Home loan interest rates are only expected to go higher and higher.
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This factor, along with more housing inventory will, in my opinion, send us into a buyers market.
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Do you think a buyers market is coming?
The most expensive home to sell in LA this week
Original asking price: $19,995,000
Sold price: $16,825,000
This is the most expensive home to sell in the city of Los Angels this week.
Best remodeled home to sell this week in La Crescenta
Original asking price: $919,000
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Sold price: $875,000
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This #LaCrescenta property was sold BELOW the appraised value! 😝
Get your condo complex FHA approved before selling
Having your condo complex FHA approved will allow you to sell your unit to everyone... not just those with a 10% + down payment.
That's because FHA buyers can put as little as 3.5% down.
More competition creates a bidding war.
More money for you!
Why should we get pre-approved for a home loan first?
If you don't show me a pre-approval letter when submitting an offer on one of my listing, YOU WILL BE IGNORED.
You're wasting time when shopping for a home without being pre-approved first
Imagine, after 2 months of searching for a home to buy, you come across a beautiful 3 bedroom 2 bath in the neighborhood you love. And it only costs $800K! What a deal!
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So your agent says go get pre-approved and let’s put in a offer! Right away, you say!
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So your lender has all the needed documentation, and she sits you down and says congratulations, you are approved to buy a home for $700,000!
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Wait!
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What?!
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The home you want to buy is $800,000!?!?
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SORRY, YOU LOSE.
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All that time wasted searching for a home only to find out that you can't even get a loan to buy it.
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This could have all been avoided had you just been pre-approved for the loan fist.
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Now that you know this info, what are you going to do to avoid falling into this problem?
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1) Get pre-approved by a lender
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2) Go shopping for a home that has an asking price that you can afford.
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It's that easy.
Next step after receiving a verbal offer on your home
Don't waste your time on a verbal offer.
If they are serious, they will put it in writing.
Have you ever received a verbal offer on your home?
A verbal offer on your home is garbage
A verbal offer makes you feel good inside because it proves to you that someone out there loves your home.
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The truth is that a verbal offer means NOTHING... its garbage.
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If they really like the property, tell them to put it in writing. Once they do, NOW you have a series buyer.
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I can't tell you how much time in the early days of my career I spent with "buyers" and their verbal offers.
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Don't fall for it. Get it in writing.
Episode 17 of The #AskDanielLosAngeles Show
On this episode of The #AskDanielLosAngeles Show, I answer the following 4 real estate questions:
1) I got a verbal offer for my house. Whats the next step?
2) What does retrofitting a home mean?
3) We are going to start looking for houses. Whats the process in terms of pre approval? Should we get approved for the loan first or pick out a couple houses we like and then get the pre approval?
4) I want my condo available to buyers who need to get a FHA loan. How do I do that?
We have over 12,000 followers on Instagram... come join us! @DanielLosAngeles
Are robocalls that say they want to buy your home a scam?
The robocallers who want to buy your house want to offer you 15% less than what your property is worth.
If you want a easy transaction, take that deal.
If you want top dollar, put it on the market so everyone knows it's for sale.
The choice is yours.
Robocallers want to buy your home at a 15% discount
We have all received the call before... a pre-recorded message of a person saying they want to buy your home, all cash, for top dollar. 🤳
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Now, you know in your heart it's a scam... but in the back of your mind you are thinking... what if it's real?!🤞🏻
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Now although it could be a complete scam, chances are it's actually legit.😬
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That company will make a offer on your home, they will close quickly, and with very little headaches.🤗
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The catch?🤔
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You will have to sell your home about a 15% discount. 🤦🏻♂️
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That company will then immediately sell that home to a house flipper at about a 5% profit. The flipper puts a little money into the property and then sells it at a profit.🤑
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You see, everyone wins... except you. You did not make as much money as you could have.😯
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So next time you get a robocall, think 15% discount!😡
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Would you sell your home to a robocaller?
I want to be your real estate agent. What do I have to do to make that happen?
Let me know at 818-445-7953. Thank you!
What do condo buyers typically look for?
When selling your condo, here are the 3 things(😅 🚗 👕)buyers are looking out for:
😅 Central AC/heat
🚗 Two private side by side parking spots
👕 In unit washer and dryer.
If you have all three, you may have a condo that will demand multiple offers.
Condo buyers demand move-in ready units
Condo buyers are very different than single family home buyers.
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Typically condo buyers want something they can move into right away. There are a couple of reasons for this...
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1) Condo buyers are usually younger and don't have enough money for a downpayment and renovations.
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2) Have you ever tried to remodel a condo? I have. It's a nightmare! Cutting up wood and granite countertops usually takes place outside. But when remodeling a condo, all of that has to be done inside the unit, leaving all the dust and dirt. At the end of the day, It looks like a bomb went off! Not to mention the crazy amount of noise the power machines give off in a confined space.
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I can't believe I ever did it!
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But even if your condo is not move in ready, there are 3 things that your unit might have that will still make it acceptable to buyers.
Here is how Redfin's "Hot Home" works
As soon as you reach "Hot Home" status, and Redfin emails your agent the link to send out the offer deadline, make sure they do it!!
Always use the "Hot Home" status to your advantage.