Here is the most expensive home to sell this week in Studio City.
Asking price: $2,299,950
Selling price: $2,260,000
This is what the most expensive home to sell this week in Studio City looks like
Burbank had 26 property sales for the month of May
There were 63 property sales in Burbank for May 2019.
LA county home sale transactions are down, prices are up
In Los Angeles County, the median home price rose 3.8% to $630,000, while sales dropped 35.2%.
I suspect transactions are down because a good chunk of sellers took their properties off the market.
Fewer homes on the market obviously mean fewer homes can be sold.
The homeowners that did keep their home on the market are not experiencing price drops... it's actually the opposite.
Home prices continued to see marginal gains from a year earlier.
If you are waiting for a market crash, don't hold your breath.
Attention Saugus home buyers!
Just Listed! www.CacerasStreet.com more info.
Offered at: $549,000
Saugus home buyers! Here is your chance to own an incredible single-story, 3-bedroom 2-bath, move-in ready property.
This beautiful home is bright and spacious. The living room is open to the recently remodeled kitchen and overlooks one of the quietest and private backyards you will see on the market. You will absolutely love the master bedroom with its own attached master bath.
Other features include stainless steel appliances and quartz countertops in the kitchen, full copper plumbing, central A/C & heat, newer electrical panel, dual paned windows throughout, 2 car attached garage with an extra-large laundry area (washer and dryer included), covered patio with outdoor lighting, fruit trees (oranges, apricot, peach, pomegranate), and it’s all within walking distance to Highlands Elementary School and the very fun Central Park where you will find a kids playground, dog park, and basketball courts.
So if you are looking for a move-in ready home, with an ultra-private backyard, at a great value, this just might be the home for you.
Pictures have been virtually staged.
Should I put an offer on a home during the pandemic?
During the stay-at-home order, take advantage of less buyer competition and sellers that are willing to negotiate.
Once the order is lifted, I believe bidding wars will come back and sellers will once again be fully in control.
Get a good deal on a home that listed after 3/20/20
Look at listings that hit the market after the stay-at-home order was put into effect.
Use date 3/20/20 and after.
These home sellers were fully aware when they put their home on the market that the stay-at-home order was in full swing, and they decided to put their home on the market anyway.
This tells me that these homeowners need to sell, are highly motivated, and are ready to negotiate.
If you have been facing bidding wars over the last year... if you are tired of putting in offers over the asking price... now is the time to strike!
Once the order is lifted, I believe the bidding wars will start again and the sellers will be back in full control.
Home prices lower because of the Corona virus?
Some home sellers want to get the deal done and are flexible on their selling price. However, the majority of home sellers are not so flexible.
What I am seeing, based on my own research on the MLS, is that there have been several escrows that have been canceled ever since the stay-at-home order has been issued.
The owners of those homes have either chosen to put their properties back on the market, with the same asking price or have chosen to put their listing on "hold - do not show" status.
Housing data from the National Association of Realtors tend to run about a month behind. Therefore, I expect to get some hard data from them on how today's home prices are currently being affected around May 2020.
Episode 36 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) Are home prices lower right now because of the coronavirus pandemic?
2) Should I submit an offer on a home during the pandemic?
3) Will future home prices fall because of the pandemic?
4) What should be my home selling strategy during this pandemic?
We have over 20,000 followers on Instagram... come join us!
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!
Previous owner didn't disclose high noise level. Can I sue?
During your inspection contingency period, take a nighttime drive around the neighborhood of the home you are buying.
If you determine the property is in a noisy area, you may want to consider backing out of the deal using your inspection contingency.
Don't wait to see if there is a lot of noise after you close escrow... it will be too late.
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.
At 37%, millennials are the biggest home buyers on the market
The National Association of Realtors reports that older millennials, between the ages of 29-38, hold 26% of the home-buying real estate market share.
The second-largest group are the Gen Xers who hold 24% of the market share.
Woodland Hills "Hot Home"
The asking price for this Woodland Hills home is $1,175,000.
