L.A. real estate news and insights.
Every price point is different, obviously; but I am hoping that this example gives you a general idea about what has been going on with home prices so far in 2019.
As usual, I do expect a slowdown in the 4th quarter of the year (October, November, December)... that happens evey single year.
The market will then pick up again in January.
I don't care about the article you just read discussing recent home selling data... this is what's really happening... this is how deals are going down in the Los Angeles area RIGHT NOW!
Below are the number of offers I have received on my personal listings over approximately the last 30 days.
The stats below will give you an inside look at the current market in the LA area.
6 offers - 4610 Densmore Avenue #9, Encino. Sold $15k above asking price.
3 offers - 7288 N Figueroa St, Los Angeles. Initially was in escrow for $35K above asking price, but because of extensive repairs needed to the home discovered during the inspection period, this property was sold $5k over asking price.
3 offers - 4610 Densmore Ave #11, Encino. Sold $10k over asking price.
5 offers - 3640 Emanuel Drive, Glendale. Still in escrow and can't disclose the exact price... but we are well over $1.1 million.
I can't speak on the activity other agents are getting, but I hope this info helps you to navigate LA's real estate market.
On this episode, I answer the following four real estate questions:
1) Do you think home prices have gone up in value so far in 2019?
2) What should I expect to happen as I get closer to closing escrow on our home?
3) We are in the middle of buying a house right now. When does the title get transferred over to us and we officially become the owners of the home?
4) Once we close escrow, when do we turn over possession of my home to the buyer?
We have over 20,000 followers on Instagram... join us!
As featured on "House Hunters Renovation"...
3 years ago my clients along with HGTV came in and completely remodeled the home.
There were a few repairs that needed to be done, but overall the buyers of this property now have a wonderful place to call home.
See the episode on my website - HouseHuntersRenovation.com
Text me what you are looking for and I'll let you know what off-market properties I have that match your search criteria.
818-445-7953
Asking price: $1,555,000.
Imagine what you could add on to this 17,000 square foot lot...
6 offers for my 6th listing at this Encino complex!
The sellers wanted to move the property as quickly as possible, so they took my advice and had the unit painted and staged.
It came out looking like a model unit!
Builders in Los Angeles County are on track to complete 9,400 new homes before the end of the year.
The 9,400 units of housing on the way in the second half of 2019 is higher than the number of units constructed in all of 2018... or 2017.
If you are a single buyer and earn between $58,450 - $61,400 the city of Burbank is ready to give you a great deal on a loan.
They will give you a second loan in the amount of $148,600 and you don't have to pay ANY INTEREST on that loan.
What?!
The income restrictions are tight, but if you qualify, that's a great deal.
That's why this is the best deal right now in Burbank.
Text me at 818-445-7953.
Thank you!
When selling your home, a buyer may present a "best and final" purchase offer.
Normally I would say that you should take this very serious and really take it as the buyer's "best and final" offer.
But there is no law that states that the "best and final" offer is set in stone.
If you don't like the buyer's "best and final" offer you should still present them with a counter offer.
You never know, maybe the buyer will sleep on it and change their mind in the morning.
It's worth a shot!
What's the worst that can happen? The buyer says no... that's it.
If that happens, you move on to the next buyer.
During the negotiation stage for a home between buyer and seller, it eventually boils down to the buyer submitting a counter offer to the seller and saying that this counter offer is their "best and final" offer.
What they are telling the seller is that they either take their deal based on the terms of that last counter offer, or leave it.
Often, the seller leaves it.
But guess what?!
The buyer, a week, later gets back in and starts up the negotiations again, this time going higher in price than where their "best and final" offer was at.
Sometimes there is still some wiggle room when the buyer wants to be firm and say that they are no longer going up in price.
Caution, it doesn't always work out this way.
As a seller, are you willing to take that risk?
If the buyer really meant "best and final" you could be out of a deal.
Why risk it?
A co-op and a condo look and feel exactly the same.
Get yourself a condo and sleep easy at night knowing that your neighbors' lack of financial savviness will not stop you from continuing to own, enjoy, and live at your unit.
When you buy a co-op, you don't own your specific unit; you are buying shares in the entire building.
You are then essentially leasing out your own unit.
That means that if your next door neighbor fails to pay their mortgage, the entire building could get foreclosed on, and you could get evicted.
To me, having to rely on someone else paying their mortgage so that I can stay in my unit sounds horrible.
If I fail to pay my mortgage and get evicted, fine, that's on me.
But it doesn't sit well with me having to rely on strangers to pay their bills.
Solution: Buy a regular condo instead and you will not have this problem.
If the lender tells you it will be safe to remove the loan contingency after 18 days, but then it ends up really being 25 days, that can screw up your entire deal.
The seller might not grant the extension and escrow could be canceled!
This is why it is so important to work with a lender you know and trust.
If the lender gives you a certain amount of days for a contingency, then they should stick to those days!
