L.A. real estate news and insights.
•27% of home sellers said they had five or fewer in-person showings before finding a buyer.
•26% had between 6 and 10 in-person showings before finding a buyer.
•10% say they had no in-person showings at all and were still able to sell their home.
Source: A new survey of about 1,600 homeowners conducted by Homes.com.
Foreclosures and short sales comprised 3% of the national sales in June, about even with May but up from 2% in June 2019.
It's very important to work with a lender that you trust AND has good communication skills.
During escrow, questions and issues will come up.
Your lender needs to be on top of things, resolve problems quickly, and communicate well so that escrow is as easy as possible for everyone involved.
PEAD-V (Coronavirus Property Entry Advisory and Declaration - Visitor) forms are now required to be signed by anyone entering into a home that is on the market.
The form basically says the visitor does not have the coronavirus and that the visitor understands the health risks involved when entering into the for sale property.
Homeowners, in order to avoid a lawsuit, you want to make sure everyone who is going to tour your home signs this form before setting one foot on to your property.
There were 26 property sales in Burbank for May 2020.
Economists polled by Reuters were expecting pending contracts to jump by 18.9% in the US... they were off by a mile!
National pending home sales soared 44% in May after falling 22% in April, according to new data released by the National Association of Realtors—it’s a strong indicator that the worst of the coronavirus recession may be over for the housing market.
May’s gains are the highest month-to-month since the National Association of Realtors started tracking the data in January 2001.
I'm happy to report that I was able to contribute to this recovery by selling a few homes since the start of the pandemic.
I believe this bounce back in the housing sector will lead the way for a broader economic recovery.
With a full-on marketing blitz on Instagram, Facebook, Tik Tok, Zillow, Redfin, Trulia, Etc... my latest Santa Clarita listing was sold within days of hitting the market.
The sellers are thrilled they no longer have to take care of this investment property.
The buyers can't wait for the next chapter of their life to begin in their new home.
I'm very happy it worked out for both of them!
If you know someone who needs to sell their home, please text me their info, and I'll take care of the rest.
Here is my cell number 818-445-7953. Thanks!
There were 63 property sales in Burbank for May 2019.
In Los Angeles County, the median home price rose 3.8% to $630,000, while sales dropped 35.2%.
I suspect transactions are down because a good chunk of sellers took their properties off the market.
Fewer homes on the market obviously mean fewer homes can be sold.
The homeowners that did keep their home on the market are not experiencing price drops... it's actually the opposite.
Home prices continued to see marginal gains from a year earlier.
If you are waiting for a market crash, don't hold your breath.
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Home sellers do not have many options when it comes to canceling an escrow.
For example, you can't cancel an existing escrow if you find another buyer willing to pay more money for your home or if you simply change your mind about selling.
Once you are under contract with a buyer, you are basically stuck.
However, you can get out of escrow if the buyer refuses to perform.
So if the buyer refuses to remove their inspection contingency, give them the notice to perform.
If they still don't remove that contingency, then you have the right to cancel the deal.
There were 34 property sales in Burbank for the same dates last year, 5/1/19 - 5/16/19.
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.
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.
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?
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