L.A. real estate news and insights.
Don't go AD!
The asking price for this contemporary Mediterranean privately gated property is $7,995,000.
There are 15,815 sq ft for the home and 101,378 sq ft for the lot.
Hopefully, Anthony is selling this home so he can move closer to #StaplesCenter.
The stay-at-home order has been extended to 5/15/20😩.
Use this time to strategize and prepare for the sale of your home.
Once the order is lifted, I believe there will be a buying frenzy!
Expect a dip in prices during the pandemic.
Once the stay-at-home order is lifted, I anticipate a buying frenzy.
In my opinion, prices will return to where they were before the pandemic started.
I recently spoke to the owner of a very large home inspection company that serves the entire Los Angeles area.
He said that his company does on averages 450 - 500 inspections a week.
Last week, his company only did 250 inspections.
That's a major drop from their average.
This tells me that demand is way down, however, serious buyers are still snatching up properties.
I expect this trend to continue until the stay-at-home order is lifted.
What an amazing opportunity for buyers to finally not have to go up against so much buyer competition!
In my opinion, there will be a buying frenzy after the order is lifted.
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.
You can still submit an offer on a property right now, but if your offer gets accepted, you can't do any inspections 😕
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.
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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I'm not seeing a panic with home sellers over the #coronavirus.
Only 3% of sellers nationwide have decided to remove their home from the market and cancel their listing.
I bet most of these homeowners that canceled decided to refi at historic lows rather than sell.
I'm sure some canceled over corona fears.
I would assume that during regular times, cancellations hover around the 1% - 2% range. Inventory of for-sale homes is still low, but over the next few weeks, you can take advantage of lower buyer competition over corona fears.
Buying or selling a home can be an overwhelming, complex operation.
The #AskDanielLosAngeles Show was created to answer your real estate questions in the hopes that it would give you a better understanding of the process of buying and selling a property.
To find this podcast, type “The Ask Daniel Los Angeles Show” in the search bar where ever you listen to podcasts.
You can also find the podcast on my website at ContempoRealtors.com/Podcast.
New podcasts released weekly on Thursdays.
Have a real estate question? Ask me on my podcast webpage and I will respond to you directly.
I may also answer it on the show!
We have over 20,000 followers on Instagram... come join us! Thank you for your continued support.
Asking price for this Burbank home is $2,250,000.
The home features 5 bedrooms 4 baths and a recording studio.
The barn features 3 stalls, feed and tack room, 2 turnouts and a bathing area.
Text me if you want to see it - 818-445-7953
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. 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.
If I have brought you any value through my real estate content, it would mean the world to me if you referred me to your friends who are looking to sell their home this Spring.
They can text me at 818-445-7953.
Thank you!
The better you know the market, the faster you can identify a good deal.
Track properties that interest you, see what they sell for, and go to open houses.
This will give you an overall feel for the market.
Then connect with a seasoned agent that will guide you the rest of the way.
