Episode 33 of The #AskDanielLosAngeles Show

On this episode, I answer the following four real estate questions:

1) I'm looking online at homes for sale. They all list the price per square foot. What does $500 per square foot mean?

2) We are in the final stages of closing on a condo. We are just about a week away from closing escrow. I'm not really sure this is the right place for us anymore. What's the worst thing that can happen if we back out of the deal now?

3) When I purchase a home, do I have to put the title of the property in my name?

4) I put in an offer on a property, but the listing agent said I have to get pre-approved with their lender before the seller can accept my offer. Why do I have to go through that process if I already got pre-approved through my own lender?

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My favorite Studio City home that's currently for sale

Asking price: $7,500,000

It's been on the market now for 53 days... I bet there will be a price reduction soon!

Once they hit the 60 days on market milestone, I'm guessing the price will drop down to $6,999,999.

What do you think they should reduce the price down to?

Most expensive home to sell this week in Burbank

2221 W. Clark Ave Burbank, CA 91506

Original List Price: $1,390,000
Sold Price: $1,099,999

This Magnolia Park home is the most expensive home to sell this week in Burbank.

3 bed, 1 bath, pool/ spa – detached guest home has 1 bed, 1 bath.

Do you think this was a good investment?

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.

When are home sales the slowest?

Although right now is typically a slow period in real estate, I am predicting a hot real estate market for the 4th quarter of 2019.

The reason is that buyers have been experiencing heavy competition for the last several months, have had their offers rejected, but are still very motivated to buy a home.

All those buyers that have not had any luck lately will be hungry and ready to pounce on any new listings that come up.

That should make for an interesting end to the year.

Home sales are the slowest in the 4th quarter

The 4th quarter of the year (October, November, December) is usually when home sales are the slowest.

The reason is that everyone is busy with the holidays that come up during those months.

A buyer may put their home search on hold because they are having their family stay at their home for #Thanksgiving.

Or maybe it's more important to a home buyer to go to all the holiday parties instead of focusing on finding a home.

No matter what the reason is, the 4th quarter is typically the slowest time of the year in real estate.

Having said that, the real motivated buyers and sellers are still out there trying to make a deal happen.

Some of the best deals I have seen have gone down during the holiday season.

Episode 30 of The #AskDanielLosAngeles Show

On this episode, I answer the following four real estate questions:

1) At what point during the year are home sales usually the slowest?

2) Now that we found a buyer for my home and we are in escrow, is it safe for us to start moving out?

3) A lot of the homes I am touring are selling for more than the list price. How am I supposed to buy a property if everything I am interested in keeps selling over the asking price?

4) I do not want to spend a dime on staging my home. What other options are out there to make my home look more attractive to buyers?

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The most famous home to sell this week in Los Angeles

The Ennis House just sold for $18,000,000 in the Los Feliz hills.

The home was designed by Frank Lloyd Wright for Charles and Mabel Ennis and was built in 1924.

The design of the house was based on the ancient Maya Temples and its notable detail is the relief ornamentation on its 27,000 perforated and patterned decomposed granite blocks.

Filmmakers flocked to its location. The home shot to fame when the exterior façade was used for the House on Haunted Hill in 1958, but it is most known for being in the movie Blade Runner and the TV show Buffy the Vampire Slayer (one of my favorite shows growing up!).

The house was included as one of the top ten houses of all time in Los Angeles Times, and is a designated California Historical Landmark, and a Los Angeles Historic-Cultural Monument.

Homeowners are feeling, "house rich, cash poor"

One in five U.S. homeowners say they feel house rich but cash poor, according to the newly released Hometap Homeownership Study.

With home prices continuing to climb up, nearly 20% of 675 homeowners surveyed classify themselves as feeling “house rich, cash poor” most of the time, according to the study produced by Hometap.

Seventy-three percent of respondents say they feel “house rich, cash poor” at least some of the time.

I bet if they surveyed renters they would find similar numbers.

I believe we all face similar challenges.

After all, I think being worried about how you are going to provide shelter and food for your family is a feeling all humans have had since the cavemen times. @hometap_

Regular Recording vs. Special Recording

I highly recommend doing a standard recording.

In that case, you don't have to do anything!

You are simply waiting for a call from your agent to tell you that you now officially own the property.

A special recording should only really be used in an absolute must circumstance.

Unless it's a must, it won't kill you to wait the extra day to close escrow.