Survey: 94% of Sellers Don’t Disclose Property Defects

In a recent small survey, more than 90% of homebuyers say they found at least one issue with their home after the transaction that the seller didn’t disclose, according to a new survey from Cinch Home Services, a home warranty company. Even more alarming is that 94% of sellers admit to selling their homes without disclosing a known issue.

The top three problems buyers discovered after closing involved the electrical system, fixtures, and plumbing. The survey shows the majority came from unpermitted repairs and upgrades.

Source: Survey of 494 homebuyers and 476 sellers within the last year conducted by Cinch Home Services

Mortgage rates drop below 5% for the first time in 4 months

How long will this last?!?

The 30-year fixed-rate mortgage dipped below 5% for the first time in nearly 4 months averaging 4.99% for the week ending August 4.

Supply constraints and a tight labor market will likely push rates back up, especially since the Fed is determined to bring inflation down even at a cost of a slight economic downturn.

Source: California Association of Realtors

LA County property value hits record $1.9T

The value of Los Angeles County properties has reached a record close to $1.9 trillion.

The county’s total assessed property value for 2022 grew by a record $122 billion to $1.89 trillion, the San Gabriel Valley Tribune reported. The increase doubled last year’s growth of $63 billion.

This is the 12th consecutive annual increase.