Home prices lower because of the Corona virus?

Some home sellers want to get the deal done and are flexible on their selling price. However, the majority of home sellers are not so flexible.

What I am seeing, based on my own research on the MLS, is that there have been several escrows that have been canceled ever since the stay-at-home order has been issued.

The owners of those homes have either chosen to put their properties back on the market, with the same asking price or have chosen to put their listing on "hold - do not show" status.

Housing data from the National Association of Realtors tend to run about a month behind. Therefore, I expect to get some hard data from them on how today's home prices are currently being affected around May 2020.

Episode 36 of The #AskDanielLosAngeles Show

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

1) Are home prices lower right now because of the coronavirus pandemic?

2) Should I submit an offer on a home during the pandemic?

3) Will future home prices fall because of the pandemic?

4) What should be my home selling strategy during this pandemic?

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Realtors can show properties again

Residential real estate has now joined the list of essential services during the coronavirus crisis.

Agents can now resume showing property, do property inspections, take listing appointments, etc.

These activities must be done in conformity with current health guidelines. Real estate licensees must follow all CDC and local health mandates.

In addition, no open houses should be held and showings should be done virtually, if at all possible.

90-day pause on your mortgage payments

Four of the five largest banks in the U.S. have agreed to let California residents skip mortgage payments for 90 days if they have lost their jobs or are struggling financially due to the coronavirus pandemic.

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with about 200 state-chartered banks and credit unions, voluntarily agreed to waive mortgage payments for California residents who are having trouble paying bills because of the COVID-19 outbreak.

Bank of America has also agreed to waive payments, but only for 30 days👎.

Your mortgage company will not automatically set you up with this plan. You have to call them to sign up!

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?

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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?

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At 37%, millennials are the biggest home buyers on the market

The National Association of Realtors reports that older millennials, between the ages of 29-38, hold 26% of the home-buying real estate market share.

The second-largest group are the Gen Xers who hold 24% of the market share.

Woodland Hills "Hot Home"

The asking price for this Woodland Hills home is $1,175,000.