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...]

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...]

How to Dispute Credit Report Errors During Mortgage Process

How to Dispute Credit Report Errors While in the Mortgage Process

Veterans of the Mortgage Industry can remember a time when clients suffering errors or inaccuracies within their Credit Report, were typically advised to "dispute"  those errors ... But because of recent changes that have taken place in the Mortgage Industry's Automated Underwriting Systems (commonly referred to as AUS), the advice given to current mortgage clients may be quite different from that of the past. Today's advice ... and the suggestion as to the timing and direction of … [Read more...]

Los Angeles Real Estate by Zip Code 1st Qtr 2014 Report

Santa Monica Zip Code Map, Santa Monica Real Estate by Zip Codem Santa Monica Housing Market Report by Zip Code

If you are looking for Los Angeles real estate by zip code I hope that this market report, broken down by select zip codes 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...]

Los Angeles Real Estate by Neighborhood 1st Qtr 2014

Los Angeles homes for sale 1st Qtr 2014 mRKET REPORT

Let's check in in the Los Angeles real estate real estate market by neighborhood for the 1st Qtr of 2014 and compare it to the same period in 2013. Which areas favor sellers and which favor buyers? 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 The comparison is against the last Quarter of 2013. Los Angeles … [Read more...]

How is the Los Angeles Real Estate Market? 2013 in Review

Los Angeles homes for sale market report

Let's take a look how Los Angeles real estate did in 2013 compared to the previous year. Which areas favor sellers and which favor buyers? 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   Los Angeles Single Family Homes Community Sold +/- 2012 Price Range Median +/- 2012 Active Median Pending Bel … [Read more...]

Should I Downsize my Los Angeles Home?

Downsizing your Los Angeles Home, Buying on the Wilshire Corridor, Buying a Century City Condo

You know the story. The kids are gone. You have more space than you could ever use. The maintenance of the home is becoming more than you can handle and you are thinking, "should I downsize my Los Angeles home?" You have decided that you are ready and are wondering how to proceed: Should I wait to sell my Los Angeles home? The good news is that any time you are thinking of selling your Los Angeles home is the right time, and now is a great time. Los Angeles is primarily in a sellers' … [Read more...]

Los Angeles Real Estate by Neighborhood 3rd Qtr 2013 Snapshot

The Los Angeles real estate real estate market is crazy right now, with little inventory and anything coming on the market going into mulitples and over asking. Let's see what's went on by neighborhood for the 2nd Qtr of 2013 and compare it to the 1st Qtr.  Are there any buyers' markets still left? 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, … [Read more...]

How to Interpret The Home Inspection

What;s the difference between an inspection and an appraisal

You are buying a home in Los Angeles and are the lucky buyer who has had your offer accepted. You are on your way to home ownership and everything should be smooth sailing. However you start to get nervous. This is a big step with financial responsibility.  You want to make sure you have not gotten in over your head. The next step, and one which should fully educate you on what you will actually be getting into, will be to conduct a home inspection. Your Realtor® will arrange for a qualified … [Read more...]

Will Your Mortgage Co-Signor Deliver Magic?

Will your mortgage co-signor delivery magic?

More and more often, the topic of co-signing on a Mortgage is being brought up both during my initial inquiries and Pre-Qualification conversations.  I'm presented with questions regarding Mortgage co-signing from both hopeful recipients of the co-signing and those actually considering becoming a co-signor. I find that there is often confusion surrounding this topic.  (Some simply have co-signingconfused with co-borrowing.    Two different things.)  And many times, recipient and co-signor … [Read more...]

Los Angeles Real Estate Market as we Approach Labor Day

Los Angeles Real Estate Market 1st Qtr 2012

Another summer is coming to an end.  Where does the time go? This is a good time to see how some communities in the Los Angeles real estate market compares to the same time last year.  We will compare July and August 2013 with the same months in 2012. Los Angeles Single Family Homes Community Sold +/-  Median +/- Active Median Pending Bel Air/Holmby Hills* 27 +6 $1,900,000 +25.83% 83 $4,495,000 41 Beverly Center | … [Read more...]

Understanding the Los Angeles Real Estate Market. A Report from the Trenches

Los Angeles real estate. A report from the trenches

If you are presently in the market to buy or sell a home in Los Angeles, I am sure you have been following the news about the crazy real estate market right now. You have been hearing things like "low inventory", "low interest rates", "rising interest rates", "rising prices", etc.  So what is it like in the trenches? Los Angeles home buyers If you are looking to buy a home in Los Angeles right now, then you need to have a strong stomach. Inventory is low enough that when a new property … [Read more...]

Los Angeles Real Estate by Neighborhood: 2nd Qtr 2013 Snapshot

Los Angeles Real Estate Market 1st Qtr 2012

The Los Angeles real estate real estate market is crazy right now, with little inventory and anything coming on the market going into mulitples and over asking. Let's see what's went on by neighborhood for the 2nd Qtr of 2013 and compare it to the 1st Qtr.  Are there any buyers' markets still left? 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, … [Read more...]

Los Angeles Real Estate Weekly Update 6/16/2013

Los Angeles Real Estate by Area

THIS WEEKLY UPDATE WILL NOT BE CONTINUED AS THE RESULTS FROM THE MLS ARE NOT TOTALLY RELIABLE AND THE WEEKLY UPDATE DOES NOT REALLY TELL US MUCH. With homes for sale in Los Angeles being in high demand it will be interesting to check in on a weekly basis.  How many new properties came on the market, how many went under contract and how many sold.  Starting from the end of last week we will start to take a look at the trend and compare it on a weekly basis. This report will provide the … [Read more...]

How is the Housing Inventory Doing in Los Angeles?

Los Angeles real estate inventory. How is it doing?

I am sure by now you must know that real estate in general, but specifically Los Angeles real estate is experiencing a shortage of inventory, and the common complaint heard from both Realtors® and Los Angeles home buyers is "there is nothing to buy".  Or, if something comes on the market "we have to compete with numerous other buyers". So are things improving?  How is the housing market doing and how is the inventory right now? Information provided by MLS/CLAW deemed reliable but not … [Read more...]

Los Angeles Real Estate by Neighborhood: 1st Qtr 2013 Snapshot

Los Angeles Real Estate Market 1st Qtr 2012

Let's check in in the  Los Angeles real estate real estate market by neighborhood for the 1st Qtr of 2013 and compare it to the last Qtr of 2012.  Which areas favor sellers and which favor buyers? 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 The comparison is against the last Quarter of 2012. Los Angeles … [Read more...]

Los Angeles Home Sales Price vs Listing Price

Los Angeles Real Estate Homes for Sale

With this shortage of Los Angeles homes for sale it would be good to check in and see how the sold price compares with the listing price in various Los Angeles communities. Below is a chart showing the number of properties sold over the past three months, together with the median sold price, average days on the market and average sold vs. list price. Let's take a look: Community Sold % Median DOM Bel Air | Holmby Hills* 39 92.88 $1,250,000 93 Beverly … [Read more...]

Looking for a Los Angeles Home for Sale? What’s New This Week

New homes ont the market in Los Angeles

If you are looking for Los Angeles homes for sale you know that inventory is extremely tight. Some of the reasons for the low inventory are: Los Angeles home sellers are seeing a light at the end of the tunnel.  The government programs like HAFA and HAMP are making it easier for those under water to refinance.   Those who can still afford to wait are hopeful that home prices will continue to rise. And banks are also waiting out the market before offloading the remaining shadow … [Read more...]

Los Angeles Homes for Sale. Some Interesting Statistics

Los Angeles homes for sale market statistics

All we are hearing lately is that the number of Los Angeles homes for sale is down.  Is this true?  Is there something else going on?  Let's take a look at the City of Los Angeles itself and see the cold, hard facts.  These statistics are for single family homes and exclude the cities of Santa Monica, West Hollywood, Culver City, and Beverly Hills. You will see the monthly trend in the chart below, compared with January of 2012, last month the number of homes for sale was down 43% while sold … [Read more...]

Looking for a Home in Los Angeles? Check Out New Listings

New homes on the market in Hollywood Hills East

If you have been looking for a home in Los Angeles for a while you are probably becoming extremely frustrated.  There is very little inventory, and that which does come on the market in a good area at market price is met with multiple offers and generally sells over asking price. Stay on top of  new Los Angeles real estate listings.  Check out homes coming on the market in the past couple of days, broken down by … [Read more...]