L.A. real estate news and insights.
Here are some national stats:
•Time on the market is now 4 days faster than last year.
•Median listing prices grew at 9.4 percent over last year.
•New listings were down 11 percent.
•Total inventory was down 35 percent.
•The West region of the U.S. continues to lead in the national housing recovery during the pandemic.
The biggest problem with this home is that it's located on one of the busiest streets in Burbank.
•2 bed, 1 bath
•973 sq. ft.
•Lot: 5,394
Want a private tour? Text me at 818-445-7953.
Since this past Spring selling season was essentially canceled due to Covid-19, the built-up buyer demand is reaching its peak right now.
If a home is reasonably priced, it is getting multiple offers, leaving many buyers frustrated and many sellers cashing in.
If you are a potential home seller, now is the time to strike.
Thank you for entrusting me with the biggest purchase of your life (so far) 😁.#repost from @lauran.mn
Home. 🏡
So many feelings. Thankful. Proud. Sad. Excited. We are so thankful for this opportunity in spite of what’s going on in the world right now. Proud because all of our hard work has come to fruition. Sad we’ll be leaving our cozy little apartment and the city we’ve called home for the past 5 years. Excited that we have a new, bigger place to create more memories in as a family. ✨
Also, decided it was probably time to upgrade since we’ll be sheltering in place for who knows how long. All of this could not have happened so quickly and so smoothly without our realtor, @daniellosangeles (Daniel Madariaga). Anyone in need of a realtor should def hit him up.
Home sellers do not have many options when it comes to canceling an escrow.
For example, you can't cancel an existing escrow if you find another buyer willing to pay more money for your home or if you simply change your mind about selling.
Once you are under contract with a buyer, you are basically stuck.
However, you can get out of escrow if the buyer refuses to perform.
So if the buyer refuses to remove their inspection contingency, give them the notice to perform.
If they still don't remove that contingency, then you have the right to cancel the deal.
There were 34 property sales in Burbank for the same dates last year, 5/1/19 - 5/16/19.
There is no rule on what the list price of your home should be.
You can literally put the list price at $1.
I don't recommend doing that because you will get 1,000 offers and you will have to sort through them all to see who the real buyers are.
An impound account is an account maintained by the mortgage company to collect insurance and tax payments that are necessary for you to keep your home but are not technically part of the mortgage.
Some lenders require this, other lenders don't.
Check with the lender to see what their policies are before choosing to work with them.
If your initial offer gets rejected by the seller, don't be afraid to submit a new offer.
However, you have to improve either the terms of the deal or the price.
Find out what specifically the seller didn't like about your first offer and change that in your new offer.
For example, maybe the seller liked everything about your offer, but they hated that you wanted 17 days to inspect their home.
Bring that 17 days down to 10 days... maybe that one change will work for the seller and would open up the possibility of you getting an accepted offer.
On this episode, I answer the following four real estate questions:
1) My low ball offer was flat out rejected by the home seller. Can I still submit a new offer?
2) Are real estate taxes included with my monthly mortgage payment?
3) What is the difference between a list price and sale price?
4) The buyer for my home is not removing their inspection contingency. Can I cancel the deal?
We have over 20,000 followers on Instagram... come join us!
Home buying demand has gone down during the stay-at-home order. Instead of 6 offers on a property, sellers are getting 1 or 2.
But the local news is starting to sound a bit more optimistic and there seems to be a light at the end of the tunnel.
In a few short weeks, I believe a buyer surge is coming.
Your friend who mentioned to you that they are thinking of selling their home should start preparing now for that buyer wave. I can help your friend prepare for the sale of their home.
We can immediately work on figuring out what makes their home so special, the properties unique selling proposition, and who the ideal buyer for the property will be. We can hire a professional photographer and videographer. We can also start running an aggressive pre market social media campaign.
However, I need your help to make this happen.
Tell your friend that you know a awesome real estate agent that can help them out. Give them my cell number, 818-445-7953, and have them text me. I'll take it from there.
My team and I are ready for the surge and can't wait to dominate the real estate market!
Let's put in a low ball offer!
Asking price is $525,000.
