It would mean the world to me if you referred me to a friend, co-worker, or neighbor that you think is getting ready to sell their property in 2022.
Text me anytime at 818-445-7953. Thanks!
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.
The Ace Family's mega-mansion hits the market at long last!
The Ace Family's foreclosed mansion finally hits the market!
Asking price: $12,999,900
This mega-mansion has 12 bed/13 bath, 13,349 sq. ft. of living space, and is on a 27,633 sq. ft. lot.
The property has resort-like grounds and has 360 unobstructed views.
Text me if you want a tour at 818-445-7953.
Buyers rushing to lock in mortgages
The housing market doesn’t appear to be following its typical seasonal slowdown this winter. Homebuyers appeared in a rush last week, with economists crediting rising mortgage rates.
Mortgage rates moved to their highest level in more than a year, the Mortgage Bankers Association reports. Buyers who are already facing higher home prices are watching mortgage rates closely as they affect what shoppers can afford.
Mortgage purchase loan applications increased 2% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase applications, however, are 17% lower than the same week a year ago, but real estate pros say that is primarily due to low inventories of homes for sale. They reported to CNBC anecdotally higher-than-normal activity in early January from home shoppers.
The MBA reports that the average contract interest rate for a 30-year fixed-rate mortgage for conforming loan balances rose to 3.52%, up from 3.33% the previous week. That marks the highest contract rate since March 2020.
“Mortgage rates increased significantly across all loan types last week as the Federal Reserve’s signaling of tighter policy ahead pushed U.S. Treasury yields higher,” says Joel Kan, an MBA economist.
Source: “Fear of Even Higher Mortgage Rates May Be Heating Up Winter Homebuying,” CNBC (Jan. 12, 2022)
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.
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.
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?
We have over 20,000 followers on Instagram... come join us!
