Here is the most expensive home to sell this week in Studio City.
Asking price: $2,299,950
Selling price: $2,260,000
This is what the most expensive home to sell this week in Studio City looks like
Burbank has had 13 property sales so far in the month of May
There were 34 property sales in Burbank for the same dates last year, 5/1/19 - 5/16/19.
The Secret of List Price vs Sale Price
There is no rule on what the list price of your home should be.
You can literally put the list price at $1.
I don't recommend doing that because you will get 1,000 offers and you will have to sort through them all to see who the real buyers are.
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.
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?
We have over 20,000 followers on Instagram... come join us!
P.M.I.
It's not the end of the world if you have to get P.M.I., but it should be avoided if possible.
If you can put at least 20% down when buying a home.
By doing so the lender won't require you to get P.M.I.
P.M.I. = Waste Of Money
P.M.I. stands for Private Mortgage Insurance.
Typically when buying a home, you have to pay P.M.I. if you put less than 20% for your down payment.
PMI protects the lender, not you if you stop making payments on your loan.
Think about that... the insurance is to protect them, but you have to pay for it!
Depending on your loan amount, it can cost you $200, $300, $400, on top of your mortgage payment.
You should avoid this if possible
Put at least 20% down and you will avoid paying P.M.I.
22500 Gilmore Street - Just Sold!
With a full-on marketing blitz on Instagram, Facebook, Tik Tok, Zillow, Redfin, Trulia, Realtor.com, Etc... my 22500 Gilmore listing received over 13,000 online views.
Our mega open house had about 65 people waiting in the street to get in to see the home.
After receiving 7 impressive offers, the sellers ended up going with an all-cash buyer.
The home sold for $101,501 over the asking price!
If you know someone who needs to sell their home, please share this with them and tell them I am available to help.
Thanks!
Can I use an alias when purchasing a property?
Name your trust whatever you want... Banana Trust... #LakeShow Trust... whatever you can think of.
Then when it comes time to buy a property, purchase the home under the trust name.
By doing that, the owner on record will show up as the name of your trust, and not your legal name.
This works if you want to buy under your LLC name as well.
