L.A. real estate news and insights.
Here is a little good news for the holiday season.
Economic news spelled better news for home buyers who are shopping for a mortgage, even after the Federal Reserve’s latest rate hike.
Mortgage rates continued to dial back as new economic data shows inflation cooling off. Freddie Mac reported last Thursday that the 30-year fixed-rate mortgage averaged 6.31%. Rates have been decreasing ever since hitting a high of 7.08% last month.
Longest home on the market in Chatsworth... 524 days!
Asking price: $764,995
This home has 3 bed/2 bath, 1,538 sq. ft. of living space, and is on an 8,095 sq. ft. lot.
The home is on a corner lot, and the backyard has a covered patio, a large gated pool, and an attached 2-car garage.
Text me if you want a private tour at 818-445-7953.
Here is the cheapest home for sale this week in Reseda.
Asking price: $619,900
This home has 2 bed/1 bath, 832 sq. ft. of living space, and is on a 6,409 sq. ft. lot.
The corner lot home is being sold "as-is" and has ADU potential.
Text me if you want a private tour at 818-445-7953.
During November, the number of listings for single-family homes declined 26 percent in Los Angeles County, according to a new signed contracts report from Douglas Elliman.
There were 1,794 listings in L.A. County in November compared to October, when there were 2,426 homes listed in the county.
One reason why the inventory has declined is that sellers are delisting their houses until the market changes. On average, 2 percent of homes were delisted each week during the 12-week period ending Nov. 20.
Home sales also declined in November, according to the Elliman report. Last month, 1,643 homes sold. That represents a decline of 18.7 percent from the previous month, when 2,022 home sales closed in Los Angeles County, and a whopping 50 percent fall from the same time a year ago when 3,290 homes sold in the county.
Here is the smallest home sold this week in Silver Lake.
Asking price: $599,000
Selling price: $706,000 ($107K over asking)
This tiny home has 1 bed/1 bath and only 452 sq. ft. of living space.
People are looking to relocate from San Francisco and Los Angeles the most compared to any other city in the United States.
A new report by Redfin found San Francisco topped the list of all cities in America where homebuyers are looking to relocate from. Los Angeles ranked second, followed by New York, Washington, D.C., and Boston. The rankings were determined by net outflow, a measure of how many more Redfin users looked to leave an area than move in.
Sacramento, Las Vegas, and Miami were the most popular destinations for people looking to relocate, followed by San Diego and Tampa. Popularity is determined by net inflow, which is the number of people looking to move into a metro minus the number of people looking to leave.
According to the survey, majority of people relocating from Los Angeles are headed to Sin City. In Las Vegas, the typical home cost $410,000 in October, roughly half the price of the typical home in Los Angeles ($823,000).
Redfin's migration analysis was based on about two million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from August 2022 to October 2022. To measure the share of homebuyers looking to relocate from one metro to another, Redfin calculated the portion of overall home searchers that are migrants.
Here is the cheapest home sold this week in North Hills.
Asking price: $749,950
Selling price: $700,000
This home has 3 bed/2 bath, 1,296 sq. ft. of living space, and is on a 7,320 sq. ft. lot.
The corner property features wood flooring throughout, new paint, recessed lighting, dual pane windows, and an updated kitchen.
Check the first page of your listing agreement for the contract’s expiration date.
Once that date passes, the contract then becomes expired, your agent no longer works for you, and you are free to hire a new agent.
If you sell your home through a new agent before the listing agreement with your old agent expires, you will have to pay the new agent AND the old agent a full commission. ☹️
