Asking price $1,299,999
For the general location, in Google maps, put in "Huntington Dr. and Alhambra Rd."
This home has 2 bed/2 baths, 1,392 sq. ft. of living space, and over 6,616 sq. ft. for the lot.
Text me for more info at 818-445-7953.
Homeowners tempted to use equity
Homeowners are seeing record levels of equity in their properties, and many plan to tap into some of that newfound wealth.
Mortgage holders have an average of about $185,000 in home equity, according to research from Black Knight. That amount assumes retaining a 20% stake in the property.
The options to draw money from a home are typically cash-out refinancing, home equity lines of credit, and reverse mortgages. Homeowners aged 62 and over have been using equity from their homes more often, driven mostly by cash-out refinances, according to Urban Institute research.
“As interest rates rise in the coming year, you could see folks using more second lien products … to tap some of that equity when they need it,” Karan Kaul, principal research associate at the Urban Institute’s Housing Finance Policy Center, told CNBC. “Folks already have a very low rate, and as rates rise, it’s not going to be economical for most of them to refinance.”
Kaul predicts a shift from cash-out refinances to HELOCs, which are often used to remodel a home.
But Greg McBride, chief financial analyst at Bankrate.com, says that even as more homeowners consider leveraging equity in their home, they should remember that it isn’t 2005, when equity lending policies were looser. He says lenders aren’t allowing homeowners to pull out “every last nickel of equity that you have. Just because you have home equity doesn’t mean you can borrow from it,” he told CNBC. Most lenders will require owners maintain at least 20% equity in their home.
Euphoria actress Sydney Sweeney just bought her 1st house! Take a look inside!
Euphoria’ Star Sydney Sweeney buys her first home in Westwood.
Asking price: $2,695,000
Selling price: $3,000,000
This Tudor Traditional home has 5 bed/4 bath, 3,200 sq. ft. of living space, and is on an 11,814 sq. ft. lot.
The Comstock Hills home features a newer funicular that was added for ultimate convenience with direct access from the garage to the front door.
Iggy is saying goodbye to Hidden Hills! Not 'FANCY' enough?!
‘Fancy’ Rapper Iggy Azalea has just listed her Hidden Hills home.
Asking price: $6,195,000
This home has 5 bed/5 bath, 5,228 sq. ft. of living space, and is on a 46,211 sq. ft. lot.
The property has a 2-story guest house, screened-in porch, new saltwater pool, and it comes with completed plans with permits to remodel some of the home.
Text me if you want a tour at 818-445-7953.
Over 5M borrowers missed refinancing savings
The number of owners who can save by refinancing is down by more than half from the start of this year to 5.9 million, according to Black Knight data. Black Knight considers refinance candidates as 30-year mortgage holders who have a maximum 80% loan-to-value ratio, a credit score of 720 or higher, and a likelihood of reducing their current first-lien by at least 0.75%.
The average 30-year fixed-rate mortgage has climbed by about 50 basis points in the first weeks of the year.
Still, even with recent mortgage rate increases aside, many of those 5.9 million borrowers could still see savings of $275 a month per borrower, according to Black Knight. More than 1 million of them could save at least $400 a month, and 661,000 borrowers could trim $500 or more from their monthly mortgage at current rates.
The remaining borrowers may have missed the opportunity to save by not refinancing when mortgage rates were below 3%. The number of refinance candidates has dropped significantly from about 11 million at the start of the year and is down by about 20 million in late 2020.
Mortgage applications to refinance a home are down by half from a year ago, the Mortgage Bankers Association reports.
Nearly 18 million homeowners have refinanced over the last two years.
While many homeowners over the last two years have taken advantage to lower their mortgage payments, they’ve also quickly accumulated equity, in record amounts. A sharp increase in home prices has meant that, in the last year, homeowners have gained an average of $50,200 in equity, according to data from the National Association of REALTORS®.
Would you buy a condo in a historic building in Downtown Los Angeles?!
Would you live next to Skid Row? Here is the cheapest condo that sold this week in DTLA.
Asking price: $419,000
Selling Price: $425,000
This condo has 1 bed/1 bath, and 725 sq. ft. of living space. There are 14 floors with 130 residential units.
The historic A. G. Bartlett Building features a rooftop deck, 2nd-floor patio, and 24hr security.
The Bartlett building was given Mills Act status giving homeowners up to 70% off their property taxes. The city offers this in hopes of attracting people to the area, revitalizing the neighborhood, while also preserving historic structures in LA.
Are you looking for a home in North Hills?! Stop and watch!
Most expensive home for sale this week in North Hills.
Asking price: $867,500
This Mid Century home has 4 bed/3 bath, 1,878 sq. ft. of living space, and is on an 8,200 sq. ft. lot.
The corner lot home features a 2 car garage, pool w/ spa, fire pit, large grassy area, and patio.
Text me if you want a tour at 818-445-7953.
Check out the view from this week's "Hot Home" in Silver Lake!
Text me if you want a tour at 818-445-7953.
“Hot Home” in Silver Lake.
Asking price: $2,599,000
This Danish Modern style home has 2 bed/2 bath, 1,213 sq. ft. of living space, and is on a 12,086 sq. ft. lot.
The home features Fleetwood walls of glass that reveal the historic Silver Lake Reservoir and mountain views.
Outdoors there is a custom hen house, raised vegetable garden, fruit trees, dining terrace, and workshop.
Don't miss out my latest OFF MARKET property in Woodland Hills! Contact me ASAP!
Off Market property in Woodland Hills. You won't find this one anywhere else but here.
This home has 5 bed/4 bath, 3,244 sq. ft. of living space, and is on a 9,913 sq. ft. lot.
The home features a double door entry into the foyer, a formal dining room, and an open kitchen with a breakfast bar.
The master bedroom has a walk-in closet, ensuite bathroom with shower, and jacuzzi tub.
Text me if you want a tour at 818-445-7953.
See my new OFF MARKET PROPERTY! Corner unit condo in Valley Village!
Off Market Condo Alert for Valley Village!
The condo has 2 bed/2 bath, and 1,260 sq. ft. of living space.
This corner unit features a large open floor plan, remodeled bathroom, laundry in unit, large bedrooms, private balcony, and 2 gated parking spaces.
Text me if you want more info at 818-445-7953.
LA home prices expected to go up 4.8% in 2022
Home shoppers may find some relief for escalating home prices, which have been trending with double-digit increases over the past year. Lawrence Yun, chief economist of the National Association of REALTORS®, said in a recent housing report that home prices likely will increase at a “gentler pace” over the next several months.
Realtor.com® released its 2022 housing forecast. They predict home prices in Los Angeles will go up 4.8%.
Take a look at this week's CHEAPEST home sold in Valley Glen!
Did the seller get a good deal?
Here is the cheapest home sold this week in Valley Glen.
Asking price: $895,000
Selling price: $932,000
The property has 4 bed/3 bath, 1,605 sq. ft. of living space, and is on a 5,940 sq. ft. lot.
The home features newly refinished hardwood floors, a freshly painted exterior, new carpet in bedrooms, dual pane windows, and loads of closet space.
There is also a large covered patio and swimming pool in the backyard.
Do you want to own this BRAND NEW HOME in Studio City?! Text me now for more info!
Off Market property in Studio City! Hurry, take a tour before it officially goes on the market!
This new construction, 2 story home with ADU, has 4 bed/5 bath.
There is 4,200 sq. ft. of living space and is on a 6,750 sq. ft. lot.
When completed the home will feature high ceilings, large floor-to-ceiling glass doors, an open kitchen, a master bedroom with a large walk-in closet, and an en-suite bathroom.
There is a swimming pool with a spa in the backyard, along with a giant ADU.
Text me if you want a tour at 818-445-7953.
Suburbs remain popular, even as cities stage comeback
The pandemic triggered a suburban home rush, and more than a year in, that doesn’t appear to be letting up. Even as big cities stage a housing comeback, the suburbs remain hot.
The number of home buyers shopping nationwide for suburban homes has jumped 42.1% since the pandemic began, realtor.com®’s data shows. Suburban homes comprised 62% of online home views in September compared to 38% for listings in urban areas.
“The suburbs have always attracted home buyers looking for more house for their money, but recent data reflects just how much suburban competition has intensified,” says Danielle Hale, realtor.com®’s chief economist. “With the rise in long-term remote work options and downtown rents making a rapid comeback, suburban vs. urban housing dynamics are shifting.”
Suburban housing activity continues to accelerate at a faster pace than in urban areas, Hale says. Further, “the price premium is shrinking between notoriously expensive urban housing and suburban for-sale homes, typically known for more bargains,” Hale says.
Inventories are slim, however. The number of homes for sale in the suburbs was down 13% annually in September compared to 8% in urban areas, realtor.com® reports.
Prices are rising faster in suburban locales. In 2020, the suburbs outpaced their urban counterparts’ price growth for the first time since 2017. The median listing price per square foot reached $212 in the suburbs in September, which is 18% higher than a year ago and 28.4% higher than the pre-pandemic 2019 level, according to realtor.com®. On the other hand, the median listing price per square foot of urban homes was $226, 14.9%, and 25.4% higher than 2020 and 2019, respectively.
Come revisit these past "HOT HOME"s with me!
Here's an update on 2 "Hot Homes" that I told you about in October 2021.
Hot Home #1: Atoll Ave., Sherman Oaks
Asking price: $2,179,000
Sold price: $2,220,000
Hot Home #2: Griffith Park Dr., Burbank
Asking price: $975,000
Sold price: $1,112,000