There were 34 property sales in Burbank for the same dates last year, 5/1/19 - 5/16/19.
The Secret of List Price vs Sale Price
There is no rule on what the list price of your home should be.
You can literally put the list price at $1.
I don't recommend doing that because you will get 1,000 offers and you will have to sort through them all to see who the real buyers are.
What can you do to find out if property tax is included in your monthly mortgage, RIGHT NOW?!
An impound account is an account maintained by the mortgage company to collect insurance and tax payments that are necessary for you to keep your home but are not technically part of the mortgage.
Some lenders require this, other lenders don't.
Check with the lender to see what their policies are before choosing to work with them.
Can I submit multiple offers after homeowner rejects my first?
If your initial offer gets rejected by the seller, don't be afraid to submit a new offer.
However, you have to improve either the terms of the deal or the price.
Find out what specifically the seller didn't like about your first offer and change that in your new offer.
For example, maybe the seller liked everything about your offer, but they hated that you wanted 17 days to inspect their home.
Bring that 17 days down to 10 days... maybe that one change will work for the seller and would open up the possibility of you getting an accepted offer.
How to calculate square footage cost
If you live in a condo, take a look at the price per square foot other units in your building have recently sold for.
That is one way to figure out what your unit is currently worth.
It's not as easy with a single-family home.
Unlike a condo, with a single-family home, you have to take the lot size into consideration as well.
Episode 33 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) I'm looking online at homes for sale. They all list the price per square foot. What does $500 per square foot mean?
2) We are in the final stages of closing on a condo. We are just about a week away from closing escrow. I'm not really sure this is the right place for us anymore. What's the worst thing that can happen if we back out of the deal now?
3) When I purchase a home, do I have to put the title of the property in my name?
4) I put in an offer on a property, but the listing agent said I have to get pre-approved with their lender before the seller can accept my offer. Why do I have to go through that process if I already got pre-approved through my own lender?
We have almost 20,000 followers on Instagram... come join us @DanielLosAngeles!
My favorite Studio City home that's currently for sale
Asking price: $7,500,000
It's been on the market now for 53 days... I bet there will be a price reduction soon!
Once they hit the 60 days on market milestone, I'm guessing the price will drop down to $6,999,999.
What do you think they should reduce the price down to?
Most expensive home to sell this week in Burbank
2221 W. Clark Ave Burbank, CA 91506
Original List Price: $1,390,000
Sold Price: $1,099,999
This Magnolia Park home is the most expensive home to sell this week in Burbank.
3 bed, 1 bath, pool/ spa – detached guest home has 1 bed, 1 bath.
Do you think this was a good investment?
Most expensive home to sell this week in LA
Original List Price: $22,500,000
Sold Price: $13,000,000
Breaking News! As of today, you can now rent this home for $42,000 a month.
20% of homes sold were purchased with cash
Home buyer demand hits highest level in 11 years
January continues to be a hot month for the housing market.
Weekly mortgage applications jumped 30% for the week ending Jan. 10, a sign that homebuyers are emerging in 2020.
As I mentioned in the past, buyers typically take a break in December, then start their search again in January.
Can I fire my real estate agent?
Check the first page of your listing agreement for the contract’s expiration date.
Once that date passes, the contract then becomes expired, your agent no longer works for you, and you are free to hire a new agent.
If you sell your home through a new agent before the listing agreement with your old agent expires, you will have to pay the new agent AND the old agent a full commission. ☹️
Check the expiration date of your homes listing contract
If you’re selling your home, and you sign a listing contract with a real estate agent, be aware of the contract’s expiration date.
Memorize that date!
If your agent is not doing a good job selling your home, once that date passes, you are free to hire a new agent.
You will no longer be obligated to pay the old agent a penny in commission.
Can I cancel while my property is in escrow?
Once you accept the buyers offer, you better prepare to actually sell your property.
Chances are the buyer will perform by removing all of their contingencies and you will have to abide by the contract by selling your property.
Accepting a purchase contract for your property is not a game or a joke... the consequences are very real.
It's hard to cancel escrow as the home seller
As a home seller, your options are very limited to cancel escrow with the buyer of your home.
You can't just wake up one day during escrow and decide you no longer want to sell your property.
You signed a contract to sell your property to the buyer, and you have to abide by that contract.
Sellers are able to cancel escrow if the buyer doesn't perform.
For example, if the buyer inspection contingency is over and they still have not removed that contingency in writing, you can then send the buyer a notice to perform.
That means the buyer has 3 days to remove the contingency or back out of the deal.
If 3 days pass and they still don't remove the contingency, then you can send the buyer an escrow cancelation form.
You have to wait on the buyer to not perform to be able to cancel escrow, you can't cancel because you changed your mind about selling.
