L.A. real estate news and insights.
Although right now is typically a slow period in real estate, I am predicting a hot real estate market for the 4th quarter of 2019.
The reason is that buyers have been experiencing heavy competition for the last several months, have had their offers rejected, but are still very motivated to buy a home.
All those buyers that have not had any luck lately will be hungry and ready to pounce on any new listings that come up.
That should make for an interesting end to the year.
The 4th quarter of the year (October, November, December) is usually when home sales are the slowest.
The reason is that everyone is busy with the holidays that come up during those months.
A buyer may put their home search on hold because they are having their family stay at their home for #Thanksgiving.
Or maybe it's more important to a home buyer to go to all the holiday parties instead of focusing on finding a home.
No matter what the reason is, the 4th quarter is typically the slowest time of the year in real estate.
Having said that, the real motivated buyers and sellers are still out there trying to make a deal happen.
Some of the best deals I have seen have gone down during the holiday season.
On this episode, I answer the following four real estate questions:
1) At what point during the year are home sales usually the slowest?
2) Now that we found a buyer for my home and we are in escrow, is it safe for us to start moving out?
3) A lot of the homes I am touring are selling for more than the list price. How am I supposed to buy a property if everything I am interested in keeps selling over the asking price?
4) I do not want to spend a dime on staging my home. What other options are out there to make my home look more attractive to buyers?
We have almost 20,000 Instagram followers... join us!
The Ennis House just sold for $18,000,000 in the Los Feliz hills.
The home was designed by Frank Lloyd Wright for Charles and Mabel Ennis and was built in 1924.
The design of the house was based on the ancient Maya Temples and its notable detail is the relief ornamentation on its 27,000 perforated and patterned decomposed granite blocks.
Filmmakers flocked to its location. The home shot to fame when the exterior façade was used for the House on Haunted Hill in 1958, but it is most known for being in the movie Blade Runner and the TV show Buffy the Vampire Slayer (one of my favorite shows growing up!).
The house was included as one of the top ten houses of all time in Los Angeles Times, and is a designated California Historical Landmark, and a Los Angeles Historic-Cultural Monument.
One in five U.S. homeowners say they feel house rich but cash poor, according to the newly released Hometap Homeownership Study.
With home prices continuing to climb up, nearly 20% of 675 homeowners surveyed classify themselves as feeling “house rich, cash poor” most of the time, according to the study produced by Hometap.
Seventy-three percent of respondents say they feel “house rich, cash poor” at least some of the time.
I bet if they surveyed renters they would find similar numbers.
I believe we all face similar challenges.
After all, I think being worried about how you are going to provide shelter and food for your family is a feeling all humans have had since the cavemen times. @hometap_
Your friend told you they were thinking of selling their home.
What do I have to do for you to refer me to that friend?
Text me at 818-445-7953.
Thank you!
Let's say an unexpected emergency comes up and you, the seller, must now stay at your property longer than what you agreed to when you initially accepted the buyer's offer to purchase your home.
You and the buyer, during escrow, can make an amendment to the contract to change the day when you hand over possession of your home.
As long as it's put in writing in a amendment and signed off on by all parties involved, possession of the property can change hands on whatever day everyone agrees to.
I understand that you are upset that you received a low ball offer on your house... but now is not the time to get emotional about it.
The last thing you want to do is get ticked off and refuse to respond to the low ball offer.
The good news is that the hardest part is done... you found someone who is interested in your home.
What you need to do now is clean up the terms of their offer, and isolate the price issue.
For example, if they have a 21 day loan contingency, counter them at 18 days. If they have a 17 day inspection contingency, counter them at 10 days.
Clean up all those bad terms and isolate just the price. Counter them at full asking price if you want.
By doing this, when they counter you back, they have accepted your revised terms of the offer, and you are now only focusing on price... nothing else.
At this point, your agent has to do a good job of negotiating and bringing the buyer up.
You would be amazed at how many buyers I have dealt with that are just bluffing. They love the house and eventually come up in their purchase price.
Stick with them, because after all, they have shown an interest in your home.
On this episode, I answer the following 4 real estate questions:
1) How is the housing market going to be in 2019?
2) We just accepted an offer from a lovely couple to buy our house. What happens now?
3) Daniel, I am a real estate agent and I currently have 3 homes listed. They've been on the market for many months, in fact, I lowered the price on 2 of them… what's your secret to selling?
4) What is a statewide buyer and seller advisory?
We have over 16,000 followers on Instagram... come join us! @DanielLosAngeles
If you are selling your home, typically you will pay your agents commission AND the buyers agents commission.
-
In this situation, the buyers do not pay a dime towards commissions.
-
Keep this in mind when preparing to sell your home.
Save the time stamps for your personal family pictures... and not when trying to sell the most expensive item you personally own (your home).
.
If your agent leaves a time stamp at the bottom of your properties marketing pictures, not only is it unprofessional, its lazy.
.
Call your agent out on it!
.
Happy Mother's Day!
You will have less agents showing your home if you have this contingency.
-
Most agents want to get paid now and they don't want to wait around for you to find your next home.
-
Less agents showing your home means less of a chance of a bidding war... and that means less money for you.
If you are not able to find a home to purchase... your not alone.
-
The San Fernando Valley has recently had record low inventory. That means there are very few homes for sale!
-
Because there are so many buyers out there, it is hard to outwork the competition.
-
Here are a couple of ways to get your offer accepted:
-
Have a big down payment... 20% is average these day.
-
lower you inspection periods. You don't need 17 days to do an inspection. Get it done in 7.
-
Write a personal letter to the seller. Most buyers don't do this. Be different.
-
Stay optimistic. You will find a home.
In this episode of The #AskDanielLosAngeles Show, I answer the following real estate questions:
-So far we have put in 2 offers, and they both got rejected. We really want to buy a house in Burbank but nothing seems to be working out for us. What are we doing wrong?
-I'm ready to buy a home. What is the first step I should take?
-Who pays for the appraisal? Is it the seller or the buyer?
-When you get multiple offers on a property you are selling, how do you decide which offer to pick?
How can you consistently be in front of relevant potential buyers for your home?
Retargeting is key.
Once someone views your marketing video on Instagram or Facebook, you can retarget them using Facebook's retargeting tools.
You know they are interested because they viewed the video once, therefore, you should constantly market to them until the home sells.
