Property values are going down. I know because in the last few weeks I have sold 3 homes, have one in escrow about to close, and just got a offer rejected on another property.
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I understand the nuances of the Los Angeles real estate market.
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3 months ago you could have sold your home for $20,000 more than what you could get today.
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Read that last line again.
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The value of your home will continue to go down now that we are in a buyers market.
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If you want to get the most money possible for your home, now is the time to sell.
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I can help you sell your home for top dollar.
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Lets talk. 818-445-7953.
Only motivated home buyers shop in the rain
It's raining in LA today and I love it!
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That's because any buyer that sets up an appointment to see one of my listings today is guaranteed to be a motivated buyer.
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If you are not a motivated buyer, you are definitely not coming to see a house when it's pouring outside.
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You will wait until the weekends open house when its nice and sunny again.
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The real deals go down in the rain!
What's a counter offer when selling your home?
Don't like the terms of the offer you received on your home?
Send the buyer a counter offer!
You can Tell the buyer exactly what you need in order to make the deal happen.
Home seller counter offers are used to change the terms of the buyers purchase agreement
Let's say you get an offer on your home. All the terms and contingency periods of the offer look great, but you want more money.
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Use a counter offer!
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When you counter someone, that means you have accepted all of the terms of the buyers offer, except for the items you list in your counter offer.
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So if everything about the offer looks great except for the $900,000 offer amount, your counter offer will simply say "Purchase price to be $1,000,000".
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Now the buyer knows exactly what you do not like about their offer.
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The buyer can then accept, reject, or counter you back.
Are battery operated smoke detectors good enough?
If you are preparing to sell your home, you should install the smoke detectors now and get it over with.
A retrofit company can do it, an electrician can do it, or you can do it yourself.
This needs to be signed off on BEFORE you close escrow.
To sell your home, you must install smoke detectors in the bedrooms and hallway
If the buyer for your home ends up having a terrible house fire, and you did not have smoke detectors installed prior to closing escrow, YOU ARE IN BIG TROUBLE!
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Part of the retrofit requirement when selling your home is that you have to have smoke detectors in each bedroom and in the hallway leading up to the bedroom.
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Also, if your home is 2 stories, you have to have at least one upstairs and downstairs.
you will get more money for your home in 2018 vs 2019
Homes are selling for $20k - $30k less than what they did just a couple of months ago.
Where will it be in 6 months as we go deeper and deeper into a buyers market?
Let's put a home selling game plan together now before the value of your home goes even further down.
Call me (818) 445-7953
Use a home seller property questionnaire to avoid a lawsuit
You have to disclose everything that is wrong with your property to the potential buyer of your home.
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If you don't, and the buyer finds out you were hiding something, prepare for a lawsuit.
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The easy way to disclose what is wrong with your property is to fill out a "Seller Property Questionnaire".
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This 4 page form asks you questions about defects to your property and allows you you to explain in detail what the defects are.
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By telling the buyer up front what is wrong with your property, you avoid a major headache... and lawsuit.
Episode 18 of The #AskDanielLosAngeles Show
On this episode, I answer the following 4 real estate questions:
1) What is a Seller Property Questionnaire?
2) How come Justin Timberlake can't sell his condo?
3) Do smoke detectors need to be hard wired in or is battery operated good enough?
4) What's a counter offer?
We have over 13,500 followers on Instagram... come join us! @DanielLosAngeles
Home sales data from 6 months ago is useless
If you saw a similar home that's just like your home sell 6 months ago for $900K, you are probably thinking your home is worth $900K.
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And in the past few years, you would be correct to assume that.
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However, the market has drastically changed from 6 months ago.
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That data is now useless!
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Since we have turned into a buyers market, your home will not sell for the same amount the comparable home sold for 6 months ago.
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Less home buyer interest, higher interest rates, and more housing inventory will not get you the same price your neighbor got just 6 short months ago.
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You now have to price your home below the recently sold comparable properties.
Favorite Burbank home to sell this week
Original asking price: $749,000
Sold price: $888,000
Do you think adding old pictures of the home from the 1950's helps or hurts the marketing campaign? Leave a comment saying "helps" or "hurts".
Favorite Encino condo to sell this week
Original asking price: $474,995
Sold price: $475,000
I used to live at this complex many years ago... so it was a lot of fun helping out an old neighbor sell their unit 😄
LA is in the worst housing slump in a decade
According to CoreLogic, the number of new and existing houses and condos sold during the month dropped by nearly 18 percent compared with September 2017.
That represents the slowest September pace since the mortgage crisis of 2007.
Mortgage rates are now at a 7 year high
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.