L.A. real estate news and insights.
Residential real estate has now joined the list of essential services during the coronavirus crisis.
Agents can now resume showing property, do property inspections, take listing appointments, etc.
These activities must be done in conformity with current health guidelines. Real estate licensees must follow all CDC and local health mandates.
In addition, no open houses should be held and showings should be done virtually, if at all possible.
Four of the five largest banks in the U.S. have agreed to let California residents skip mortgage payments for 90 days if they have lost their jobs or are struggling financially due to the coronavirus pandemic.
JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with about 200 state-chartered banks and credit unions, voluntarily agreed to waive mortgage payments for California residents who are having trouble paying bills because of the COVID-19 outbreak.
Bank of America has also agreed to waive payments, but only for 30 days👎.
Your mortgage company will not automatically set you up with this plan. You have to call them to sign up!
During your inspection contingency period, take a nighttime drive around the neighborhood of the home you are buying.
If you determine the property is in a noisy area, you may want to consider backing out of the deal using your inspection contingency.
Don't wait to see if there is a lot of noise after you close escrow... it will be too late.
You can still submit an offer on a property right now, but if your offer gets accepted, you can't do any inspections 😕
Before buying a home, check out how noisy a neighborhood it is.
During escrow, the seller will give you a disclosure letting you know that some levels of noise may be acceptable to some, and not to others.
They want you to do your own inspections and satisfy yourself that the noise level is not going to bother you.
If you sign that disclosure paperwork, the seller is protected from you coming back and suing them stating that you never told them about the excessive noise levels of the neighborhood.
The price per square foot of this home was calculated by dividing the asking price of the property by the square footage.
This particular home has the cheapest price per square foot for the entire city of Studio City.
Many factors should be considered when buying a home. Before putting in an offer, you should always see how the price per square foot on the home you like compares to other recently sold homes in the area.
Original List Price: $775,000 Selling Price: $666,666.
These motivated sellers unloaded their property for more than $100K below their original asking price.
The home needs a complete remodel, but because of the fairly good location (the closer you get to the airport the less desirable the property is) and the decent size of the home, the buyers should see a nice return on their investment.
"Jesse Pinkman's" house is on the market!
The original asking price earlier this year was $2,499,000.
It has now been reduced to $2,198,000.
This LA home features some incredible views and a great location!
My 72 Hour Home Selling program will get you top dollar for your home in a very short amount of time. Text me to find out how it works. Thanks! 818-445-7953
Agents are strategically putting the asking price on their listings lower than fair market value.
By doing this the listing gets a lot of attention and gets multiple offers.
The property then sells for above-asking price, usually at fair market value.
Now that you know this info, be prepared to put in an offer on a home above your budget.
You could also look at properties below your budget and anticipate that the price will go up to your original budget.
The cheapest house sold in Sunland this week closed at $430,000.
Originally listed at $550,000, this home features a newly remodeled kitchen with original hardwood floors and will make a nice starter home.
The most expensive home sold this week in Burbank was listed at $1,099,000 and sold for $1,104,000.
Located in the charming Magnolia Park neighborhood, the area is filled with eccentric boutiques, vintage antiques, hip eateries, Porto’s Bakery, and much more.
The website 24/7 Wall St. ranked the 50-safest cities based on FBI crime stats and demographics.
Irvine topped the list and was voted safest city in America, but there were ten other SoCal cities that made the top 50.
Glendale ranked 9th on the list.
What do you think?
Is Glendale really worthy of being called the 9th safest city in America?
