Bidding wars hit lowest level of 2021

Only 58.9% of home offers faced competition in September, the lowest level for 2021 so far, according to a market index produced by Redfin based on offers written by its agents. That’s down from a peak of 74.3% in April. September also marked the fifth consecutive month of declines in bidding wars.

Still, homes are selling quickly: 86% of homes sold in September were on the market for less than a month, according to the National Association of REALTORS® latest housing report. About 33% of homes that went under contract had an accepted offer within just one week of being listed on the market.

45% of homes sold at or above list price, up from 22% in 2019.

Would you pay over $1.8 MILLION for this gorgeous home in Burbank?!

Here is the most expensive home for sale this week in Burbank.

Asking price: $1,825,000

This home has 4 bed/3 bath, 1,766 sq. ft. of living space, and is on a 6,881 sq. ft. lot.

The home features a gated front yard, hardwood floors throughout, dual sinks in the kitchen along with a subzero fridge, and wolf range.

The garage has been converted into a guest house and is where the 4th bedroom and 3rd bathroom are.

Text me if you want a tour at 818-445-7953.

This home is TOO HOT to handle! See for yourself.

“Hot Home” alert in Burbank.

Asking price: $1,280,000.

This home with ADU has 3 bed/2 bath, 1,526 sq. ft. of living space, and is on a 6,075 sq. ft. lot.

The home features hardwood flooring throughout, a new tankless water heater, a new cool-roof, and newer copper plumbing.

The kitchen has new stainless steel appliances, Viking range hood & a skylight.

The master bedroom has a large walk-in closet, and the central bathroom has stainless towel warmers and a 6 ft soaker tub.

There is also a bonus office space, basement, and storage unit.

Text me if you want a tour at 818-445-7953.

Here is the most EXPENSIVE home sold in Burbank this week - who do you think got the better deal...

Who got the better deal, buyer or seller?

Here is the most expensive home sold this week in Burbank.

Asking price: $1,880,000

Selling price: $2,050,000

This remodeled, 2-story traditional home has 4 beds/3.5 baths, 3,184 sq. ft. of living space, and is on a 7,931 sq. ft. lot.

The home features an open floor plan with a large family room that opens to the chef’s kitchen.

There is also a master suite that has his and hers walk-in closets, and an en-suite with a jet tub.

What really unique is that there are two garages. There is an attached 3 car garage at the front of the property and a second 3 car garage in the backyard.

So Cal home prices jumped 15% to an all-time high

Housing demand is so intense that the data shows nearly half of homes are selling within a week of hitting the market. That's a record.

Just over 1 million homes are available for sale nationally, compared to a peak of more than 4 million at the height of the last housing bubble in 2007.

Don't miss out on this off market condo in WEHO! Unbelievable rooftop views!

Off Market Condo for Sale in West Hollywood.

Located in the Norma Triangle, this condo has 1 bed/1.5 bath and 1,218 sq. ft. of living space.

The property features an open concept renovation, state-of-the-art kitchen, temperature-controlled wine storage, master suite, in-unit laundry, and a full unit length balcony.

The building recently had a massive multi-million-dollar renovation. Amenities include a beautiful lobby, 24 hr. concierge and valet, two pools (main level and rooftop with amazing 360-degree skyline views), and a fitness center.

Text me if you want a tour at 818-445-7953.

New construction home buying rush to continue in 2021

More house hunters—particularly move-up buyers—are being drawn to new-home construction in the COVID-19 pandemic, so much so that it’s driving a surge in construction across the country.

Single-family starts ended 2020 with the best year in home building since the Great Recession, and 11% higher than 2019.

Ultra-low mortgage rates and a shift in housing preferences—including a growing demand for larger spaces, home offices, and outdoor amenities—are driving the increase.

New-home construction will likely grow by 5% during 2021 and hit above 1 million housing starts for the first time in years.

Builders, however, are concerned about several challenges that could affect sales over the next few months, particularly related to rising construction costs.

Lumber prices, up 169% since mid-April, are significantly adding to the costs of building a new home.

Buyers are seeing the increases in home prices too: A median of $16,000 has been added to the cost of a newly built home from the increase in lumber prices alone.

Source: National Association of Home Builders’ data.

Quick question: would you pay that much to live next to a freeway?!

Here is the most expensive home to sell this week in Encino.

Asking price: $3,600,000

Sale price: $3,500,000

This new residence has 5 bed/7 baths, 5,474 sq. ft. of living space, and a 10,429 sq. ft. lot.

The home features a soaring 22’ entry, a chef’s kitchen w/ dual islands, breakfast nook, and Thermador appliances, a wet bar, plush home theater, and a sophisticated office.

Would you live that close to a freeway?

20% of homes sold were purchased with cash

Why should you avoid big purchases while in escrow

You want to keep your finances exactly how they are at the time your lender pre-approves you for a home loan.

Don't do anything financially out of the norm for you.

Don't buy a new car.

Don't go on any lavish trips.

Don't buy a #Rolex.

Keep paying your bills, keep making your car payments, keep buying food at the market.

Don't buy any big items while in escrow

While you are in escrow to buy a home, you are going to be tempted to start buying things for your new property.

Don't do it!

Right before you are scheduled to close escrow, your lender is going to rerun your credit, look at how much debt you have, and look at your overall financial situation.

Buying big-ticket items like a new washer and dryer or stove and putting that purchase on a credit card could stop you from getting a loan.

You want to be careful with that because your lender will take into account your "debt to income ratio".

If your debt amount starts climbing up, that’s a red flag to the lender and they may deny your loan.

All big-ticket items need to be purchased AFTER you close escrow.

Once the deal is done it doesn't matter how much debt you rack up... it will not affect your home loan.