check it out and see for yourself. K-town still ranks among the top 20% in violent crime and the top 50% in property crime. It will be interesting to see how further development of Ktown will impact (hopefully reduce) crime rates.

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What does this mean for real estate today in Koreatown? Reach out and we can talk strategy.

East Hollywood and Watts among upcoming Great Streets makeovers.

LA's Great Streets program will be expanding to include seven new projects worth $2M. Since it launched in 2013, Mayor Garcetti's Great Streets program has sought to reinvigorate some of LA's most iconic neighborhoods. Check out the site to learn more about the program.

In it's most recent project selection round, stakeholders from the program selected 7 proposals out of a total 37 submissions. Check out the full list of winners and proposal descriptions here.

This should be seen as great news for residents in any of the 7 winning neighborhoods and a positive for real estate values in those areas.

Interested in selling your home? Feel free to reach out and we can discuss how changes in property values are bringing new opportunities for those looking to sell.

Inglewood on the rise?

The development of the $2.7B City of Champions Stadium in Inglewood has real-estate investors excited about the prospect for a mini-boom in this famous LA suburb. Not since my beloved showtime Lakers graced the presence of the Great Western Forum has Inglewood been in any serious conversations about prime time sports and real-estate.

So, for me, as an LA native, sports fan and real-estate investor, it's great news to see Inglewood get back on the map. Set to open in 2019 and host both the newly moved NFL teams -- the Chargers and Rams -- the stadium has already brought new real-estate money into the community.

Developer Sandy Sigal has committed $15M to renovate a 1960's era and currently run down shopping center on Crenshaw. Sigal, who is president of NewMark Merrill Cos. of Woodland Hills, explains, "Once the Rams announced, it made a bunch of those retailers who didn’t know where Inglewood was, or had a preconceived notion about it, think...It pushed a lot of guys over the edge."

It'll be interesting to see how the market changes moving forward and how it will certainly gentrify. Inglewood's median home prices stand at $389K, well below the LA average. Could this be an opportunity to buy low and sell high?

One thing's for sure, we're already seeing activity. Homes in Inglewood are already selling much faster in recent months, than the LA average, according to Redfin.

Are you thinking of selling your home? Want to know what this means for you? Reach out and let's have a conversation.

Koreatown feature from LA Times

A great overview from LA times on how Koreatown has grown into a feature rich neighborhood for Angelinos.

Check it out here.