45% of prospective buyers keep getting outbid

A majority of house hunters say it’s not prices that are keeping them out of the housing market—it’s other buyers. 45% of prospective buyers recently surveyed say they keep getting outbid by other offers, according to a new survey from the National Association of Home Builders. The NAHB says this is only the third time in the survey’s history that the top reason prospective buyers have been unsuccessful has not been due to finding a home at an affordable price.

In the third quarter, 66% of active home buyers say they’ve spent three months or more searching for a home without success.

Source: National Association of Home Builders’ Eye on Housing blog

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.

Eviction Moratorium has expired... for some

Landlords will once again be allowed to take their tenants to court over missed rent payments, but not if the rental property is in the city of Los Angeles.

Here is a breakdown of what's going on with the eviction moratorium:

State of California: The eviction moratorium officially expired.

Los Angeles County residential properties: The eviction moratorium officially expired.

Los Angeles County commercial properties: The eviction moratorium expires on 1/2022.

Los Angeles City: The eviction moratorium expires on 10/2022.

Visualize yourself owning this HOT HOME in Chatsworth!

"Hot Home” alert in Chatsworth.

Asking price: $1,399,000

This corner lot has 4 bed/3 bath, 2,539 sq. ft. of living space, and is on a 17,431 sq. ft. lot.

The home features a huge undeveloped area.

The master suite features a large walk-in closet, recessed lighting, and a full bath with a tub and separate shower.

Entertainers’ backyard with a pool, spa, covered patio large lawn area, and a 12’ high privacy hedge.

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

I have more "HOT HOME" updates for you. Watch video!

Here's an update on 2 "Hot Homes" from earlier this year.

Hot Home #1: Garza Dr., Saugus

Asking price: $769,000

Sold price: $790,000

Hot Home #2: Longridge Ave., Sherman Oaks

Asking price: $2,125,000

Sold price: $2,099,000

What % of home sales were foreclosures?

Foreclosures and short sales represented less than 1% of sales in January, equal to December's percentage, but down from 2% in January 2020.

"Hot Home" Alert in Burbank! Text me for a tour before it sells!

“Hot Home” alert in Burbank.

The asking price is $1,700,000.

This 2 story home has 3 bed/2 baths, 2,857 sq. ft. of living space and a 6,280 sq. ft. lot.

The home features a gourmet kitchen that opens up to the family room.

There are also bi-fold doors that create an indoor/outdoor flow.

The backyard has a covered patio, built-in BBQ, pool & spa.

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

AT LAST! I have another off market property available in Burbank... don't miss out!

Another Burbank off-market property, not available to the public!

This single-family home has 4 bed/2 baths, 1,805 sq. ft. of living space, and is on a 7,010 sq. ft. lot.

The home features a large front yard, spacious living room with gas fireplace, upgraded kitchen w/ island, covered patio in the backyard, and a bonus structure in the back which could possibly be used as an ADU.

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