No Surprise: “Zestimates” are Usually Wrong

We won’t argue the fact that Zillow can be a useful tool. But it’s a tool with serious accuracy problems. As the LA Times notes, “nationwide Zestimates have a ‘median error rate’ of about 8%.”

8%? In the LA marketplace that’s a huge number, often translating to tens of thousands of dollars. If you’re looking to buy or sell a house, wouldn’t you like a more accurate idea of what it’s worth? Something more than generic sales data crunched into an algorithm?

Kick your Zillow habit. In the real world, houses have unique traits and nuances that speak volumes about their value. Having sold more Eastside homes than any other realtors for two years straight, we can safely say that we are market experts, with inside access to timely, reliable, accurate information. No “Zestimates” here. Just carefully thought-out analysis and an honest assessment of worth.

Contact us anytime at Tracy Do Real Estate.

This entry was posted in: Deals

Good News and it’s Newsworthy

The LA Times reports that sales are hot and prices have cooled, “the latest sign that the region’s housing recovery might finally be reaching more people.”

It certainly helps that interest rates remain extremely low, as reported here by the LAT…

A third piece of good news comes to us courtesy of President Obama and the Federal Housing Administration. Many first-time borrowers rely on “FHA backed” home loans which require less of a down payment for qualified buyers. The tradeoff has been the requirement of PMI (Private Mortgage Insurance), which costs hundreds of dollars monthly and can be a deal-breaker for folks on a budget. Recently the Obama Administration applied pressure on the FHA to lower the amount of PMI premium that borrowers must pay. It isn’t a huge savings, but as the AP reports, “the move is estimated to save the average homebuyer $900 a year, as well as help save money for homeowners looking to refinance their mortgage.”

We like good news, and are here to help you find your dream home. We can help find you a mortgage loan, too, in fact we’ll advise you through every phase of this important process.

Contact us anytime at Tracy Do Real Estate.

This entry was posted in: Deals

This We Like

LATlogoGood stuff reported on the LAT website…

The SoCal housing market took a step back last month, as home sales fell and price gains slowed. But homeowners shouldn’t despair and would-be buyers might even rejoice, analysts say.

The slowdown signals a housing market that is continuing to normalize, potentially helping more middle-class families purchase homes as the economy improves.

After years of boom and bust, home prices and sales are now responding to the very thing they should: job and income growth, not loose lending standards or investors, economists and real estate analysts say.

And it gets even better! Interest rates just ticked down again. Which means that now is a very good time to get into business with a bank, and buy your home.

We here to help. Tracy Do Real Estate.

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

This entry was posted in: Deals

Lots of Young Adults Live with Mom & Dad

livewithparent

From the Wall Street Journal blog: “The proportion of young adults aged 18 to 31 living with parents has hit 36% from 31% in 2005, and indebtedness—especially rising student debt—explains roughly 30% of this increase.”

Have you checked out NELA Union Modern Homes? They’re FHA approved, meaning qualified buyers can buy a brand new, beautifully designed townhome with with just 5% down payment.

Not that there’s anything wrong with living with your parents.

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

This entry was posted in: Deals

Interest Rates are Just Insanely Low

We didn’t have a chance to post the recent drop in interest rates before they dropped again. People, seriously. Buy a house. This is the deal of a lifetime and will save you thousands of dollars over time.

If you’re a first-time home buyer and need some assistance decoding what interest rates are all about and why they matter, we’re here for you. We’ll listen to your questions and provide honest, clearly articulated feedback so that you can make the right choices in regard to homeownership. Find us online at Tracy Do Real Estate.

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

This entry was posted in: Deals

NELA Union is a Comparative Bargain Pt. 2

LATlogoTim Logan of the LA Times reports that “sales of newly built homes in the U.S. surged in August to their highest level in six years” which translates to “another indication of a housing market that is starting to stabilize.”

And meanwhile…

la-2001293-fi-0922-property-10-rrc-jpg-20140924

This just opened in the Arts District of Downtown LA.

It’s a perfectly nice 438-unit building, and we have nothing against it. However the rents, according to the LA Times’ Andrew Khouri, “range from $1,680 a month to more than $4,000.”

Bust out your calculator and do some simple math. For roughly $500,000, you can buy a brand new, state-of-the-art home at NELA Union that has 3 levels, 2 bedrooms, 2.5 bathrooms and 1180 sq. ft. of living space — plus an attached two-car garage. It even has a private ground-level patio. Best of all, it’s yours. The hard-earned money you pay each month goes toward your bottom line, not someone else’s.

Plan1-07Plan 1 Home at NELA Union: 2 bedrooms, 2 bathrooms, approx. 1180 sq. ft.

Seriously, do the math. 10% down, 20%, FHA borrowers, all are welcome at NELA Union which is by far the best value among new Eastside developments. People are already living here and more will be unpacking this very weekend, getting settled in their own homes, centrally located in one of LA’s hottest neighborhoods, Glassell Park.

We’d love to show you around, and can do so daily from 10am to 5pm. If you have questions, please email to info@nelaunion.com or call 626-204-7109.

You can also reach us anytime at Tracy Do Real Estate.

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

This entry was posted in: Deals