L.A. real estate news and insights.
Here is the cheapest home sold this week in Burbank.
Asking price: $935,000
Sold price: $975,000
This home has 3 bed/2 bath, 1,476 sq. ft. of living space, and is on an 8,286 sq. ft. lot.
There is a swimming pool in the backyard, and there is a bonus room with ¾ bathroom attached to the garage.
13 years ago, when many of the homes on the market were bank-owned, I remember looking up for my clients which bank owned the property I was about to show them. The one name that kept coming up was "Deutsche Bank". I could not believe how many foreclosures they were stuck with at that time. Since they know a thing or two about recessions, I advise you to take their opinion into consideration.
"We no longer see the Fed achieving a soft landing," Deutsche Bank economists led by Matthew Luzzetti said in the analyst note. "Instead, we anticipate that a more aggressive tightening of monetary policy will push the economy into a recession."
Here's the best fixer-upper to hit the market this week in Burbank's Magnolia Park neighborhood.
Asking price: $1,100,000
This home has 3 bed/2 bath, 1,329 sq. ft. of living space, and is on a 6,577 sq. ft. lot.
The home has a separate family room, enclosed patio/sunroom, updated dual pane windows, and an upgraded electrical panel.
There is a large backyard with room to expand and a 2-car detached garage with ADU potential.
Text me if you want a tour at 818-445-7953.
In Los Angeles County, the median price increased last month to $781,050, up from $773,490 in February and $689,440 a year ago — a year-to- year increase of 13.3%.
While sales remained solid, there are signs that imply a market slowdown could be forth coming in the second half of 2022. A quarterly report released by National Association of Home Builders suggests that fewer buyers were trying to find a home to buy in the first quarter of this year. The share of prospective buyers who were actively searching declined to 46% in Q122, back to pre-pandemic levels after reaching a recent peak of 61% in Q221.
For those who had not been successful in finding a home, the share who plan to give up their home search until next year or later rose for the third straight quarter to 25% in Q122, after bottoming out at 20% in Q221.
Higher mortgage rates and double-digit growth in home prices are slowing down the housing demand momentum and the effect may become evident very soon.
Source: California Association of Realtors.
And it's on Buena Vista, a very busy street...
Here is the cheapest home sold this week in Burbank.
Asking price: $782,000
Selling price: $850,000
This remodeled/ upgraded home has 2 bed/1 bath, 864 sq. ft. of living space, and is on a 3,000 sq. ft. lot.
Would you have bought this home at this price?
Los Angeles’ median home value in 2000 was around $231,000. That number has jumped to $878,000 in 2022 – a 280% increase.
Text me if you want a tour at 818-445-7953.
"Hot Home” alert in the Burbank hills.
Asking price: $1,095,000
This home has 4 bed/2 bath, 1,126 sq. ft. of living space, and is on a 6,300 sq. ft. lot.
The home is a fixer-upper but has had some recent upgrades: a newer central heating furnace, relined main sewer line, and a reglazed bathtub.
Do you have a friend, co-worker, or neighbor who is thinking about selling their property?
Referrals are what keep my real estate business going! I would be honored if you referred me to a homeowner that is getting ready to move.
Feel free to give them my number: 818-445-7953.
Thank you!
Elevated inflation and the Federal Reserve’s monetary tightening policy drove the latest leap in mortgage rates this week. Since the beginning of this year, mortgage rates have jumped by 1.2%. The typical home buyer would need to spend $250 more every month to be able to purchase a home, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s blog.
The 30-year fixed-rate mortgage moved up to a 4.42% average this week, more than a quarter of a percentage point compared to last week, Freddie Mac reports in its latest mortgage market survey. Rates continued to rise across loan types. “Rising inflation, escalating geopolitical uncertainty, and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power,” says Sam Khater, Freddie Mac’s chief economist. “In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting home buyers’ ability to keep up with the market.”
30-year fixed-rate mortgages: averaged 4.42%, with an average of 0.8 points, rising from last week’s 4.16% average. Last year at this time, 30-year rates averaged 3.17%.
Source: Freddie Mac and “Instant Reaction: Mortgage Rates, March 24, 2022,” National Association of REALTORS® Economists’ Outlook blog (March 24, 2022)
"Hot Home” alert in Burbank!
Asking price: $1,499,000
This home has 4 bed/4 bath, 2,496 sq. ft. of living space, and is on a 7,391 sq. ft. lot.
The home features an ensuite primary bedroom upstairs with a vaulted ceiling and balcony.
The backyard has a covered patio and heated pool.
Text me if you want a tour at 818-445-7953.
Here is the best fixer-upper property for sale this week in Woodland Hills.
Asking price: $750,000
This home has 3 bed/3 bath, 1,845 sq. ft. of living space, and is on a 7,500 sq. ft. lot.
They are looking for an ALL CASH BUYER!
The home has an open floor plan, a carport for 2 cars, and a swimming pool in the backyard.
Text me if you want a tour at 818-445-7953.
Housing costs are one of the top three categories causing inflation in the U.S. to surge, the U.S. Department of Labor announced Thursday. The largest items in households’ budgets—shelter, gasoline, and food—were the main culprits in February that fueled the highest inflation rates since 1982.
The Consumer Price Index, which measures price fluctuations in goods and services, increased 7.9% in February compared to a year earlier.
“There’s nowhere to hide,” Greg McBride, chief financial analyst for Bankrate, told CNBC. “This is hitting everybody … [with inflation] most pronounced on items that are necessities.”
Household grocery bills increased 8.6% over the last year; that is the fastest pace since 1981. Gasoline prices are up 38% compared to a year ago, although that statistic does not reflect the latest increases at the pump following Russia’s invasion of Ukraine.
Shelter costs such as rents are up 4.7% compared to last year. That is the highest since May 1991. “That comparatively benign increase … is likely to put the biggest squeeze on household budgets for the remainder of the year,” McBride told CNBC. Housing comprises more than a third of households’ average budgets.
Also, mortgage rates rose this week in response to higher inflation, averaging 3.85%, Freddie Mac reports.
“While it’s too soon to know how the war in Ukraine will affect the U.S. economy, it seems that it will continue to put upward pressure on inflation,” Nadia Evanelou, senior economist and director of forecasting at the National Association of REALTORS®, writes on the association’s blog.
In an attempt to try to tame inflation, the Federal Reserve is expected to start raising its short-term interest rates next week.
Source: “There Is ‘Nowhere to Hide’ for Consumers as Inflation Hits Food, Gas, Housing,” CNBC (March 10, 2022) and “Instant Reaction: Mortgage Rates, March 10, 2022,” National Association of REALTORS® Economists’ Outlook blog
Here is the cheapest home sold this week in Valley Village.
Asking price: $990,000
Selling price: $1,630,000
This Ranch Style home has 2 bed/2 bath, 1,345 sq. ft. of living space, and is on a 10,124 sq. ft. lot.
The home sold for $640K over the asking price. ALL CASH!
The well-lived home definitely needs to be restored and expanded.
My brother is selling his Burbank investment property located in Chandler Park!
Asking price: $1,699,000
This rebuilt Modern Farmhouse has 4 bed/3 bath, 2,031 sq. ft. of living space, and is on a 5,777 sq. ft. lot.
The tech features of the home include an audio system, Nest smart automation system, video doorbell, 2 Nest cams, and Smart Display Hub.
The finished 2 car garage can be used as a live/workspace. It has recessed lighting, built-in speakers, an insulated garage door, and a 12 ft tri-panel sliding glass door.
Text me if you want a tour at 818-445-7953.
There were 42 property sales in Burbank for February 2021.
