happyhalloween

Fed holds off on rate hike for second straight meeting

The Federal Reserve left interest rates unchanged on Wednesday, the first time in nearly two years that the central bank paused rates over the course of two consecutive meetings.

While some have interpreted the latest pause as a sign that the Fed is nearing the end of its rate hikes, inflation remains stubbornly above the central bank’s 2 percent target, and the labor market is hotter than officials would like.

Federal Reserve Chair Powell said the strength of consumer and small business finances may have been “underestimated” as spending remains strong.

Barring any major news stories over the next 45 days, I'm anticipating a rate hike at the Fed's December meeting.

Source: The Hill

Investment Opportunity: Tenant-Occupied Condo with Rental Income!

For a private tour call/text the listing agent, Daniel Madariaga, at 818-445-7953. For more info visit VictoryCondo.com.

15070 Victory Blvd. #103

Van Nuys, CA 91411

Located within a secure gated community, this single-level condo offers 2-bedrooms, 2-bathrooms, and a large balcony with garden views.

The primary bedroom has an ensuite bathroom with a walk-in closet. Enjoy cooking in the well-equipped kitchen, complete with stove and dishwasher.

Other features include central AC/Heat, an in-unit washer and dryer, and a gas fireplace. The unit comes with 1 gated parking spot and a private storage unit.

The complex features a pool and BBQ areas. Pets are welcome. HOA dues include the unit's water bill.

The property will be delivered tenant occupied. The tenant's lease ends on 1/31/24. Rental income is $2,375 per month.

16.6% of escrows were canceled in September, a new high since October last year

A cocktail of high mortgage rates and high home prices has driven potential buyers to back out of deals at the highest rate in a year.

Monthly pending home sales that fell out of a contract in the US for the month of September notched 16.6%, the highest since October 2022 when mortgage rates surpassed 7%.

Of the 50 most populous metro areas analyzed, cities in Florida were found to have been hit hardest by rising deal cancellations in September. Jacksonville, Orlando, Tampa, Fort Lauderdale, and Miami all saw deal cancellations above 20% of pending home sales. At the top of the charts was Atlanta, with 24.4% of home deals that fell through.

Source: Business Insider

45% of prospective buyers keep getting outbid

A majority of house hunters say it’s not prices that are keeping them out of the housing market—it’s other buyers. 45% of prospective buyers recently surveyed say they keep getting outbid by other offers, according to a new survey from the National Association of Home Builders. The NAHB says this is only the third time in the survey’s history that the top reason prospective buyers have been unsuccessful has not been due to finding a home at an affordable price.

In the third quarter, 66% of active home buyers say they’ve spent three months or more searching for a home without success.

Source: National Association of Home Builders’ Eye on Housing blog

Get your offer in by Halloween night to own Nancy's home from "A Nightmare on Elm Street".

How old were you when you first saw "A Nightmare on Elm Street"? I think I was 10.

Nancy’s house is for sale! Beware... you only have until midnight on Halloween to put an offer in!

Asking price: $3,250,000

This Dutch Colonial has 3 bed/3.5 bath, 2,700 sq. ft. of living space, and is on a 6,752 sq. ft. lot.

The expanded and renovated home features an open retro modern kitchen, office, ensuite bedrooms, and a detached guest house.

Freddy Krueger look-alike not included.

Bidding wars hit lowest level of 2021

Only 58.9% of home offers faced competition in September, the lowest level for 2021 so far, according to a market index produced by Redfin based on offers written by its agents. That’s down from a peak of 74.3% in April. September also marked the fifth consecutive month of declines in bidding wars.

Still, homes are selling quickly: 86% of homes sold in September were on the market for less than a month, according to the National Association of REALTORS® latest housing report. About 33% of homes that went under contract had an accepted offer within just one week of being listed on the market.

45% of homes sold at or above list price, up from 22% in 2019.

2 Hot Home updates. Watch now!

Here's an update on 2 "Hot Homes" from earlier this year.

Hot Home #1: Hermosa Dr., San Gabriel

Asking price: $1,495,000

Sold price: $1,660,000

Hot Home #2: Rossmore Ave., Los Angeles

Asking price: $12,375,000

Sold price: $10,000,000

See inside this notorious Los Feliz House - super scary!

Known as the Los Feliz Murder House, this home has a really creepy story behind it!

On the night of December 6, 1959, Dr. Harold Perelson murdered his wife Lillian while she slept with a ball-peen hammer. He then attempted to kill his oldest daughter, who managed to escape. Harold then told his other children to go back to bed and he went into the bathroom and killed himself with a mixture of Nembutal and tranquilizers. No one has ever really understood why, but we know that there were money troubles.

Shortly after the killings, the family’s home was sold via probate auction to Emily and Julian Enriquez. While the couple visited the mansion on occasion, and even stored some of their possessions there, for reasons that are unknown, they never lived at the property, nor did they ever move the Perelsons’ belongings out! The house sat, frozen in time, collecting dust on its furnishings.

For decades, flocks of curious visitors have climbed the hill to peer through the windows at the dust-covered dolls, crusting cans of food, and half-made beds - but none were ever allowed in.

The home eventually sold in March 2016 to Lisa Bloom and her husband, Braden Pollock. They began the extensive remodel, but then in 2019, they listed it again stating, “After three years of efforts, we gave up.”

The home is currently in escrow. Let's see how much it ends up selling for!

Original Asking price: $3,500,000 - it was reduced to $2,500,000 in October 2020.

•5 bedrooms

•4 bathrooms

•5,050 sq. ft. of living space

•26,325 sq. ft. lot

Find out the truth about this just sold, storybook home in the Burbank Hills

This is Burbank's most expensive home sold this week. Classic storybook home in the Burbank Hills.

It's a corner lot, so a big part of the lot is on the front/side yards, leaving little room in the backyard.

•4 bedrooms

•3 bathrooms

•2,399 sq. ft. of living space

•6,167 sq. ft. lot

•Remodeled chef's kitchen

•Finished attic room

Asking price: $1,399,000

Selling Price: $1,385,000

Quick! Make this "Hot Home" in Toluca Lake yours.

Here is Toluca Lake's latest “Hot Home”

•3 bedrooms

•3 bathrooms

•1,810 sq. ft. of living space

•6,021 sq. ft. lot

•Covered patio with pool

•Finished garage

Asking price $1,399,000

For a private tour, text me at 818-445-7953.