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...]

Los Angeles Homes for Sale by Neighborhood 2nd Qtr 2014

Los Angeles real estate market report

Let's check in on the Los Angeles real estate real estate market by neighborhood for the 2nd Qtr of 2014 and compare it to the previous Qtr. How is the inventory? How are sales going? The communities below exclude the cities of Beverly Hills, Santa Monica, West Hollywood, and Culver City, and the communities of Westwood, Brentwood and Century City which are covered separately, as is the Wilshire Corridor, which is part of the Westwood community.   The comparison is against the … [Read more...]

Westwood Homes for Sale 2nd Qtr 2014 Market Report

Weatwood real estate market report June 2014

It's time to check in on the Westwood real estate market and see how sales are faring in the second quarter of 2014 compared with the first.   Sold +/- Median % +/- Active Median Pending 17 +1 $1,935,000 -11.44 14 $3,100,000 16 Westwood condo sales Sold +/- Median % +/- Active Median Pending 71 +23 $695,000 +1.46 119 $995,000 43   Sellers Market Balanced Market Buyers' Market Less than 5 months 5 to 7 … [Read more...]

West Hollywood Homes for sale 2nd Qtr 2014 Market Report

West Hollywood homes for sale 2nd Qtr 2014 market report

West Hollywood is still one of the more affordable communities in Los Angeles. An incorporated city with a high Walk Score, West Hollywood has great dining, stores, galleries, and nightlife. West Hollywood continues to evolve and is a much sought after area for those who are looking for more of a neighborhood feel. (The West Hollywood area on the MLS does include neighborhoods just around the city itself.) West Hollywood single family sales Sold +/- Median % … [Read more...]

Santa Monica Homes for Sale July 2014 Market Report

Santa Monica real estate market report

How is the Santa Monica real estate market doing? Let's compare the second quarter 2014 sales over the first. The percentage difference is over the same period in 2014. 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 -2 $1,522,000** -N/A 1 $7,500,000 0 90402 - which includes the areas of Santa Monica Canyon, North of San Vicente, and North … [Read more...]

The ABCs of DTIs – Debt-to-Income Ratios

Debt to income 101

Definition of Debt-to-Income Ratio:   The figure that represents how much of your income is spent repaying your recurring monthly debts.  The HIGHER your Debt-to-Income Ratio is, the more of your monthly income is being devoted to paying back your debts.  Formula Used to Find Your Debt-to-Income Ratio:  Monthly debts owed divided by monthly income.  This includes utilizing ALL Recurring Monthly Debt VS Gross Monthly Income, as determined ultimately by an Underwriter at Final Approval.      … [Read more...]

Culver City Real Estate Market Report June 2014

Culver City Real Estate Market Report

Culver City is one of the up-and-coming areas of Los Angeles. It is one of the more sought-after neighborhoods due to its place on the Expo line which runs from Downtown Los Angeles, with the extension to Santa Monica in full force, and the gentrification of its downtown area with boutiques, galleries and restaurants. Let's see how the 2nd Qtr sale of single family homes and condos compares to the 1st Qtr of 2014 Culver City Single Family Sales Sold +/- Median % … [Read more...]

Century City Condos June 2014 Market Report

IMG_2960

How is the Century City condo market doing? Let's take a look. Together with the Wilshire Corridor, Century City has one of the few concentrated collections of full-service high-rise communities and, unlike the Corridor, gated ones, with grounds in which to walk. The comparison is between the 1st Qtr 2014. Building Sold +/- Median % +/- Avg. Price per S/F Active Median Pending The Century* 11 +2 $3.225,000 -10.42 $1,296.83 18 $5,600,000 1 Century … [Read more...]

Brentwood Los Angeles Real Estate Market Report June 2014

Brentwood Real Estate

How is the Brentwood Los Angeles real estate market doing?  Let's take a look at how the second quarter 2014 compares with the first. Brentwood single family home sales Sold +/- Median +/- Active Median Pending 68 +35 $2,730,000 +7.91% 68 $3,545,000 37 Brentwood condo sales Sold +/- Median +/- Active Median Pending 59 +21 $672,000 -13.40% 62 $819,000 32 Information provided by the MLS/CLAW deemed reliable but not … [Read more...]

Will Refinancing Cause my Property Taxes to Go Up?

Will refinancing cause my property taxes to rise

Because the current interest rate environment remains conducive to refinancing, a concern that some have about taking action stems from confusion related to how their property taxes are determined, and specifically the question, "Will refinancing cause my property taxes to go up?"  It goes without saying that nobody wants to save money via refinance, only to see it evaporate in the form of higher real estate taxes.  But is this a real threat?  Or is it safe to assume that simply by refinancing … [Read more...]

Beverly Hills Real Estate Half-Yearly Report 2014

Beverly Hills real estate market report October 2012

Let's see how the Beverly Hills real estate market is doing so far this year and compare it to the same period in 2013. Since the demographics of Beverly Hills vary the stats are broken down by zip code. 90210 Sold +/- Median +/- Active Median Pending 53 +5 $6,500,000 +14.29% 49 $9,380,000 11 90211 … [Read more...]

How do Divorces Affect Marital Property?

How do divorces affect marital property

Recently, I've been asked by many Realtors and Attorneys to help finance a client looking to buy another property after or during their divorce ... Because of the frequency of this scenario, I've been reminded that there's a large amount of misunderstanding and erroneous information surrounding this delicate topic. Below are some examples of the "divorce scenarios" I've seen most often: One, or both parties, are looking to "move on".  Depending on the Divorce Settlement Agreement, … [Read more...]

Wilshire Corridor Condos 2nd Qtr 2014 in Review

Wilshire Corridor condos the last month in review

Below is the market activity for Wilshire Corridor condos for the 2nd Quarter of 2014. Let's see how sales are going.   The +/- stats are compared to the 1st Quarter of 2014. Building Sold +/ Price/ Median Price Avg. Price Per Sq. Ft.++ Total Active Price/ Median Price Pending Beverly West* 0 N/A N/A $1,444.01 1 $7,150,000 1 Blair House 0 = N/A $566.46 2 $2,347,000 0 Crown Towers 0 -1 N/A $416.40 3 $659,000 1 La … [Read more...]

The Difference Between Leasing an Apartment or a Condominium

Wilshire Corridor condos 3rd Qtr 2013 market report

I often get calls from people looking to rent a home in Los Angeles, especially on the Wilshire Corridor. They start the conversation with "I saw a listing for an apartment at......" The majority of buildings on the Wilshire Corridor are not apartment buildings, they are condominiums.  So what's the difference? An apartment building is generally owned by one entity which leases out the individual units to individual tenants.  A condominium building consists of units which are individually … [Read more...]

Inventory is Low, But You Can’t Overprice Your Home

Don't over price your home for sale

Just because the Los Angeles real estate market is low in inventory does not mean that you can go ahead and overprice your home. Here are some examples of why: For single family homes, in an area which covers Westwood and West Los Angeles: There were 73 sales over the past six months, 11 of which had a price reduction during the course of the listing. The sold price vs list of the 62 which did not have a price reduction was 102.54% with an average of 34 days on the market. The … [Read more...]

Increase the Resale Value of Your Home - Los Angeles Times

New homes on the market in Echo Park

Are you thinking of selling your Los Angeles home and wondering whether you should remodel or sell as is? The article below discusses some renovations you may want to consider and also provides my point of view on whether to remodel or not. Increase the Resale Value of Your Home - Los Angeles Times. … [Read more...]

Calculating Your Monthly Payments When Buying a Home in L.A.

Calculating your mortgage when buying ahome in L.A.

You are thinking about buying a home in Los Angeles but are wondering how your monthly payments would change compared with what you are paying now for a rental. Of course your first step will be to talk to a lender who will give you a more accurate estimate and determine the amount of property you qualify for, but before you go that route here is a simple way to get an idea: Let's base our calculations on the purchase of a home at $750,000 and a mortgage interest rate around 4.5%. It is … [Read more...]