California median price hit a new high

With home sales continuing to recover in July and sales of higher-priced properties bouncing back faster than the rest of the market, the statewide median price hit a new high after setting a record just in June.

California's median home price reached $666,320 in July, jumping 6.4 percent from June's $626,170 and 9.6 percent from $607,990 in July 2019.

The monthly price increase was higher than the historical average price change from June to July and, in fact, was the highest ever recorded for a June-to-July change.

Source: World Property Journal

Home buyers are required to sign a PEAD-V Form before touring a home

PEAD-V (Coronavirus Property Entry Advisory and Declaration - Visitor) forms are now required to be signed by anyone entering into a home that is on the market.

The form basically says the visitor does not have the coronavirus and that the visitor understands the health risks involved when entering into the for sale property.

Homeowners, in order to avoid a lawsuit, you want to make sure everyone who is going to tour your home signs this form before setting one foot on to your property.

This is the cheapest home to sell this week in Studio City

Asking price $1,289,000 sold price $1,265,000

Do you think the back yard is big enough?

Episode 35 of The #AskDanielLosAngeles Show

On this episode, I answer the following four real estate questions:

1) Can I sue the previous homeowner if the neighborhood where the home is located in turns out to be very noisy?

2) The buyers for my home want to move in before we close escrow. Should we let them?

3) I need to drill a couple of holes to install a security camera outside my condo door. Do I need to have that approved by the HOA?

4) Is doing a final walk through a requirement?

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Do you know anyone looking to sell their home this Spring?

If I have brought you any value through my real estate content, it would mean the world to me if you referred me to your friends who are looking to sell their home this Spring.

They can text me at 818-445-7953.

Thank you!

How many homes should I visit before buying one?

The better you know the market, the faster you can identify a good deal.

Track properties that interest you, see what they sell for, and go to open houses.

This will give you an overall feel for the market.

Then connect with a seasoned agent that will guide you the rest of the way.

Corona Virus fears have caused interest rates to drop

The #coronavirus has scared #WallStreet and the #FederalReserve.

To stabilize the market, the Fed called an emergency meeting today and cut the interest rate.

Interest rates for home buyers have dropped to the low 3% range.

When my dad was selling properties back in the 1970s, interest rates were at 17%.

How long does a listing agreement last?

As long as you and the listing agent agree on the given amount of time, your listing agreement can be however long you want it to be.

Do a 1 day listing agreement to sell your home

When you list your home for sale with an agent, the first thing you need to do is determine how long you are going to give that agent an opportunity to sell your home.

The length of time is determined by you and the agent.

Nothing is set in stone.

You can do a year, 6 months (this is average), you can even do a 1-day listing agreement.

I have done plenty of 1 day listing agreements.

I use that when I want to show a home 1 time to 1 of my buyers.

Can you accept a Rolex as a deposit?

If the buyer refuses to send cash as their deposit, find another buyer.

Remember, the deposit is sent over within the first 3 days of opening escrow.

If the buyer is this difficult to work with just 3 days in, imagine how hard it will be for the rest of the 30 day escrow period.

Don't accept a Rolex as your home purchase deposit

As soon as you accept an offer for someone to buy your home, the buyer has to send over an all-cash good faith deposit.

This deposit is typically 3% of the purchase price of the property and is held by the escrow company in an escrow account just in case the buyer breaches the contract and you want to try to collect for damages.

If the buyer wants to send over anything but cash as their deposit, say no!

I have heard of buyers trying to use necklaces, #Rolex watches, and all types of other items for their deposit.

There are a few problems with this.

1) Will the escrow company hold a physical item as a deposit?

2) What is the true appraised value of the item?

3) Is that item real and authentic?

Because so many problems can arise out of this, only accept cash as your deposit.

If the buyer refuses, find yourself another buyer.

Episode 34 of The #AskDanielLosAngeles Show

On this episode, I answer the following four real estate questions:

1) The buyer for my home wants to use their Rolex watch as their good faith deposit. Is that even possible?

2) How long does a listing agreement usually last?

3) How many homes should I view before buying one?

4) My lender told me I will have to pay PMI. What is that?

We have over 20,000 followers on Instagram... come join us! @daniellosangeles