There will only be 1 off-market showing for this Brentwood Park property - August 15th.
The home will officially hit the market in September.
Text me for more info 818-445-7953.
Tune in to hear my most difficult real estate transaction to date... it's not what you'd expect
It's very important to work with a lender that you trust AND has good communication skills.
During escrow, questions and issues will come up.
Your lender needs to be on top of things, resolve problems quickly, and communicate well so that escrow is as easy as possible for everyone involved.
Home buyers are required to sign a PEAD-V Form before touring a home
PEAD-V (Coronavirus Property Entry Advisory and Declaration - Visitor) forms are now required to be signed by anyone entering into a home that is on the market.
The form basically says the visitor does not have the coronavirus and that the visitor understands the health risks involved when entering into the for sale property.
Homeowners, in order to avoid a lawsuit, you want to make sure everyone who is going to tour your home signs this form before setting one foot on to your property.
Burbank had 53 property sales for the month of June
There were 26 property sales in Burbank for May 2020.
A dip in homes sales like in October
The flu season is going to look very different this year.
When everyone starts to get the flu in October, all we are going to hear about in the news is that the second wave of the coronavirus is coming.
I’m not a doctor so I don’t know if that will happen or not.
However, I do know that since a lot of people will be sick with the flu, the perception by the public in LA county will be that a second wave is inevitable.
Because of this perception, there will be fewer homeowners willing to put their property on the market, just like in late March after the stay-at-home order was issued.
I believe we will likely see a dip in home sales during that time in October.
I’m optimistic things will settle down by the time we get to December.
Hopefully, the homeowner’s perceptions will change once the news gets better.
Episode 38 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) What's going to happen in the real estate market for the rest of 2020?
2) What do mortgage interest rates look like for home buyers right now?
3) Has it been difficult to show homes during the pandemic?
4) What's the hardest real estate deal you ever had?
We have almost 20,000 followers on Instagram... come join us!
To tour all for sale homes, you now need a pre-approval letter
It wasn't this extreme before the pandemic, but I am seeing about 40% of all homes on the market now require a buyers loan pre-approval letter just to get in to see the property.
With the Coronavirus still playing a roll in all of our lives, more and more sellers only want to grant access to serious buyers.
I anticipate this percentage to only go up from here.
The days of casually looking at homes on the market are over.
If you want to see ALL the homes on the market, have your pre-approval letter ready!
Your friend should sell their home this summer
Your friend told you they are interested in selling their home sometime in 2020. You should let them know that they need to act sooner rather than later. Typically most real estate transactions take place in Springtime. Due to the Coronavirus and homeowners holding off on selling their homes, home sale transactions were down about 40% during the 2020 Spring selling season. Because of this home selling delay, the Spring selling season has essentially been pushed to Summer 2020. It's projected that the Los Angeles area will have an uptick in inventory and have a very strong buyer demand for the entire Summer season. I am recommending to your friend that they sell during this peak time and not wait until Fall or Winter.
The reason to not delay is that the flu season will start in Fall and many of us will get the common flu. Since the symptoms for the Coronavirus and the flu are similar, I am anticipating that during this time daily news reports will say that a second wave of the Coronavirus is coming. This news will make sellers rethink their plans of putting their home on the market. Because of this, I expect the market to see a repeat of what happened when the stay-at-home order was put in place back in late March. If you are not aware, during that time real estate escrows were being canceled left and right. Sellers were offering buyers $10K, $20K, $30k in credits just to stay in escrow. Some buyers took the deal, most did not. Compound that with home sales traditionally being slow in the 4th quarter due to the holidays, and you essentially have a standstill in the real estate market. That's why I am confident that this Summer will be the best time for your friend to see multiple offers on their home and to sell for top dollar.
When your friend is ready to sell their home, I can help them with the sale. Text their name and number to 818-445-7953, and I'll take care of the rest.
Thank you for all your referrals so far this year! I truly appreciate you helping my business thrive during a pandemic.
Realtors can show properties again
Residential real estate has now joined the list of essential services during the coronavirus crisis.
Agents can now resume showing property, do property inspections, take listing appointments, etc.
These activities must be done in conformity with current health guidelines. Real estate licensees must follow all CDC and local health mandates.
In addition, no open houses should be held and showings should be done virtually, if at all possible.
90-day pause on your mortgage payments
Four of the five largest banks in the U.S. have agreed to let California residents skip mortgage payments for 90 days if they have lost their jobs or are struggling financially due to the coronavirus pandemic.
JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with about 200 state-chartered banks and credit unions, voluntarily agreed to waive mortgage payments for California residents who are having trouble paying bills because of the COVID-19 outbreak.
Bank of America has also agreed to waive payments, but only for 30 days👎.
Your mortgage company will not automatically set you up with this plan. You have to call them to sign up!
Real Estate is on hold right now
You can still submit an offer on a property right now, but if your offer gets accepted, you can't do any inspections 😕
Check the neighborhood noise level before buying a home
Before buying a home, check out how noisy a neighborhood it is.
During escrow, the seller will give you a disclosure letting you know that some levels of noise may be acceptable to some, and not to others.
They want you to do your own inspections and satisfy yourself that the noise level is not going to bother you.
If you sign that disclosure paperwork, the seller is protected from you coming back and suing them stating that you never told them about the excessive noise levels of the neighborhood.
3% of sellers have recently canceled their listing
I'm not seeing a panic with home sellers over the #coronavirus.
Only 3% of sellers nationwide have decided to remove their home from the market and cancel their listing.
I bet most of these homeowners that canceled decided to refi at historic lows rather than sell.
I'm sure some canceled over corona fears.
I would assume that during regular times, cancellations hover around the 1% - 2% range. Inventory of for-sale homes is still low, but over the next few weeks, you can take advantage of lower buyer competition over corona fears.
Housing inventory has gone down 21.8% in LA
Over the last 12 months, housing inventory has gone down 21.8% in the Los Angeles area.
That means there are a lot fewer homes for sale now then there was a year ago.
I expect this trend to continue because low-interest rates will cause there to be an even stronger than usual buyer demand this #Spring.
P.M.I.
It's not the end of the world if you have to get P.M.I., but it should be avoided if possible.
If you can put at least 20% down when buying a home.
By doing so the lender won't require you to get P.M.I.
