For the general location, in Google maps, put in "Burbank Blvd. and Ventura Blvd."
Text me for more info at 818-445-7953.
This condo has 2 bed/2 baths and 990 sq. ft. of living space.
The building amenities include a pool, spa, gym, and clubhouse.
Don't sleep on my latest off-market property in Sylmar! Available now!
For the general location, in Google maps, put in "Almetz St. and Fenton Ave."
Text me for more info at 818-445-7953.
This home has 3 bed/3 baths and 2,050 sq. ft. of living space.
The 2-story home features an open floor plan, a breakfast bar in the kitchen, a loft at the top of the stairs, and a primary ensuite with high vaulted ceilings.
The HOA covers the water utility, front yard, gardening basketball court, and visitor parking area.
More buyers are actively searching for a home
Despite higher interest rates negatively impacting housing affordability and demand for homes, not all buyers have been sidelined.
According to the latest Housing Trends report by the National Association of Home Builders (NAHB), in Q3 2022 59% of prospective buyers had moved beyond the planning phase and had become fully engaged in the buying process. This was up from 46% in Q1 2022 and 49% in Q2 2022.
The share of prospective buyers actively searching for a home rose in every region between the second and third quarter of 2022, with the West having the largest share at 68%.
Less competition and more inventory were the driving force for the share increase in the recent quarter.
Housing market even more competitive as higher rates kick in
Despite rising interest rates, buyer demand has yet to downshift in California. Home sales likely rose in March from February’s pace and several indicators showed a market that was even more competitive that it was in February with 71% of homes selling above asking prices and the typical home going from list to pending is just 8 days. In addition, the latest survey of REALTORS® suggests that few agents are experiencing buyers putting their search on hold or backing out of existing deals. Many would-be home buyers may be feeling a sense of urgency to complete their purchase before rates rise further, which is keeping the market tight so far.
Source: California Association of Realtors
First time on the market in over 40 yrs - sold to an ALL CASH BUYER!
Here is the cheapest home sold this week in Toluca Woods.
Asking price: $1,599,000
Selling price: $1,830,000
This fixer-upper home has 3 bed/1 bath, 2,210 sq. ft. of living space, and is on a 12,424 sq. ft. lot.
First time on the market in 46 years! Sold for $231K over the asking price – All cash!
More sellers are lowering asking prices
With mortgage rates now nearing 5%, many aspiring home buyers may have reached the top of what they can afford, especially as 40-year-high inflation affects the threshold for them.
As a result, the number of sellers dropping their asking price is growing at a faster clip than in the recent past. About 12% of homes for sale had a price drop during the four weeks ending April 3. That marks a jump from 9% a year ago.
Home prices are well above levels from a year ago. The average borrower is paying about 40% more than they would have for the same home a year ago on a monthly payment due to higher mortgage rates and higher home prices, according to the National Association of REALTORS®.
More consumers believe that mortgage rates and home prices will rise further, according to a monthly consumer sentiment index from Fannie Mae. “If consumer pessimism toward homebuying conditions continues, and the recent mortgage rate increases are sustained, then we expect to see an even greater cooling of the housing market than previously forecast,” Mark Palim, vice president and deputy chief economist at Fannie Mae, wrote about the consumer sentiment index’s findings.
However, some buyers may see an opening in the market. They may want to rush ahead of further mortgage rate increases or may see an uptick in new listings.
Source: “Rising Mortgage Rates Are Causing More Home Sellers to Lower Their Asking Prices,” CNBC (April 7, 2022)
Emmy Rossum & her husband Sam Esmail buy a new fancy home!
Emmy Rossum & Sam Esmail just bought this Mansion in Brentwood!
Asking price: $15,995,000
Selling price: $15,305,547
This Classic Traditional Estate has 7 bed/9 bath, 12,584 sq. ft. of living space, and is on an 18,750 sq. ft. lot.
The 3 floored home features an indoor/outdoor feel, with a gym, theater, butlers pantry, elevator, smart house tech, and 2 staircases.
The backyard has a loggia w/ fireplace & heaters, a huge field size lawn, BBQ, pool, spa & patios w/ firepit.
Don't ignore this "Hot Home" in Los Feliz!
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in Los Feliz!
Asking price: $1,998,000
This home has 3 bed/2 bath, 1,696 sq. ft. of living space, and is on a 5,980 sq. ft. lot.
The home features high-vaulted ceilings, an oversized brick masonry fireplace, and all bedrooms have access to the private backyard.
There is a waterfall swimmers pool, spa, dining patio, and grassy area in the backyard.
This week's "HOT HOME" in Toluca Terrace - Get it while it's HOT!
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in Toluca Terrace!
Asking price: $1,825,000
Built in 1941, this home has 4 bed/3 bath and 2,490 sq. ft. of living space. The lot is 7,666 sq. ft.
Move-in ready, hardwood floors, high ceilings, and an attached 2 car garage.
This Victorian home retains its old charm with new modern amenities!
This is the oldest home on the market in Pasadena - built-in 1883.
Asking price: $1,980,000
The Victorian home has 3 bed/3 bath, 2,224 sq. ft. of living space, and is on a 7,631 sq. ft. lot.
The backyard has a built-in BBQ, and there is a detached 2 car garage with an extended multi-functional studio with a bathroom and skylights.
Text me if you want a tour at 818-445-7953.
Competition remains unseasonably strong
Homes are selling even faster than they were at this time last year as buyers continue to compete in the housing market. Housing inventories are lower as well, down 28% from a year ago. In December 2021, the National Association of REALTORS® reported that existing homes for sale fell to an all-time low.
With fewer listings of homes last week, buyer interest again outpaced homes available, writes Danielle Hale, realtor.com®’s chief economist, in a weekly analysis posted at the site.
“With fewer homes for sale now than this time last year, homes are selling faster and successful buyers have to move quickly,” Hale writes.
Nationally, seventy-nine percent of homes sold in December 2021 were on the market for less than a month, according to the National Association of REALTORS®. Properties typically remained on the market for just 19 days in December.
As rents rise at a double-digit pace, renters are looking to homeownership for the safety net of a steady mortgage and hopes of long-term appreciation. Mortgage rates that remain under 4% are also an incentive.
However, the fear of rising rates has driven a “rush on new-home sales as buyers try to sign contracts to lock-in rates and beat further cost increases,” Hale says.
Hale says housing indicators point to additional sellers entering the market this spring, which buyers would welcome as they look for a bigger selection in the housing market. Surveys show that more homeowners are planning to sell over the next 12 months. With single-family home construction at a 1 million-plus pace, inventory is expected to improve in the coming months.
“Additional housing supply is what’s needed to help first-time home buyers and add momentum to the homeownership rate,” Hale says.
Coming soon to Valley Village
This 2 bed, 2 bath move-in ready condo is coming soon to Valley Village.
Asking price: $524,999
5604 Rhodes Ave. #103
Valley Village, CA 91607
For more info, text me at 818-445-7953.
It's too late to own P Diddy's Toluca Lake estate but you can still take a peek inside! WATCH!
P Diddy is selling his Toluca Lake home that his ex Kim Porter lived in.
Asking price: $6,999,999
Selling price: Pending
This gated estate has 6 bed/7 bath, 9,655 sq. ft. of living space, and is on a 23,399 sq. ft. lot.
The home features a grand 2 story entry foyer, a large kitchen and great room, a fireplace and balcony in the master suite, and a media room upstairs.
The backyard has a large pool w/ spa, lawn, and basketball court.
The late Kirk Douglas' Beverly Hills home is for sale & you'll never guess what's on the property!
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.
High inflation is affecting real estate
Rising inflation is pressing on Americans across the economic spectrum with costs for groceries to gasoline increasing. In November, consumer prices increased by 6.8% compared to a year ago, the largest annual gain in the past 40 years.
Some of the highest increases occurred for energy, shelter, cars, and food, which comprise about 61% of consumer purchases and account for 81% of inflation over the past 12 months, MarketWatch reports.
Renters may be feeling the impact. Rents are up 3% and accelerating at about 5% annually, says Lawrence Yun, chief economist of the National Association of REALTORS®.
Also, heating bills are increasing; natural gas prices have jumped by 25%.
Yun also warns that the increase in inflation is a primary reason that mortgage rates will likely rise in 2022. The 30-year fixed-rate mortgage is predicted to reach 3.7% by the end of 2022. Rates averaged 3.10% last week, according to Freddie Mac.
“One aspect of inflation is that real estate has proven to be a good hedge,” Yun says.
As he explains in a recent statement:
“In the 1970s, a high inflationary period when [the Consumer Price Index] averaged 7.1% per year, home price gains outpaced inflation with a 9.9% gain. Even when interest rates soared in the 1980s and thereby crushed home sales, home prices still held up to consumer price inflation: 5.5% versus 5.6%. That’s because rents are soaring. Other decades also show similar patterns. Therefore, for those concerned about the loss in purchasing power of money and savings, be assured that real estate has proven to be a good hedge against inflation.”
Source: “Instant Reaction: Consumer Price Index, December 10, 2021,” National Association of REALTORS® Economists’ Outlook blog and “Inflation Is Running Rampant in the U.S.—Here’s Where It Is, and Isn’t,” MarketWatch (Dec. 11, 2021).
