FYI Quick Read…

Buyers frustrated by the scarcity of homes for sale can take heart in this good news, reported today by financial news outlets like CNN Money: Mortgage rates have hit historic lows. Again. Of course, “cheap money” is part of why there’s such low inventory in the first place. But fear not, buyers. I can find you a house and advise you on how to take advantage of these incredible rates. Even if you just have questions or want to bounce around ideas, I’m happy to help. Contact me anytime, here.

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FYI Quick Read…

For anyone still wondering whether it’s finally time to ditch that rental, the Wall Street Journal Developments blog has your answer x 2. Nick Timiraos reports on how “demand for single-family rental housing is outstripping the available supply of homes…” with the result being higher rents throughout the US.  And Kris Hudson and Dawn Wotapka write that, “economist Lawrence Yun foresees U.S. home prices rising by 15% over the next three years.”

Renters, it’s time to get off the sidelines. Interest rates are low, demand is up, and the cost of that house you want is forecast to rise. For a no-cost, no-obligation analysis of your options, including neighborhoods, price-point and financing, get in touch with me here. I will be happy to help you become a proud homeowner. And it might be a lot more obtainable than you think.

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FYI Quick Read…

An article in yesterday’s LA Times details the pitfalls of the appraisal process. Michelle Hofmann writes: “More than a third of real estate agents say they’ve recently seen lower-than-expected appraisals hold back home sales, even though buyers and sellers had reached agreement on price.”

 

It’s just one more reason that you should give me a call. Through ten-plus years in real estate and hundreds of negotiated deals, I’ve met with a countless number appraisers. And by coming prepared, studying the market daily, I have successfully advocated on my clients behalf. Don’t let a low or inaccurate valuation derail your home purchase or sale. With me you get top-shelf assistance through all aspects of your real estate transaction. From appraisal to “z.”

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FYI Quick Read…

Kerri Ann Panchuk of HousingWire reports that housing prices rose 2.9% over last year in October. But it’s the cost of renting that really skyrocketed, up 5.1% from 2011 levels (!) If you’re someone who feels like you’re paying too much rent, contact me today. I’ll help you find the right house and can also assist your search for a sensible mortgage loan. Oftentimes payments are comparable to or even lower than what you pay in rent, so call, text or email and we’ll explore your options.

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FYI Quick Read…

KPCC has a story on the latest housing data, and it’s good news for LA where prices ticked up 1.3% in August. Says reporter Matthew DeBord: “For anyone in L.A. who’s concerned that they’re going to get priced out of the market right now, as a shortage of housing supply is causing prices to be bid up in some areas, the new Case-Shiller data should have a calming effect. Yes, prices are rising. But they’re not rising off the charts.”

The LA Times covers the story here, HousingWire here.

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Mortgage Rates and Today’s Market

It’s still cheap to borrow, great news obviously, but how long it will it last? Home buyers hoping to get in on these historically low rates (which can save you thousands if not tens of thousands per year) should get in touch with me asap. I’ll supercharge your search by getting you into homes that fly under the radar, and can also advise you on how to win a bidding war.

As for sellers, the combination of low rates and tight inventory puts you in the drivers seat. I’m happy to provide a complimentary valuation on your property, with no obligation to go to market until you’re ready to. Aren’t you just a little curious to hear what your home is worth today? It might be more than you think. Call, text or email me anytime by clicking here.

To receive new listings by email, or to schedule a viewing click here!

Mortgage rate graphic courtesy of CNNMoney.

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Buyers: Three Important Things

I had a wonderful open house yesterday, with a steady stream of buyers coming to check out my listing on Bellevue Avenue in Silver Lake. And while I got lots of positive feedback on the house (which already has offers), I also heard stories of frustration. I can understand why. This is a highly competitive time in the market, especially in some north east LA neighborhoods and at certain price points. So if you’re one of the many nice folks I’ve spoken with who has lost out on a house, or even missed out on your chance to put in a bid, here are three important things that might help you for next time.

Be ready. If you’re taking out a mortgage loan, as most buyers are, get pre-approved. And if you’re a cash buyer be sure to have your finances “in hand,” which is to say liquid and available. In both cases you are sending a signal to the seller  that yours is a serious offer and that you are prepared to make a purchase.

 

Be willing.  Sellers look for a buyer who demonstrates commitment. Your finances should be in place (see above) and you should do all you can to show your very genuine interest in the property.

 

 

Be able. By this I mean be informed. It’s easier than ever, right? Smart phones, real estate apps, but believe me, the best way to get plugged into this market is by working with a good local realtor. We communicate with each other all the time, exchanging info and intel that the internet cannot provide. So if you have any questions, or want to get a leg up in your home search, contact me anytime here.

To receive new listings by email, or to schedule a viewing click here!

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FYI Quick Read (and watch and listen…)

Good news for buyers vis-á-vis interest rates. Kerri Anne Panchuk of HousingWire reports that “homebuyers heading into the marketplace are still looking at historically low mortgage rates… The 30-year, fixed-rate mortgage for the week ending Oct. 18 hit 3.37%, which is down from 3.39% a week earlier and from 4.11% last year.”

 

The LA Times’ Alejandro Lazo and Jim Puzzanghera have posted a story headlined “Housing Industry Recovering Faster than Many Economists Expected.” It features a short video discussion between the Times’ David Lazarus and Nancy Rivera Brooks, and also Gary Painter who’s the director of research at USC’s Lusk Center for Real Estate.

 

APM’s “Marketplace” with Kai Ryssdal reported yesterday that “new home construction for September was the highest the industry has seen in four years… a 34 percent jump from last year.” However there’s one downside which is the increased demand for raw materials used in building, which means prices there are likely to rise. Read Shereen Marisol Meraji’s story and hear the short radio piece here.

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San Marino & La Cañada Schools Ranked 1, 2

It official. According to recently published data and reported here in the Pasadena Sun, the prized public schools of San Marino and La Cañada Flintridge are ranked #1 and #2 in the state of California by their API scores. So what does it cost to buy a house in these beautiful communities that neighbor Pasadena? Here’s a sample of the current market:

An approximately 3,500 sq. foot 5 bedroom, 3.75 bath Contemporary in La Cañada Flintridge (pictured above) is on the market for $1,665,000. Built in 1964, recently remodeled, it has views to the Pacific Ocean and a gorgeous swimming pool. Listing courtesy of Samuel Buchanan, B & B Properties.

Another La Cañada home for sale right now is a 5 bedroom 4 bath Tudor with just over 4,300 sq. feet of living space. Built in 1935 and occupying a huge flat lot, the property features a detached guest house and pool. Priced at $2,160,000, this strikes me as a bargain considering the prime location and amount of house you’re getting. Listing courtesy of Anne Sanborn, Sotheby’s Int’l Realty.

 

Inventory in San Marino is quite low right now, but this 1952 Cape Cod is on the market for $3,280,000. With 4 bedrooms and 4.75 baths, totaling just under 5000 sq. feet, the home is on one of the most desirable streets of this tree-lined enclave. There are 2 kitchens, 2 formal dining rooms, 3 fireplaces, a guesthouse… really this property has it all. Listing courtesy of Sabrina Wu, Coldwell Banker.

 

And here’s San Marino’s lowest-price offering per today’s MLS. At just under $1.2M this Traditional has 3 beds, 1.75 baths in 2,255 sq. feet. Features include 3 fireplaces and a back yard patio for entertaining, plus something very special indeed: the San Marino School District. #1 in California. Listing courtesy of Vera Nelson, Coldwell Banker.

 

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VIDEO: My Interview on ABC World News with Diane Sawyer

I’m honored that ABC asked me to speak with them last night on their prime-time national news broadcast. And as nice as it is to be singled out as a go-to voice in real estate, the thing I like best is that 7-plus million people got to see my listing on Screenland Dr. in Burbank.

Helping my clients succeed is everything. Being an expert, that’s simply my job.

Watch the ABC News story by clicking the image above, or here.

To receive new listings by email, or to schedule a viewing click here!

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