Remodel it or tear it down and build a new home?
Here is the cheapest home sold this week in the city of San Fernando.
Asking price: $679,000
Selling price: $650,000
6 bed/3 bath, 2,155 sq. ft. of living space, and is on an 8,142 sq. ft. lot.
Calling All Contractors! Don't miss out on this #fixandflip property!
Here is the best fixer-upper property for sale this week in Woodland Hills.
Asking price: $750,000
This home has 3 bed/3 bath, 1,845 sq. ft. of living space, and is on a 7,500 sq. ft. lot.
They are looking for an ALL CASH BUYER!
The home has an open floor plan, a carport for 2 cars, and a swimming pool in the backyard.
Text me if you want a tour at 818-445-7953.
Soaring housing costs contribute to highest inflation in 40 years
Housing costs are one of the top three categories causing inflation in the U.S. to surge, the U.S. Department of Labor announced Thursday. The largest items in households’ budgets—shelter, gasoline, and food—were the main culprits in February that fueled the highest inflation rates since 1982.
The Consumer Price Index, which measures price fluctuations in goods and services, increased 7.9% in February compared to a year earlier.
“There’s nowhere to hide,” Greg McBride, chief financial analyst for Bankrate, told CNBC. “This is hitting everybody … [with inflation] most pronounced on items that are necessities.”
Household grocery bills increased 8.6% over the last year; that is the fastest pace since 1981. Gasoline prices are up 38% compared to a year ago, although that statistic does not reflect the latest increases at the pump following Russia’s invasion of Ukraine.
Shelter costs such as rents are up 4.7% compared to last year. That is the highest since May 1991. “That comparatively benign increase … is likely to put the biggest squeeze on household budgets for the remainder of the year,” McBride told CNBC. Housing comprises more than a third of households’ average budgets.
Also, mortgage rates rose this week in response to higher inflation, averaging 3.85%, Freddie Mac reports.
“While it’s too soon to know how the war in Ukraine will affect the U.S. economy, it seems that it will continue to put upward pressure on inflation,” Nadia Evanelou, senior economist and director of forecasting at the National Association of REALTORS®, writes on the association’s blog.
In an attempt to try to tame inflation, the Federal Reserve is expected to start raising its short-term interest rates next week.
Source: “There Is ‘Nowhere to Hide’ for Consumers as Inflation Hits Food, Gas, Housing,” CNBC (March 10, 2022) and “Instant Reaction: Mortgage Rates, March 10, 2022,” National Association of REALTORS® Economists’ Outlook blog
This "well-lived in" home sold for $640K over the asking price... SMH!
Here is the cheapest home sold this week in Valley Village.
Asking price: $990,000
Selling price: $1,630,000
This Ranch Style home has 2 bed/2 bath, 1,345 sq. ft. of living space, and is on a 10,124 sq. ft. lot.
The home sold for $640K over the asking price. ALL CASH!
The well-lived home definitely needs to be restored and expanded.
They paid HOW MUCH for this home in Burbank?! Unbelievable!
Here is the most unbelievable home sold this week in Burbank.
Asking price: $995,000
Selling price: $1,125,000
This cottage-style home has 3 bed/ 2 bath, 1,571 sq. ft. of living space, and is on a 6,931 sq. ft. lot.
The unfinished home was sold in "As-is" condition to an LLC.
Do you think the new owner will remodel, tear down and build a new home, or build 4 units?
This home sold over the asking price this week in North Hills. Did they pay too much?
Here is the most expensive home sold in North Hills this week.
Asking price: $899,000
Sale price: $941,000
This home has a total of 5 bedrooms/ 3.5 bathrooms, 2,661 sq. ft. of living space, and a 7,805 sq. ft. lot.
The home features a newly remodeled farmhouse kitchen and a 2 bed / 1 bath guest unit above the garage.
Here is the most expensive price per sq. ft. home sold in Glendale this week
Here is the most expensive home sold per square foot this week in Glendale.
The selling price of the home was $1,210,000
Price per sq. ft. - $1,025.42
This Spanish bungalow has 3 bed/1.5 baths, 1,180 sq. ft. of living space and a 7,915 sq ft. lot.
The home features three separate structures: the main house, a wood cabin used for an artist studio, and a garage converted into an office.
Do you think the buyers overpaid?
Find out what they used to redo the exterior of this home in Valley Village
Redone in reclaimed wood sourced from a Montana barn, you have this beautiful Valley Village home that just sold.
•5 bedrooms
•5 bathrooms
•3,920 sq. ft. of living space
•7,956 sq. ft. lot
The property features a gourmet kitchen, wine cellar, pool, spa, and outdoor cabana with fireplace.
Asking price: $2,845,000
Selling price: $2,750,000
What can you do to find out if property tax is included in your monthly mortgage, RIGHT NOW?!
An impound account is an account maintained by the mortgage company to collect insurance and tax payments that are necessary for you to keep your home but are not technically part of the mortgage.
Some lenders require this, other lenders don't.
Check with the lender to see what their policies are before choosing to work with them.
Can I submit multiple offers after homeowner rejects my first?
If your initial offer gets rejected by the seller, don't be afraid to submit a new offer.
However, you have to improve either the terms of the deal or the price.
Find out what specifically the seller didn't like about your first offer and change that in your new offer.
For example, maybe the seller liked everything about your offer, but they hated that you wanted 17 days to inspect their home.
Bring that 17 days down to 10 days... maybe that one change will work for the seller and would open up the possibility of you getting an accepted offer.
Episode 37 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) My low ball offer was flat out rejected by the home seller. Can I still submit a new offer?
2) Are real estate taxes included with my monthly mortgage payment?
3) What is the difference between a list price and sale price?
4) The buyer for my home is not removing their inspection contingency. Can I cancel the deal?
We have over 20,000 followers on Instagram... come join us!
Your friend needs to get ready now for the home buying surge
Home buying demand has gone down during the stay-at-home order. Instead of 6 offers on a property, sellers are getting 1 or 2.
But the local news is starting to sound a bit more optimistic and there seems to be a light at the end of the tunnel.
In a few short weeks, I believe a buyer surge is coming.
Your friend who mentioned to you that they are thinking of selling their home should start preparing now for that buyer wave. I can help your friend prepare for the sale of their home.
We can immediately work on figuring out what makes their home so special, the properties unique selling proposition, and who the ideal buyer for the property will be. We can hire a professional photographer and videographer. We can also start running an aggressive pre market social media campaign.
However, I need your help to make this happen.
Tell your friend that you know a awesome real estate agent that can help them out. Give them my cell number, 818-445-7953, and have them text me. I'll take it from there.
My team and I are ready for the surge and can't wait to dominate the real estate market!
You can NOW fix and flip this home in Pasadena. Put in an offer NOW!
Let's put in a low ball offer!
Asking price is $525,000.
Do I need to hire a professional cleaning company before moving out?
Was your home professionally cleaned just hours before you officially accepted a buyers offer on your home?
If so, make sure to get your home professionally cleaned right before you deliver your sold home to that new buyer.
Was your home in need of a deep clean at the time the buyer’s offer was accepted? Good!
No need to get a professional cleaning company to come out and clean the home.
The point here is to deliver the home to the buyer in substantially the same condition that it was in when you accepted the buyer’s offer to purchase your home.
Your home buyer can back out of the deal by using their loan contingency.
Your home buyer can back out from purchasing your property by utilizing their loan contingency.
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What that means is that if the buyer cannot get a loan, they can back out and still get their deposit back.
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However, this has to be done during the loan contingency period. Loan contingencies are usually 21 days long and start when you have an executed purchase contract.
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If the buyer releases their loan contingency on day 21, they can no longer back out of the deal because of their loan contingency.
