Santa Monica Homes for Sale. How is the 3rd Qtr 2014 Market?

Santa Monica homes for sale 3rd Qtr 2014 market report

How did the Santa Monica real estate market do over the 3rd Quarter of 2014.  Did we see more inventory come on the market? How is the median price now? Let's take a look.  The percentage difference is over the previous Quarter. Santa Monica single family 90401 - this is primarily a business district so you will see little or no activity here. Sold +/- Median % +/- Active Median Pending 0 = $1,522,000** -N/A 3 $3,950,000 0 90402 - which includes the … [Read more...]

How is the Brentwood L.A. Real Estate Market? 3rd Qtr 2014

Brentwood Los Angeles homes for sale

How is the Brentwood Los Angeles real estate market doing? Let's compare with the previous Quarter. Brentwood single family home sales Sold +/- Median +/- % Active Median Pending 64 -4 $2,525,000 -7.51 69 $3,398,000 33 Brentwood condo sales Sold +/- Median +/- % Active Median Pending 70 +11 $770,724 +14.69 56 $831,950 29 Information provided by the MLS/CLAW deemed reliable but not guaranteed For single family homes,  … [Read more...]

How is the Beverly Hills Real Estate Market? 3rd Qtr 2014

Beverly Hill new homes per month September 2014

How is the Beverly Hills real estate market doing? We are already in the 4th Quarter of 2014 so it's time to check in on sales of single family homes. The median price of sold properties has only dropped 1% over the previous year, and improvement over the previous quarter. At the end of June the median price of sold properties was down 32%. This quarter shows a vast improvement. There is still a disconnect between the asking price and sold price, a 37% difference. This is not unusual … [Read more...]

How is the Wilshire Corridor Condo Market? 3rd Quarter 2014

Checking in on the Wilshire Corridor condo market

The Wilshire Corridor is a unique market. The average price of a condo is $1.1 Million and the turnover at that price is not large, as you can imagine. Let's see how the market performed over the last Quarter: Building Sold +/ Price/ Median Price Avg. Price Per Sq. Ft.++ Total Active Price/ Median Price Pending Beverly West* 1 +1 $6,218,000 $1,630.74 2 $6,872,500 0 Blair House 1 +1 $2,146,500 $773.23 1 $2,399,000 0 Crown … [Read more...]

Buying a Home in Los Angeles With Resale in Mind

Buying a home with resale in mind

You may not be buying a home in Los Angeles for an investment but having resale value in mind is a natural consideration. Barring any unforeseen calamities if you hold on to your property for at least five years then you should see a nice return. How can you maximize your return? Here are some factors to consider: Schools Buying in a good school district, or in an area served by a particularly good school is going to almost guarantee you an easy resale. If you have children this is … [Read more...]

Reasons Why The L.A. Housing Market Is Good For Home Sellers

Average days on the market for homes in L.A. are down

Are you a Los Angeles homeowner considering putting their home on the market? Have you been thinking about the possibility for quite a while? Was the situation was not right, or were you waiting out the market? If the latter is true, and coincidentally any barriers to selling have been removed, now is a great time. Why is that? Let's take a look at the numbers for single family homes taken from a sampling of the major Los Angeles communities: The median home prices are up 20% over a … [Read more...]

I Received a New Property Assessment. What Do I Do?

What happens if I receive a property assessment

As a Chicago-area Mortgage Lender, I've always been asked a lot of questions regarding Taxes and Property Assessments.  Property Taxes, and subsequently monthly tax escrow contributions, play a very important role in loan approvals/denials. But throughout the recent housing downturn, the topic of property taxes and assessments has cropped-up more often and has become far more important to homeowners ... As of this writing (Sept. 2014), property Assessments have been completed in much of … [Read more...]

5 Biggest Homebuyer Mistakes And What You Can Do About Them

Avoid these 5 mistakes when buying a home in Los Angeles

In today's sellers' market buying a home in Los Angeles is a competitive process, and a buyer cannot afford to make any mistakes if they truly want to become a homeowner. Prices are high but mortgage rates are low. Timing the market is difficult so if you are really motivated to find a home here are 5 major mistakes to avoid. Little knowledge of the market. Take time to understand the current conditions. Not doing so will lead you to make bad decisions in your buying process. A sellers' … [Read more...]

Will I Benefit by Using the Listing Agent to Buy a Home?

Should I uses the listing agent when buying a home in L.A.?

If you are in the process of buying a home in Los Angeles and come across a listing on my website you are actually looking at a feed from the Multiple Listing Service (MLS) provided by the Internet Data Exchange (IDX) to which I am subscribed. I am probably not the listing agent. I often get calls about "your listing" and proceed to tell the caller that I am not the listing agent but will certainly be able to help them. Sometimes they will ask me for the name of the listing agent, and this is … [Read more...]

Should I Sell my Home Before Buying?

You should sell your Los Angeles home before selling another

If you are thinking of selling your Los Angeles home you are going to be in one of the following situations: Looking to move up or downsize. Changing school districts Moving to a new city In any event, if you are selling your home you are going to have to live somewhere, and if you are buying another place then you will need to plan carefully, because with the shortage of inventory in many markets you are going to have to have all your ducks in a row. So, should you sell your … [Read more...]

Relocating to L.A. 6 Key First Steps to Finding a Rental Home

6 tips for finding a rental home in Los Angeles

If you are preparing to move to Los Angeles, for a job or other reason, you are probably not going to be buying outright. You will need to find rental accommodation until you settle in. That in itself can be a stressful experience, especially in a tight market with rising rents. So how can you prepare? Here are six ways: Depending on your price range you will either search online yourself on sites such as Westside Rentals or Craigslist or try and find a Los Angeles Realtor who will be … [Read more...]

Don’t Make the Mistakes I Made. Invest in Real Estate.

If you can afford it buying a home is the best investment you can make

O.K., I admit it. I am a Realtor® who does not own property. Had I started in this business earlier then I probably would have realized that one of the best investments you can make in your life is to buy real estate. I did own for a short period around 20 years ago, but it was a bad investment, and I sold it nine months after buying for reasons included below*. You only have to do the math to realize that if there is any way you can make it work buying is going to cost you less over the … [Read more...]

Using Gift Funds or a Co-Signer to Help With Your Mortgage

gift 1

Should I Pray or Should I Co?   I tend to see a fair amount of high loan-to-value mortgage scenarios, mostly because real estate values here in Marin County, the San Francisco Bay Area and coastal California, in general, tend to be high.  And I think it also has a lot to do with the formidable task of saving the funds necessary to purchase some homes, which we know can take a prohibitively long time.  So 10% down payments, or even less, are not at all uncommon, and I’ll see these … [Read more...]

Your Child is Moving to L.A. Where Should They Live?

Where to live in Los Angeles

I often get contacted by anxious parents whose child is moving to Los Angeles, either for school or work. You are worried about where they are going to live and want to make sure that they are safe and secure, especially New Yorkers who are used to buildings with doormen. Los Angeles can be an intimidating prospect for you, and unless you are prepared to pay a high premium for a full-service building with valet and concierge such as the Wilshire Corridor then they will be living like many … [Read more...]

The Many Ways Poor Credit Scores Cost You

Bad credit scores can affect you in many ways

A large percentage of the potential home-buyers I speak to have a basic knowledge of how credit scores influence the interest rate received when they finance their home purchase.  Most understand the basic principal:  The higher their credit scores, the lower their interest rate. I read a CNBC article today entitled, "How poor credit costs you on homeowners insurance".  It delivered a strong message.  Poor credit scores cost you.      In that article it was reported that:  "Homeowners … [Read more...]

What You Need to Know About The Wilshire Corridor

Checking in on the Wilshire Corridor condo market

If you are thinking of buying or renting a condo on the Wilshire Corridor there are some facts to consider. Also known as The Golden Mile, the Corridor is an approximately 2-mile stretch of luxury high-rise condominium buildings which runs from just east of Westwood Village to the west side of the Los Angeles Country Club. There are 31 of these buildings but not all of them will provide what a buyer or renter is looking for. Often people new to the area are not familiar with the prices. … [Read more...]

Waiting Periods After Short Sale, Foreclosure, Bankruptcy

Extenuating circumstances after a short sale or bankruptcy

I wrote recently about Fannie Mae's announcement regarding the extension of the waiting period for those Buyers hoping to become Homeowners once again after having experienced a Short Sales (Pre-Foreclosures). The waiting period is now extended out to 4 years ... regardless of Loan-to-Value considerations (or Down Payment percentages). Naturally, there's been a wide range of reaction to Fannie Mae's announcement.  There's also been many questions asked in regards to this change and my post.  … [Read more...]

How to Choose the Right Agent When Selling Your Home

When selling your Los Angeles home set expectations with your Realtor

You have decided to sell your Los Angeles home and are in the process of picking an agent to represent you. They are not difficult to find. They may still be knocking on your door, sending you postcards in the mail, or maybe cold calling you. There are hundreds of them with online websites, and someone may have referred one to you. So how do you choose the right one for you? The same way the agent working for the buyer represents that buyer, the agent working for the seller represents that … [Read more...]

Los Angeles Homes for Sale by Zip Code 2nd Qtr 2014

Los Angeles Zip Code Map, Find Homes for Sale in Los Angeles by Zip Code

Are you looking for a Los Angeles home for sale by zip code?  Hopefully the breakdown of some selected codes below will help. If you would like information on the performance of other Los Angeles zip codes please don't hesitate to contact me. Single Family Zip Code Sold +/- Median Price % +/- For Sale Median Price Pending 90007, 90012, 90013 90014, 90015, 90017 90021, 90031, … [Read more...]

A Guide to Finding a Home in Los Angeles. Don’t do it Alone!

Buying or Renting a home in L.A.? Don't go it alone

If you are unrepresented, when you first start looking for a home for sale or rent in Los Angeles, or anywhere else for that matter, you will be faced with so many choices. The search term "buying a home in Los Angeles" will bring you 77 million plus results. If you are more specific, for instance "buying a condo on the Wilshire Corridor", you will be faced with a "mere" 175,000 results. So what happens next?  You find yourself interested in a particular property you find on aggregator sites … [Read more...]