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How is the housing market going to be in 2019?
The market is not crashing!
However, I do see home values going down 1% - 3% in 2019.
It's a small price adjustment compared to how much home values have gone up over the last few years.
Home buyers are getting nervous
In 2018, all I heard buyers say was "home prices need to come down" and "I wish there were more homes for sale".
Now that home prices have softened a bit and there's more housing inventory, buyers are getting nervous... not happy.
Buyers see this and think the market is going to collapse.
I have news for you... there is no crash in sight.
What is happening now in the market is what home buyers have been begging for.
You should be thrilled prices are lower and you have more to choose from.
How do loan contingencies work?
If you are in escrow on a property, and you can no longer qualify to get a loan, you can back out of the deal because of your loan contingency.
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Let me explain...
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When you first submit your offer, there is a section where you write in how many days you want for your loan contingency period.
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Do you have a really good lender? She might tell you that you only need 12 days for your loan contingency period. 21 days is average.
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You can keep your loan contingency in place the entire escrow, but you probably won't get your offer accepted having that long of a contingency... the shorter amount of time the better.
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As long as you back out of the deal within your contingency period, you should be able to cancel escrow without any problems.
Are there any fees involved if I switch to a new real estate agent
This is how you avoid paying double commission:
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1) Ask your original agent to put in writing that the contract you two have is officially terminated. There is a one page form provided by the California Association of Realtors that can be used.
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2) Wait until the listing contract expires. The listing agreement says when the contract ends. Look for that date and wait until that time passes. Then you are free and clear to hire another agent after that date.
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If you do not do either one of these, you are still under contract with your original agent.
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That means when your new agent sells your home, you have to pay the new agent her commission, and the original agent his commission.
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Now you know how to avoid this common mistake.
What's a counter offer when selling your home?
Don't like the terms of the offer you received on your home?
Send the buyer a counter offer!
You can Tell the buyer exactly what you need in order to make the deal happen.
Favorite Encino condo to sell this week
Original asking price: $474,995
Sold price: $475,000
I used to live at this complex many years ago... so it was a lot of fun helping out an old neighbor sell their unit 😄
Mortgage rates are now at a 7 year high
Home loan interest rates are only expected to go higher and higher.
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This factor, along with more housing inventory will, in my opinion, send us into a buyers market.
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Do you think a buyers market is coming?
Best remodeled home to sell this week in La Crescenta
Original asking price: $919,000
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Sold price: $875,000
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This #LaCrescenta property was sold BELOW the appraised value! 😝
Get your condo complex FHA approved before selling
Having your condo complex FHA approved will allow you to sell your unit to everyone... not just those with a 10% + down payment.
That's because FHA buyers can put as little as 3.5% down.
More competition creates a bidding war.
More money for you!
Why should we get pre-approved for a home loan first?
If you don't show me a pre-approval letter when submitting an offer on one of my listing, YOU WILL BE IGNORED.
Next step after receiving a verbal offer on your home
Don't waste your time on a verbal offer.
If they are serious, they will put it in writing.
Have you ever received a verbal offer on your home?
What do condo buyers typically look for?
When selling your condo, here are the 3 things(😅 🚗 👕)buyers are looking out for:
😅 Central AC/heat
🚗 Two private side by side parking spots
👕 In unit washer and dryer.
If you have all three, you may have a condo that will demand multiple offers.
Condo buyers demand move-in ready units
Condo buyers are very different than single family home buyers.
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Typically condo buyers want something they can move into right away. There are a couple of reasons for this...
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1) Condo buyers are usually younger and don't have enough money for a downpayment and renovations.
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2) Have you ever tried to remodel a condo? I have. It's a nightmare! Cutting up wood and granite countertops usually takes place outside. But when remodeling a condo, all of that has to be done inside the unit, leaving all the dust and dirt. At the end of the day, It looks like a bomb went off! Not to mention the crazy amount of noise the power machines give off in a confined space.
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I can't believe I ever did it!
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But even if your condo is not move in ready, there are 3 things that your unit might have that will still make it acceptable to buyers.
When selling your condo, always check if your condo complex is FHA approved
FHA approval for your complex means that you can sell your unit to a buyer who only needs to put down 3.5%.
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This is great news because there will be a lot more competition to buy your place.
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I currently have a listing in Encino, CA... you may remember this city from the movie #EncinoMan. Its a large city in Los Angeles.
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Guess how many complexes have FHA approval in all of Encino? Only 3! The complex that I am selling the unit in is one of the three. This is HUGE!
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Buyers who can only put a small down payment have no choice but to consider my listing for purchase.
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Had I not known the complex was FHA approved, my seller would have lost his competitive edge.
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And it's so easy to look it up!
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When you are interviewing agents to sell your home, you know you have found a good one when they tell you at their listing presentation if your complex is FHA approved or not.
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That’s what I did with the owner of my current listing 😉
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Is your complex FHA approved?
