L.A. real estate news and insights.
Here are some national stats:
•Time on the market is now 4 days faster than last year.
•Median listing prices grew at 9.4 percent over last year.
•New listings were down 11 percent.
•Total inventory was down 35 percent.
•The West region of the U.S. continues to lead in the national housing recovery during the pandemic.
When you accept a purchase offer for your home, escrow begins.
The escrow period is the time from offer acceptance to the day the title of your home officially changes from you to the new buyer.
During that time period the buyer of your property is doing their inspections and getting the loan to buy the home.
A buyer using a conventional loan (5% or more for the down payment) will usually close in 30 days.
However, a cash buyer doesn't have to go through the loan process, so they usually close in 7 - 14 days.
Buyers using a FHA loan usually close in 45 days.
On this episode, I answer the following four real estate questions:
1) Do you think home prices have gone up in value so far in 2019?
2) What should I expect to happen as I get closer to closing escrow on our home?
3) We are in the middle of buying a house right now. When does the title get transferred over to us and we officially become the owners of the home?
4) Once we close escrow, when do we turn over possession of my home to the buyer?
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