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.
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in Los Feliz!
Asking price: $1,998,000
This home has 3 bed/2 bath, 1,696 sq. ft. of living space, and is on a 5,980 sq. ft. lot.
The home features high-vaulted ceilings, an oversized brick masonry fireplace, and all bedrooms have access to the private backyard.
There is a waterfall swimmers pool, spa, dining patio, and grassy area in the backyard.
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in Toluca Terrace!
Asking price: $1,825,000
Built in 1941, this home has 4 bed/3 bath and 2,490 sq. ft. of living space. The lot is 7,666 sq. ft.
Move-in ready, hardwood floors, high ceilings, and an attached 2 car garage.
Homes are selling even faster than they were at this time last year as buyers continue to compete in the housing market. Housing inventories are lower as well, down 28% from a year ago. In December 2021, the National Association of REALTORS® reported that existing homes for sale fell to an all-time low.
With fewer listings of homes last week, buyer interest again outpaced homes available, writes Danielle Hale, realtor.com®’s chief economist, in a weekly analysis posted at the site.
“With fewer homes for sale now than this time last year, homes are selling faster and successful buyers have to move quickly,” Hale writes.
Nationally, seventy-nine percent of homes sold in December 2021 were on the market for less than a month, according to the National Association of REALTORS®. Properties typically remained on the market for just 19 days in December.
As rents rise at a double-digit pace, renters are looking to homeownership for the safety net of a steady mortgage and hopes of long-term appreciation. Mortgage rates that remain under 4% are also an incentive.
However, the fear of rising rates has driven a “rush on new-home sales as buyers try to sign contracts to lock-in rates and beat further cost increases,” Hale says.
Hale says housing indicators point to additional sellers entering the market this spring, which buyers would welcome as they look for a bigger selection in the housing market. Surveys show that more homeowners are planning to sell over the next 12 months. With single-family home construction at a 1 million-plus pace, inventory is expected to improve in the coming months.
“Additional housing supply is what’s needed to help first-time home buyers and add momentum to the homeownership rate,” Hale says.
This 2 bed, 2 bath move-in ready condo is coming soon to Valley Village.
Asking price: $524,999
5604 Rhodes Ave. #103
Valley Village, CA 91607
For more info, text me at 818-445-7953.
"Hot Home” alert in Porter Ranch’s Westcliffe gated community.
Asking price: $2,999,950
This 3 story home has 4 bed/6 bath, 5,314 sq. ft. of living space, and is on a 9,904 sq. ft. lot.
The home features a large great room with high ceilings, a kitchen with a walk-in pantry, a home theater with an open-air deck, and an office with glass walls.
In the backyard, there is a pool with a swim-up bar, rain shower, spa, firepit, outdoor kitchen with BBQ, and basketball court with Kobe Bryant's brand logo.
Text me if you want a tour at 818-445-7953.
The pandemic triggered a suburban home rush, and more than a year in, that doesn’t appear to be letting up. Even as big cities stage a housing comeback, the suburbs remain hot.
The number of home buyers shopping nationwide for suburban homes has jumped 42.1% since the pandemic began, realtor.com®’s data shows. Suburban homes comprised 62% of online home views in September compared to 38% for listings in urban areas.
“The suburbs have always attracted home buyers looking for more house for their money, but recent data reflects just how much suburban competition has intensified,” says Danielle Hale, realtor.com®’s chief economist. “With the rise in long-term remote work options and downtown rents making a rapid comeback, suburban vs. urban housing dynamics are shifting.”
Suburban housing activity continues to accelerate at a faster pace than in urban areas, Hale says. Further, “the price premium is shrinking between notoriously expensive urban housing and suburban for-sale homes, typically known for more bargains,” Hale says.
Inventories are slim, however. The number of homes for sale in the suburbs was down 13% annually in September compared to 8% in urban areas, realtor.com® reports.
Prices are rising faster in suburban locales. In 2020, the suburbs outpaced their urban counterparts’ price growth for the first time since 2017. The median listing price per square foot reached $212 in the suburbs in September, which is 18% higher than a year ago and 28.4% higher than the pre-pandemic 2019 level, according to realtor.com®. On the other hand, the median listing price per square foot of urban homes was $226, 14.9%, and 25.4% higher than 2020 and 2019, respectively.
Here's an update on 2 "Hot Homes" that I told you about in October 2021.
Hot Home #1: Atoll Ave., Sherman Oaks
Asking price: $2,179,000
Sold price: $2,220,000
Hot Home #2: Griffith Park Dr., Burbank
Asking price: $975,000
Sold price: $1,112,000
With a full-on marketing blitz on Instagram, Facebook, Tik Tok, Zillow, Redfin, Trulia, Etc... my latest Los Angeles listing was sold within days of hitting the market. The sellers are thrilled they no longer have to take care of this investment property. The buyers can't wait for the next chapter of their life to begin in their new home. I'm very happy it worked out for both of them! If you know someone who needs to sell their home, please text me their info, and I'll take care of the rest.
Here is my cell number 818-445-7953. Thanks!
CLICK HERE for the properties website.
This move-in-ready condo is in close proximity to the Westwood Village and Beverly Hills.
There is also tons of shopping, entertainment, and dining at the close by Westfield Century City.
Let me know if you want more info BEFORE it hits that market.
Text me at 818-445-7953.
Here is your latest “Hot Home” in Burbank.
The asking price is $1,325,000.
This Coastal Farmhouse has 3 bed/2 baths, 2,040 sq. ft. of living space, and is on a 7,844 sq. ft. lot.
The completely remodeled home features red oak flooring throughout, an open concept kitchen w/ step in pantry, and a large laundry room behind Douglas Fir barn door.
The home is next to the Chandler Bike Path and within walking distance to Burbank's eclectic Magnolia Park neighborhood.
Text me if you want a tour at 818-445-7953.
Off Market Property in Burbank!
The asking price is $1,800,000.
This Mediterranean style home has 4 bed/4 baths, 3,396 sq. ft. of living space, and is on a 6,949 sq. ft. lot.
The property features a formal living and dining room, chef's kitchen w/ stainless steel appliances, and a master bedroom with fireplace and large balcony.
The backyard has a rear porch and large deck along with an outdoor BBQ and fruit trees.
Text me if you want a tour at 818-445-7953.
33 showings set this weekend for my new Tujunga listing!
Don't worry, I can still get you in.
First-time home buyers, here is your latest Tujunga listing!
This 2 bed/1 bath home is move-in ready and features a beautifully remodeled kitchen with stainless steel appliances, soft close cabinets, and a washer and dryer.
There are also solar panels, central AC/heat, new insulation, and the living room has built-in speakers with Dolby Atmos set up.
From your smartphone you can control the nest thermostat, ring security cameras, sprinklers, and the garage door.
The garage has a gas line, permitted bathroom, and has major potential for an ADU.
If you are looking for a move-in-ready property, that would make a perfect starter home, all at a great value, this just might be the property for you.
Text me for a private tour at 818-445-7953.
For more info visit WilseyHome.com.
The asking price for this Woodland Hills home is $1,175,000.
100 Hurlbut St # 9, Pasadena 91105
Asking price: $700,000
Selling price: $705,000
The buyer purchased this unit using a conventional loan.
