L.A. real estate news and insights.
It's been a bit of a battle for homebuyers in 2019.
They have faced heavy competition from other buyers and prices going above the asking price.
Many of them have heard "sorry, your offer has not been accepted" at least once.
Heading into the holiday season, they are now focused.
They know how the market is and are ready for war.
I am expecting a hot end to the typically slow 4th quarter of the year.
The price per square foot of this home was calculated by dividing the asking price of the property by the square footage.
This particular home has the cheapest price per square foot for the entire city of Studio City.
Many factors should be considered when buying a home. Before putting in an offer, you should always see how the price per square foot on the home you like compares to other recently sold homes in the area.
Original List Price: $775,000 Selling Price: $666,666.
These motivated sellers unloaded their property for more than $100K below their original asking price.
The home needs a complete remodel, but because of the fairly good location (the closer you get to the airport the less desirable the property is) and the decent size of the home, the buyers should see a nice return on their investment.
"Jesse Pinkman's" house is on the market!
The original asking price earlier this year was $2,499,000.
It has now been reduced to $2,198,000.
This LA home features some incredible views and a great location!
Back in February of 2018, an individual emailed me inquiring about an online article I had posted.
The article was titled "Analysis: Real estate price action in Northridge and what buyers and sellers should know.”
This person wanted to know if I had heard of the new development in Porter Ranch and if I thought it would be a good investment.
My response was that the Toll Brothers consistently put out beautifully constructed homes and are always in high demand.
For those reasons, backed by the data stated in the article I sent him, I told him that a Toll Brothers home in that community would indeed make a great investment.
We took a tour of the model homes, stood on the vacant lot where they would build his home, and he decided to move forward and buy the property.
After about a year and a half of customizing the home amenities and waiting for construction to conclude, the home was finally completed.
He just closed escrow on the property and is extremely happy with the way everything turned out.
I am happy for him and his family and can't wait for the housewarming party!
Here is how the Toll Brothers describe the community...
"The Vistas collection offers well-designed single-family homes, some with gorgeous canyon views. Vistas have a variety of options available like an optional balcony off the master bedroom suite, master spa bathroom, and more.
The Vistas at Avila also provides its residences exclusive access to a resort-style recreation center with a pool, spa, cabanas, outdoor TVs, barbecues, wading pool, and a state-of-the-art clubhouse, perfect for hosting family and friends or just enjoying the beautiful California weather.
The Avila village is also located next door to the award-winning K-8 Porter Ranch Community School, families with young children can easily walk, bike, or take a short drive to and from school. The exciting future 50-acre Porter Ranch Community Park, coming soon, is located just South of the Avila village and can be accessed via foot, bike or car.
Travel is no problem for Porter Ranch residents who enjoy easy access to local freeways, which makes traveling via LAX or Burbank airports a breeze.”
I'm always going to recommend first that you do real staging when trying to sell your property.
You want buyers to fall in love with your home the second they walk in.
Staging will allow the buyer’s emotions drive their purchasing decision.
If you refuse to have your home staged, virtual staging is the next best thing.
I have even had my graphic designer work with the current furniture that is in the home.
The designer can use their digital furniture in conjunction with your real furniture.
That way you don't have to move a single piece of furniture at your home and your marketing pictures will still end up looking great.
If you are getting ready to sell your property, you should consider staging your home.
That is when a home stager comes in and furnishes your house with modern, new, clean furniture. It makes your home look like a model home.
The problem with staging is that it costs money. The minimum cost will be around $3k.
If you refuse to do that, you should consider virtual staging.
This is where you take a picture of an empty room in your house, then a graphic designer edits the picture and ads computer-generated furniture.
In most cases, your marketing pictures will end up looking great.
You will definitely get a lot of attention to your online listing and will bring people in to see your home.
The problem arises when the buyer shows up to tour the home.
They came to see a beautiful model looking home and they end up taking a tour of a bunch of empty rooms.
This is not the ideal situation to put a buyer in.
But, virtually staged photos are better than showing a vacant room or a room filled with furniture from the 1980's.
My 72 Hour Home Selling program will get you top dollar for your home in a very short amount of time. Text me to find out how it works. Thanks! 818-445-7953
Agents are strategically putting the asking price on their listings lower than fair market value.
By doing this the listing gets a lot of attention and gets multiple offers.
The property then sells for above-asking price, usually at fair market value.
Now that you know this info, be prepared to put in an offer on a home above your budget.
You could also look at properties below your budget and anticipate that the price will go up to your original budget.
Are you constantly being outbid when submitting an offer on a home?
Having a lower asking price is a widely used strategy by real estate agents to get multiple offers on their listing.
If you are seeing this a lot in your search area, adjust your budget!
Let's say your budget is $800k and you notice you have been outbid now a couple of times by buyers offering $25K above the asking price.
Adjust your budget down to $775K.
That way you can now be the one to submit an offer above the asking price.
You will now be the one who is outbidding all the other buyers by $25k.
Of course, have your agent do a market analysis on the property to make sure whatever amount you are offering is fair market value for the property.
