firsttimebuyer

45% of prospective buyers keep getting outbid

A majority of house hunters say it’s not prices that are keeping them out of the housing market—it’s other buyers. 45% of prospective buyers recently surveyed say they keep getting outbid by other offers, according to a new survey from the National Association of Home Builders. The NAHB says this is only the third time in the survey’s history that the top reason prospective buyers have been unsuccessful has not been due to finding a home at an affordable price.

In the third quarter, 66% of active home buyers say they’ve spent three months or more searching for a home without success.

Source: National Association of Home Builders’ Eye on Housing blog

Get your offer in by Halloween night to own Nancy's home from "A Nightmare on Elm Street".

How old were you when you first saw "A Nightmare on Elm Street"? I think I was 10.

Nancy’s house is for sale! Beware... you only have until midnight on Halloween to put an offer in!

Asking price: $3,250,000

This Dutch Colonial has 3 bed/3.5 bath, 2,700 sq. ft. of living space, and is on a 6,752 sq. ft. lot.

The expanded and renovated home features an open retro modern kitchen, office, ensuite bedrooms, and a detached guest house.

Freddy Krueger look-alike not included.

Bidding wars hit lowest level of 2021

Only 58.9% of home offers faced competition in September, the lowest level for 2021 so far, according to a market index produced by Redfin based on offers written by its agents. That’s down from a peak of 74.3% in April. September also marked the fifth consecutive month of declines in bidding wars.

Still, homes are selling quickly: 86% of homes sold in September were on the market for less than a month, according to the National Association of REALTORS® latest housing report. About 33% of homes that went under contract had an accepted offer within just one week of being listed on the market.

45% of homes sold at or above list price, up from 22% in 2019.

2 Hot Home updates. Watch now!

Here's an update on 2 "Hot Homes" from earlier this year.

Hot Home #1: Hermosa Dr., San Gabriel

Asking price: $1,495,000

Sold price: $1,660,000

Hot Home #2: Rossmore Ave., Los Angeles

Asking price: $12,375,000

Sold price: $10,000,000

Talk about #porchgoals - New Hot Home available now in Newhall!

"Hot Home” alert in Newhall.

Asking price: $1,600,000

This home has 4 bed/3 bath, 3,460 sq. ft. of living space, and is on a 10,339 sq. ft. lot.

The remodeled home features new flooring throughout, top-of-the-line appliances in the kitchen, and a wrap-around porch.

The backyard has an oversized pool, firepit, patio, and mature trees.

Text me if you want a tour at 818-445-7953.

Mortgage rates back above 3%

The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey.

Rates are expected to continue to rise. The higher they go, the less buyers there will be for your property.

See this must have "Hot Home" in Sherman Oaks before it sells!

"Hot Home” in Sherman Oaks.

Asking price: $2,179,000

This home has 4 bed/4 bath, 3,460 sq. ft. of living space, and is on a 5,400 sq. ft. lot.

The home features 20ft ceilings in the living room, stainless steel appliances in the kitchen, and a family room with access to the backyard.

There are privacy hedges and a patio outside which is perfect for al fresco dining.\

Text me if you want a tour at 818-445-7953.

CA median home price is forecasted to rise 5.2% in 2022

The California median home price is forecast to rise 5.2 percent to $834,400 in 2022, following a projected 20.3 percent increase to $793,100 in 2021 from $659,400 in 2020.

An imbalance in demand and supply will continue to put upward pressure on prices, but higher interest rates and partial normalization of the mix of sales will likely curb median price growth.

Additionally, a shift in housing demand to more affordable areas, as the trend of remote working continues, will also keep prices in check and prevent the statewide median price from rising too fast in 2022.

Source: C.A.R.’s “2022 California Housing Market Forecast”

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Why do you think this 1910 English Arts & Crafts home in Pasadena is not selling?!

Here is the longest active home on the market in Pasadena... 528 days!

Original Asking Price: $7,495,000
Latest Asking Price: $6,599,000

This home has 5 bed/7 bath, 7,339 sq. ft. of living space, and is on 50,314 acres of land.

The 1910 English Arts and Crafts estate features a chef's kitchen, library, dining/ gaming area, kitchenette, billiard room, and climate-controlled wine room.

Outside there is an outdoor fireplace, custom kitchen, BBQ, multiple water features, and a children's pool.

Text me if you want a tour at 818-445-7953.

Here is the cheapest home sold in Eagle Rock this week!

Is this too much money for a home across the street from apartment buildings?

This is the cheapest home sold in Eagle Rock this week.

Asking price: $920,000

Sale price: $905,000

This home has 3 bed/2 bath, 1,500 sq. ft. of living space, and is on a 6,939 sq. ft. lot.

The home features hardwood flooring throughout, it was newly painted inside/ out, and there is all new plumbing, electrical, and heating.

There is a large covered front porch and lots of fruit trees on the property. The property was sold in AS-IN condition.

Coming soon to LA

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.

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Eviction Moratorium has expired... for some

Landlords will once again be allowed to take their tenants to court over missed rent payments, but not if the rental property is in the city of Los Angeles.

Here is a breakdown of what's going on with the eviction moratorium:

State of California: The eviction moratorium officially expired.

Los Angeles County residential properties: The eviction moratorium officially expired.

Los Angeles County commercial properties: The eviction moratorium expires on 1/2022.

Los Angeles City: The eviction moratorium expires on 10/2022.

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Visualize yourself owning this HOT HOME in Chatsworth!

"Hot Home” alert in Chatsworth.

Asking price: $1,399,000

This corner lot has 4 bed/3 bath, 2,539 sq. ft. of living space, and is on a 17,431 sq. ft. lot.

The home features a huge undeveloped area.

The master suite features a large walk-in closet, recessed lighting, and a full bath with a tub and separate shower.

Entertainers’ backyard with a pool, spa, covered patio large lawn area, and a 12’ high privacy hedge.

Text me if you want a tour at 818-445-7953.

New-home inventory is up 74.3%

Future home sellers need to look at this data! Rising inventory in the new-home market is giving buyers more choices. New-home inventory is at a 6.1-month supply, which is considered balanced for the market. That also is 74.3% higher than a year earlier. Inventory in the new-home market reflects a growing share of homes that have not yet started construction. 28% percent of the new-home inventory comprises homes in that category.

This means when you put your home up for sale next year, buyers will most likely be comparing it to newly constructed homes that are also on the market. Will they choose your property over a brand new home?

Source: National Association of Home Builders

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I have more "HOT HOME" updates for you. Watch video!

Here's an update on 2 "Hot Homes" from earlier this year.

Hot Home #1: Garza Dr., Saugus

Asking price: $769,000

Sold price: $790,000

Hot Home #2: Longridge Ave., Sherman Oaks

Asking price: $2,125,000

Sold price: $2,099,000