Let's Eat!
For the 3rd year in a row, I gave all my friends and clients pies for Thanksgiving!
Didn't get invited?
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Happy Thanksgiving!
Episode 32 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) When applying for a mortgage, I've heard that applying for other types of credit before the mortgage is finalized can hurt your credit. Is this true?
2) We are already in escrow to sell my home, but I'm now having second thoughts on selling. How can I back out of the deal?
3) I recently went to get pre-approved for a home loan. The lender said he can't get me a loan because my credit score is too low. How can I raise my score?
4) My agent is having a hard time selling my home. I just don't think he is the right person for the job. What is the process to fire him?
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Is the holiday season a good time to sell property?
Homebuyers are very frustrated and upset that their offers have not been getting accepted.
Some buyers give up... but most are getting more focused than ever.
They are determined to get their offer accepted before the year ends.
These types of buyers along with low inventory will make for an interesting end to 2019.
Home buyers will be focused this holiday season
It's been a bit of a battle for homebuyers in 2019.
They have faced heavy competition from other buyers and prices going above the asking price.
Many of them have heard "sorry, your offer has not been accepted" at least once.
Heading into the holiday season, they are now focused.
They know how the market is and are ready for war.
I am expecting a hot end to the typically slow 4th quarter of the year.
I'm thankful for all my friends and clients
I did it again... I gave all my friends and clients pies for Thanksgiving!
I am so grateful for all the real estate referrals you have sent my way this year.
You have all made 2019 the biggest and most successful year of my career so far!
This pie is a small token of my appreciation.
Thank you all and Happy Thanksgiving!
Didn't get the pie memo? Text me your email address and I'll be sure to include you in the festivities next year. 818-445-7953
Episode 31 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) I heard the Holiday season, in general, is not a good time to sell a property. What are your thoughts?
2) I bought my home a couple of months ago and now all of a sudden I received a "supplemental tax" bill in the mail. Who is supposed to pay that tax bill, me or the previous homeowner?
3) Which month is better to put a home up for sale, January or February?
4) I'm about to close escrow and sell my home. Do I have to hire a professional cleaning company before I move out?
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Most expensive home to sell this week in Sherman Oaks
Asking price: $2,899,000 Selling price: $2,750,000.
This newly constructed home is incredible!
It's a modern/farmhouse style home that is very much in demand in the Valley.
It's brand new construction, so I'm not surprised that it was the most expensive home to sell this week in Sherman Oaks.
Cheapest price per sq. ft. home in Studio City
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.
Cheapest house to sell this week in Burbank
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.
"Breaking Bad" star home on the market
"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!
Porter Ranch - Just Sold!
Back in February of 2018, an individual emailed me inquiring about an online article I had posted.
The article was titled "Analysis: Real estate price action in Northridge and what buyers and sellers should know.”
This person wanted to know if I had heard of the new development in Porter Ranch and if I thought it would be a good investment.
My response was that the Toll Brothers consistently put out beautifully constructed homes and are always in high demand.
For those reasons, backed by the data stated in the article I sent him, I told him that a Toll Brothers home in that community would indeed make a great investment.
We took a tour of the model homes, stood on the vacant lot where they would build his home, and he decided to move forward and buy the property.
After about a year and a half of customizing the home amenities and waiting for construction to conclude, the home was finally completed.
He just closed escrow on the property and is extremely happy with the way everything turned out.
I am happy for him and his family and can't wait for the housewarming party!
Here is how the Toll Brothers describe the community...
"The Vistas collection offers well-designed single-family homes, some with gorgeous canyon views. Vistas have a variety of options available like an optional balcony off the master bedroom suite, master spa bathroom, and more.
The Vistas at Avila also provides its residences exclusive access to a resort-style recreation center with a pool, spa, cabanas, outdoor TVs, barbecues, wading pool, and a state-of-the-art clubhouse, perfect for hosting family and friends or just enjoying the beautiful California weather.
The Avila village is also located next door to the award-winning K-8 Porter Ranch Community School, families with young children can easily walk, bike, or take a short drive to and from school. The exciting future 50-acre Porter Ranch Community Park, coming soon, is located just South of the Avila village and can be accessed via foot, bike or car.
Travel is no problem for Porter Ranch residents who enjoy easy access to local freeways, which makes traveling via LAX or Burbank airports a breeze.”
What is virtual staging?
I'm always going to recommend first that you do real staging when trying to sell your property.
You want buyers to fall in love with your home the second they walk in.
Staging will allow the buyer’s emotions drive their purchasing decision.
If you refuse to have your home staged, virtual staging is the next best thing.
I have even had my graphic designer work with the current furniture that is in the home.
The designer can use their digital furniture in conjunction with your real furniture.
That way you don't have to move a single piece of furniture at your home and your marketing pictures will still end up looking great.
Virtual staging is better than showing an empty room
If you are getting ready to sell your property, you should consider staging your home.
That is when a home stager comes in and furnishes your house with modern, new, clean furniture. It makes your home look like a model home.
The problem with staging is that it costs money. The minimum cost will be around $3k.
If you refuse to do that, you should consider virtual staging.
This is where you take a picture of an empty room in your house, then a graphic designer edits the picture and ads computer-generated furniture.
In most cases, your marketing pictures will end up looking great.
You will definitely get a lot of attention to your online listing and will bring people in to see your home.
The problem arises when the buyer shows up to tour the home.
They came to see a beautiful model looking home and they end up taking a tour of a bunch of empty rooms.
This is not the ideal situation to put a buyer in.
But, virtually staged photos are better than showing a vacant room or a room filled with furniture from the 1980's.
Be the home buyer that is outbidding the others
Are you constantly being outbid when submitting an offer on a home?
Having a lower asking price is a widely used strategy by real estate agents to get multiple offers on their listing.
If you are seeing this a lot in your search area, adjust your budget!
Let's say your budget is $800k and you notice you have been outbid now a couple of times by buyers offering $25K above the asking price.
Adjust your budget down to $775K.
That way you can now be the one to submit an offer above the asking price.
You will now be the one who is outbidding all the other buyers by $25k.
Of course, have your agent do a market analysis on the property to make sure whatever amount you are offering is fair market value for the property.
Once we find a buyer for our home, is it safe for us to move out?
After reviewing the buyer's purchase agreement, you will most likely find that the buyer's purchase contingencies will all be removed by day 21 of the escrow period.
After all, contingencies are removed, it is fairly safe to start moving out.
I say fairly safe because a buyer could still back out of the deal after their contingencies are removed.
Most buyers don't do that because if the contingencies are removed, you as the seller can go after the buyer's deposit.
The buyer's deposit is usually 3% of the purchase price.
So if the home is $1,000,000 the deposit is $30,000.
Most buyers would continue with the purchase rather than lose $30K... but you never know.
In my opinion, it's reasonably safe to start moving out once all contingencies are removed.
