L.A. real estate news and insights.
What do you think is the most expensive home to sell this week in LA?
I'll tell you in my next post!
In this video, we have the cheapest home to sell this week in Los Angeles.
Selling price: $370,000
This home has 1 bed/1 bath 576 sq. ft. of living space and is on a 2,200 sq. ft. lot.
Close to South Park Recreation Center, USC, and DTLA.
Home sales will be strong this Summer.
Expect a dip in sales once the flu season starts.
Look for a bounceback in December.
Home prices will slightly continue to rise the remainder of the year.
60 seconds isn't enough time to go over all my thoughts on what I think will happen in the real estate market for the rest of 2020.
Check out the full answer on my IGTV @DanielLosAngeles.
The flu season is going to look very different this year.
When everyone starts to get the flu in October, all we are going to hear about in the news is that the second wave of the coronavirus is coming.
I’m not a doctor so I don’t know if that will happen or not.
However, I do know that since a lot of people will be sick with the flu, the perception by the public in LA county will be that a second wave is inevitable.
Because of this perception, there will be fewer homeowners willing to put their property on the market, just like in late March after the stay-at-home order was issued.
I believe we will likely see a dip in home sales during that time in October.
I’m optimistic things will settle down by the time we get to December.
Hopefully, the homeowner’s perceptions will change once the news gets better.
On this episode, I answer the following four real estate questions:
1) What's going to happen in the real estate market for the rest of 2020?
2) What do mortgage interest rates look like for home buyers right now?
3) Has it been difficult to show homes during the pandemic?
4) What's the hardest real estate deal you ever had?
We have almost 20,000 followers on Instagram... come join us!
It wasn't this extreme before the pandemic, but I am seeing about 40% of all homes on the market now require a buyers loan pre-approval letter just to get in to see the property.
With the Coronavirus still playing a roll in all of our lives, more and more sellers only want to grant access to serious buyers.
I anticipate this percentage to only go up from here.
The days of casually looking at homes on the market are over.
If you want to see ALL the homes on the market, have your pre-approval letter ready!
1) The buyer has to do a final walkthrough of your home. This is to make sure the home is in the same condition that it was in when they initially put in a offer.
2) Buyer signs their loan docs. This means they are officially signing up for a mortgage.
3) The lender will fund the loan the next day. Funding the loan means the lender wires over the money the buyer is borrowing to the escrow company.
4) They day after that, the recording takes place. That means title has officially changed hands and you no longer own the home... it's officially sold!
