The market is not crashing!
However, I do see home values going down 1% - 3% in 2019.
It's a small price adjustment compared to how much home values have gone up over the last few years.
Home buyers are getting nervous
In 2018, all I heard buyers say was "home prices need to come down" and "I wish there were more homes for sale".
Now that home prices have softened a bit and there's more housing inventory, buyers are getting nervous... not happy.
Buyers see this and think the market is going to collapse.
I have news for you... there is no crash in sight.
What is happening now in the market is what home buyers have been begging for.
You should be thrilled prices are lower and you have more to choose from.
Episode 20 The #AskDanielLosAngeles Show
On this episode, I answer the following 4 real estate questions:
1) How is the housing market going to be in 2019?
2) We just accepted an offer from a lovely couple to buy our house. What happens now?
3) Daniel, I am a real estate agent and I currently have 3 homes listed. They've been on the market for many months, in fact, I lowered the price on 2 of them… what's your secret to selling?
4) What is a statewide buyer and seller advisory?
We have over 16,000 followers on Instagram... come join us! @DanielLosAngeles
Most expensive home to sell this week in all of Los Angeles
Is this your dream home?
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Comment "dream" or "nope".
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Original asking price: $39,900,000
Sold price: $27,625,000
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Although it had a big price drop, this mansion is the most expensive home to sell this week in Los Angeles.
Most expensive home to sell this week in Studio City
Original asking price: $4,750,000
Sold price: $4,250,000
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After being on the market for only 25 days, the owner of this #StudioCity home decided to accept a offer that was $500,000 below asking price.
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Do you think the owner was too quick to accept such a low offer... or should the owner have kept the home on the market a little longer in hopes of getting more money?
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Comment "accept" or "wait".
3 years' search for this Glendale home
The buyers of this #Glendale home had been searching for a property for 3 years.
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Their agent put in several offers on their behalf, but they could not get the job done.
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My past client and friend referred them over to me. The buyers came by my office in the morning for my "Buyer Orientation" meeting.
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This is where I take them through the entire purchase process, from beginning to end.
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In the afternoon I showed them 3 properties. They fell in love with one and immediately decided to put in an offer.
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After a little negotiating with the seller, my clients got the home for $1,075,000. The sellers original asking price was $1,250,000.
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3 years of searching with another agent... and in 1 day I found them their home.
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I hate to toot my own horn... but... TOOT TOOT!
Most expensive home to sell in Burbank this week
Original asking price: $2,399,000
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Sold price: $1,800,000
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Is a backyard important to you?
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This #Burbank home does not have much of a backyard and still demanded the million dollar price tag.
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If a small yard is a dealbreaker for you, comment below "dealbreaker".
How do loan contingencies work?
If you are in escrow on a property, and you can no longer qualify to get a loan, you can back out of the deal because of your loan contingency.
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Let me explain...
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When you first submit your offer, there is a section where you write in how many days you want for your loan contingency period.
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Do you have a really good lender? She might tell you that you only need 12 days for your loan contingency period. 21 days is average.
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You can keep your loan contingency in place the entire escrow, but you probably won't get your offer accepted having that long of a contingency... the shorter amount of time the better.
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As long as you back out of the deal within your contingency period, you should be able to cancel escrow without any problems.
Your home buyer can back out of the deal by using their loan contingency.
Your home buyer can back out from purchasing your property by utilizing their loan contingency.
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What that means is that if the buyer cannot get a loan, they can back out and still get their deposit back.
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However, this has to be done during the loan contingency period. Loan contingencies are usually 21 days long and start when you have an executed purchase contract.
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If the buyer releases their loan contingency on day 21, they can no longer back out of the deal because of their loan contingency.
Pre-approval letter: Banks vs. Broker
Mortgage brokers may be able to provide you with more home loan options over a traditional bank.
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I suggest you get approved with a traditional bank and a mortgage broker at the same time.
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Compare the interest rates and fees both lenders are charging you... then choose to work with one or the other.
Use a mortgage broker if you have trouble getting a home loan.
A mortgage broker is different than dealing with a bank.
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If you walk into @Chase bank, you need to match their criteria in order to get a loan. If you don't, they will reject your loan application.
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On the other hand, a mortgage broker will shop you around to several different banks. If you don't match the criteria for one lender, no problem, they take your application to another lender.
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They keep doing that until they find a lender willing to work with you and that has the lowest rates.
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This tactic is mostly used by people with complicated financials.
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However, regular home buyers can use a mortgage broker as well. I did when I bought my home.. and I feel I got the best deal in town.
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If you are happy with @chase bank, then stick with them.
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If not, working with a mortgage broker might be a good option for you.
The winter home selling season is upon us. Are you ready?
You have the greatest property in ALL of Los Angeles!
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They should be lucky you decided to sell your home!
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It's unique, special, spectacular.
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Time for you to go out there and dominate your competition!!!
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I can help you do that.
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Let's brainstorm together and come up with who the ideal person for your home is.
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Then, we will make a compelling marketing video for your home, and target that specific buyer on Instagram and Facebook.
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Your home's marketing video will literally get thousands of views and will be seen by the specific people we determined would ultimately be the buyer for your home.
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This is just 1 of 10 standard selling strategies we use to get you top dollar for your home.
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Want to learn the other 9 strategies?
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Lets talk. 818-445-7953.
Are there any fees involved if I switch to a new real estate agent
This is how you avoid paying double commission:
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1) Ask your original agent to put in writing that the contract you two have is officially terminated. There is a one page form provided by the California Association of Realtors that can be used.
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2) Wait until the listing contract expires. The listing agreement says when the contract ends. Look for that date and wait until that time passes. Then you are free and clear to hire another agent after that date.
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If you do not do either one of these, you are still under contract with your original agent.
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That means when your new agent sells your home, you have to pay the new agent her commission, and the original agent his commission.
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Now you know how to avoid this common mistake.
Cancel your real estate agents contract to avoid paying double commission.
If you fire your real estate agent and hire another one right away, you may have to pay double commission when your new agent sells your home.
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Why? Because you may still be under contract with your original agent, and you are still on the hook to pay them a commission.
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Here is what you have to do in order to break free from your original agent and avoid paying double commission.
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1) Ask your original agent to put in writing that the contract you two have has been terminated. There is a one page form provided by the California Association of Realtors that can be used.
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2) Wait until the listing contract expires. The listing agreement says when the contract ends. Look for that date and wait until that time passes. Then you are free and clear to hire another agent after that date.
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If you do not do either one of these, you are still under contract with your original agent. That means when your new agent sells your home, you have to pay the new agent her commission, and the original agent his commission.
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READ YOUR LISTING CONTRACT!
What fees do I have to pay when selling my home?
Expect your seller closing costs to be 6%-7% of the sales price of the home.
Don't worry buyers, you have your own closing costs you need to stress out over 😐
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