Los Angeles Real Estate and Homes for Sale
Connecting you to the Los Angeles Real Estate Scene: Call 310.473.6919
This is Part 1 in a series to help you understand the process of buying a home in Los Angeles. Getting Ready to Buy Before you even start the process of buying a home in Los Angeles, right after you find your Los Angeles Realtor®, you will need to talk to a lender. If you don't have a lender your Realtor® will be happy to provide you with recommendations. People who understand the Los Angeles market. Why do you need to talk to a lender? Because you will not be able to … [Read more...]
I often get calls from people thinking of buying a Los Angeles home, who inquire about a property already in "Pending" status. What does "Pending" mean? In our MLS (Multiple Listing Service) we have four main statuses - Active (A), Looking for Backup (B), Pending (P), and Sold (S). There are a few more, Hold, Withdrawn and Canceled, but they are not relevant for this conversation. Buyers want to know if they can make a backup offer on a property in Pending status, so I will … [Read more...]
You are thinking of buying a home in Los Angeles but don't know exactly when to start your search. If you are a first-time home buyer, you obviously don't have a home to sell, so you can start right away. After getting all your ducks in a row, like financing, etc. If you own a home and don't need to sell in order to buy another one, the above applies. If you own a home and do need to sell in order to buy another one, you need to be well into escrow with your buyers, and they will need … [Read more...]
If you are considering buying a home in Los Angeles please don't think we agents are being difficult when we tell you there is no point in starting the process until you have spoken to a lender. This is not personal. YOU CANNOT MAKE AN OFFER ON ANY HOUSE WITHOUT A LETTER FROM YOUR LENDER. Or if you are paying cash, without showing that you have the funds in place. You may have the best credit out there, which is good. You may have way more money in the bank than you need. Great. … [Read more...]
I think some people arriving in our fair city are shocked at how much it costs to buy a house in Los Angeles. The old adage, "if you have to ask you can't afford it", doesn't really ring true in the case of Los Angeles real estate, because there are so many price points. And since generally the shock factor hits in the condo market around $500K and the single family home market under $700K, I will address homes up to these limits, currently active on the market on the Westside of Los … [Read more...]
You are buying a Los Angeles home and want to know if you can negotiate the price. You certainly can. The seller would be extremely happy to accept more than the asking price. I am singing the same old tune. Inventory is low and buyers are scrambling for the few homes that do come on the market. There are areas like North Hollywood, and Burbank where there is no shortage of inventory and the median price is around $385,000, low by Los Angeles standards, where homes are selling like … [Read more...]
Today's Los Angeles real estate market is starting to be reminiscent of the height of the market, not because of crazy prices, but because buyers are back in multiple offer situations. Although prices are rising, an overpriced home is still not going to encourage those offers. But a well-priced or underpriced home is going to bring in a rush of buyers, in the latter case with the home selling over asking price. I am involved in negotiations right now where the first set of offers are … [Read more...]
If you are buying a Los Angeles home you are going to want to understand the property tax system, including supplemental property taxes that may be levied when a home changes ownership (there are inter-family and similar exclusions, but an expert should be consulted on those). Important Los Angeles property tax dates The property tax year runs from July 1st to June 30 Annual tax bills are mailed out on October 1st First installment due on November 1st First installment … [Read more...]
I receive calls all the time from people searching Los Angeles homes for sale on my site asking if I am the listing agent on a particular property. I wish all the properties found online were my listings..... When I say I am not, sometimes people will say thank you, and try and find the listing agent thinking they are going to get a deal. It's not that I blame them. Logically you would think that would be the case: the seller is paying commission for both sides of the deal, 50% to the … [Read more...]
Many recent indicators I've seen, heard, and experienced seem to point to more positives regarding the conducting of Short Sale property transactions. They're fitting the pieces of the Short Sale puzzle together a bit faster and better. Major servicers (big banks) finally seem a bit better equipped, more willing to avoid foreclosure expenses, and more adept at handling Sellers looking to sell their properties "short". I say, "it's about time", right? It's … [Read more...]
I May Not Be Yoda, but I'm Darn Close! Yesterday, I was reading yet another blog about the low interest rates presently available to home buyers seeking mortgage financing. Seems another new historic low was announced. Something not quite so noteworthy anymore, as we all have grown used to hearing about how the rates have dipped, dipped, and dipped again. And therein lies my big worry, both as a mortgage lender and as a parent. I think … [Read more...]
I know that MOLD is a four letter word, and only a few other things found during the course of a home inspection causes more angst for all parties involved. As inspectors, not only are we the ones that have to bring its presence to the attention of the buyers, but we also have to figure out some way to talk about it in the Inspection Report. In spite of the fact that if: it “looks” like mold, is “wet” like mold, conditions are “conducive” to mold, it “smells” … [Read more...]
I was asked today by a Los Angeles home buyer "what do you mean when you say the home has to appraise." When a buyer makes an offer on a property they are relying on their Realtor® to have done a competitive market analysis (CMA) based on previous sales in the area. However, the CMA is nowhere near as detailed as a professional appraisal. If you are buying a Los Angeles home with a loan then your lender is going to send out their appraiser to make sure that the home is indeed worth … [Read more...]
An article in today's Los Angeles Times talks about the shortage of rental properties in Los Angeles and Southern California and predicts that rents will rise 10% over the next two years. Rents in many if not most area markets are already on the way up, and rental properties in Los Angeles What does this mean? Well, with a shortage of properties, and renters competing for those available, investors will be jumping into this market and buying up suitable rental properties, especially … [Read more...]
I recently sold a home to a young guy on Corinth Ave. He was excited because it was walking distance to the up-and-coming Sawtelle neighborhood in West Los Angeles, where his favorite markets and restaurants are located. A recent article in the Los Angeles Times talks about the gentification of the area knows as "Little Osaka". This area, along Sawtelle from Santa Monica to Olympic, has always been a draw for its Japanese restaurants, but it is now branching out to cater to a wider … [Read more...]
According to Trulia's latest Metro Movers Report the 5 top Los Angeles zip codes chosen by local Los Angelenos for living are: 91436, 90036, 90066, 90064, and 91604. Where are these desirable zip codes? 91436 covers upscale Encino which lies in the heart of the San Fernando Valley. 159 single family homes were sold over the past year Median price $934,000 49 Active listings Median price $1,000,000 Absorption rate* - 3.82 months 90036 includes the Fairfax district and Park … [Read more...]
I read a post recently discussing how effective holding open houses is these days. A few years ago that was the best way for a home buyer to find Los Angeles homes for sale. Things have changed, and Los Angeles home buyers are increasing searching online for listings. Even if they are using the services of a Los Angeles Realtor®, they continue to use the internet on their own. When something comes up that interests a buyer they generally want to see that property immediately … [Read more...]
According to the National Association of Realtors' 2011 Profile of Home Buyers and Sellers, home buyers' use of a Realtor® is on the rise. 89% of home buyers used a real estate agent in 2011, a 7.23% increase over the previous year and a 29% increase over 2001. These figures account for all sales, whether a short sale or even a For Sale by Owner (FSBO). The reason? Because buyers increasingly realize they need the help of an agent to help them navigate the complexities of the … [Read more...]
Los Angeles home sellers often contact me to help them find a home to buy or rent. Knowing that they are obviously already working with a Realtor® my first question is, "have you asked your current Realtor® to help you?" Today I received one of those calls from a lovely lady who said, and I kid you not, "Oh no. He is so busy selling my home I didn't want to bother him." Now don't get me wrong. I am certainly more than willing to help someone who is buying a Los Angeles home, but … [Read more...]
