With 284,875 views across all my social media platforms, here is my 4th most watched video of 2022!
This property is known as "The One".
43.4% of sellers have reduced their asking price
The share of Realtors who have seen home sellers reduce their price to attract buyers increased for the fifth consecutive month to 43.4%.
The share of buyers expecting lower prices also has more than doubled from 32% in April 2022 to 78% in September 2022.
Source: Latest California Association of Realtors monthly member sentiment survey
You can't find this off-market Hollywood Hills home anywhere else but here!
Text me for more info at 818-445-7953.
This Tri-level Spanish style home has 4 bed/4 bath, over 2,500 sq. ft. of living space, and is on a 9,500 sq. ft. lot.
The outside deck has a spa and seating area.
For the general location, in Google maps, put in "Franklin Ave. and Canyon Dr."
Housing market even more competitive as higher rates kick in
Despite rising interest rates, buyer demand has yet to downshift in California. Home sales likely rose in March from February’s pace and several indicators showed a market that was even more competitive that it was in February with 71% of homes selling above asking prices and the typical home going from list to pending is just 8 days. In addition, the latest survey of REALTORS® suggests that few agents are experiencing buyers putting their search on hold or backing out of existing deals. Many would-be home buyers may be feeling a sense of urgency to complete their purchase before rates rise further, which is keeping the market tight so far.
Source: California Association of Realtors
First time on the market in over 40 yrs - sold to an ALL CASH BUYER!
Here is the cheapest home sold this week in Toluca Woods.
Asking price: $1,599,000
Selling price: $1,830,000
This fixer-upper home has 3 bed/1 bath, 2,210 sq. ft. of living space, and is on a 12,424 sq. ft. lot.
First time on the market in 46 years! Sold for $231K over the asking price – All cash!
More sellers are lowering asking prices
With mortgage rates now nearing 5%, many aspiring home buyers may have reached the top of what they can afford, especially as 40-year-high inflation affects the threshold for them.
As a result, the number of sellers dropping their asking price is growing at a faster clip than in the recent past. About 12% of homes for sale had a price drop during the four weeks ending April 3. That marks a jump from 9% a year ago.
Home prices are well above levels from a year ago. The average borrower is paying about 40% more than they would have for the same home a year ago on a monthly payment due to higher mortgage rates and higher home prices, according to the National Association of REALTORS®.
More consumers believe that mortgage rates and home prices will rise further, according to a monthly consumer sentiment index from Fannie Mae. “If consumer pessimism toward homebuying conditions continues, and the recent mortgage rate increases are sustained, then we expect to see an even greater cooling of the housing market than previously forecast,” Mark Palim, vice president and deputy chief economist at Fannie Mae, wrote about the consumer sentiment index’s findings.
However, some buyers may see an opening in the market. They may want to rush ahead of further mortgage rate increases or may see an uptick in new listings.
Source: “Rising Mortgage Rates Are Causing More Home Sellers to Lower Their Asking Prices,” CNBC (April 7, 2022)
You won't believe how much this Burbank home sold for this week!
And it's on Buena Vista, a very busy street...
Here is the cheapest home sold this week in Burbank.
Asking price: $782,000
Selling price: $850,000
This remodeled/ upgraded home has 2 bed/1 bath, 864 sq. ft. of living space, and is on a 3,000 sq. ft. lot.
Would you have bought this home at this price?
I need your help! Please play the quick video below.
Do you have a friend, co-worker, or neighbor who is thinking about selling their property?
Referrals are what keep my real estate business going! I would be honored if you referred me to a homeowner that is getting ready to move.
Feel free to give them my number: 818-445-7953.
Thank you!
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.
Champagne Papi listed his YOLO Estate in Hidden Hills! Look inside!
Champagne Papi, AKA Drake, is selling his YOLO (You Only Live Once) Estate.
Drake owns 3 Hidden Hills homes right next to each other, and they are ALL for sale. He is asking $22.2M for the package deal, which is a total of 6.7-acres at the end of a cul-de-sac.
The backyard has a massive swimming pool w/ spa grotto, swim-up bar, cascading waterfalls, an 80-foot long rock waterslide & surrounded by TVs.
There is also a tennis/basketball court, sand volleyball court, horse stable & equestrian ring, a mechanical riding bull & 25-seat theater.
Bel-Air's "The One" has sold to the highest bidder! Find out who the new homeowner is!
Fashion Nova founder outbids others to buy the Bel-Air mega-mansion known as “The One”.
Asking price: $295,000,000
Selling price: $141,000,000
This "once-in-a-lifetime property" has 21 bed/49 bath, 105,000 sq. ft. of living space, and is on 3.8 acres of land.
It is the most expensive property sold at a U.S. home auction and is one of the largest/ grandest houses ever built in an urban setting.
The elevated property has panoramic views, 5 pools, a huge nightclub, full-service salon/spa, running track, and private Dolby Digital theater seating 40+.
Do you think you will ever need 49 bathrooms?
This Modern Farmhouse in Burbank won't stay on the market long! Don't miss out!
My brother is selling his Burbank investment property located in Chandler Park!
Asking price: $1,699,000
This rebuilt Modern Farmhouse has 4 bed/3 bath, 2,031 sq. ft. of living space, and is on a 5,777 sq. ft. lot.
The tech features of the home include an audio system, Nest smart automation system, video doorbell, 2 Nest cams, and Smart Display Hub.
The finished 2 car garage can be used as a live/workspace. It has recessed lighting, built-in speakers, an insulated garage door, and a 12 ft tri-panel sliding glass door.
Text me if you want a tour at 818-445-7953.
Burbank had 49 property sales for the month of February
There were 42 property sales in Burbank for February 2021.
