There are three fundamental drivers of the slowdown in the housing market,
(1) mortgage rates have increased since 2017, putting pressure on affordability;
(2) house prices have grown faster than rents and incomes since 2012, exacerbating the impact of rising rates; and
(3) the 2017 tax law changes reduced the tax benefits of owner-occupied housing relative to renting. (source: Goldman Sachs)
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June 2018 LA County Real Estate Market Statistics
The rise of mobile applications has transformed our daily lives by shaping the way we work, spend leisure time, and search for information. In 2014, global usage of mobile devices surpassed desktop usage and it has continued to be preferred channel to consume information. With over 2.2 million mobile apps to choose from, users stay glued to their phones, causing consumption to drastically increase.
The real estate industry has capitalized on this trend and created a mobile marketplace where buyers can easily search for homes by using real estate apps. And their marketing efforts are proving to be successful. 68% of new home shoppers use real estate mobile applications throughout the entire house hunting process.
It’s not enough to show up on the big real estate websites. These days, you need to think mobile first. In the Apple App Store, the top six real estate apps listed for buyers include:
List your properties here to ensure the high visibility and talk with your real estate agent to for additional insight on city-specific mobile applications that you should be listed on. (source: homelight.com)
Thinking of selling your home? Call me today for an over the phone consultation.
(1) Holiday buyers are motivated buyers. Some of the reasons why they need to buy is because they’re relocating, some have received end of year job bonuses that they can apply to a down payment, some need to buy for tax benefits while others want to buy before interest rates go up (and they will go up)
(2) Your home looks great and buyers can be more emotional around this time. From the smell of cookies to a beautifully decorated tree can make a buyer see themselves living in your home. The more emotional a buyer gets about your home, the more they are likely to pay.
(3) During the holidays there will be less homes on the market which means you will have less competition. Its basically the law of supply and demand. Motivated home buyers outnumber the amount of homes for sale. This could mean MORE money for you!!!
Take the time to replace broken lights and repair electrical connections. No one wants busted electrical connections, and they’re dangerous too. Get an electrician to check out everything to prevent fire hazards. Replace busted light bulbs and have all others replaced with environment-friendly ones. This will make your unit look spanking new and will assure your buyer that your unit is worth the price you’re asking for.
1. ‘Can you tell me more about the house?’
2. ‘What shape is this place in? Have there been any recent improvements?’
3. ‘Has there been a lot of interest in the property?’
4. ‘Why are they selling and when are they looking to close?’
5. ‘How much do utilities usually run?’
6. ‘How much traffic can one expect in this area?’
7. ‘What is the neighborhood like?’
If a home buyer asks you “why are you selling”? You may not want to reply: “The house is too difficult for us to maintain”
No one wants to buy a money pit. So, even if you’re selling a clear fixer-upper, don’t mention maintenance costs to a home buyer. Also avoid talking about repairs that you just never got around to making, like repairing the bathtub caulking, as well as big projects like replacing the 20-year-old water heater—all reasons for home buyers to think twice about making an offer. To avoid lawsuits, always tell the truth when filling out disclosure forms
How to avoid a roofing contractor scam – Some guy knocks on your door claiming to have extra roofing material left over from a nearby job, and offers to fix yours for bupkis.
And you know what you get for bupkis, right?
Invariably, the scammer — who especially loves showing up in areas recovering from major storms — takes the money and runs after doing little or no work.
“You always try to give people the benefit of the doubt,” the Bureau’s Felicia Thompson told a local CBS TV station in Arizona. “Not everybody’s bad, but nowadays you just can’t do that.”
No, you can’t. And now that you’ve been forewarned about this particular swindle, read on to learn how to choose the right (reputable) contractor to repair or replace your own roof.
* Make certain they’re insured. If there’s one thing that’s non-negotiable it’s that the contractor carry insurance for all employees and subcontractors — and provide a copy of their certificate for your inspection.
“Actually call the insurance carrier to confirm that they are valid,” Angie’s List advises.
* Run if they suggest this. Did the contractor vying for your business really just claim to be able to handle a storm-related repair, say, without you paying your required insurance deductible? There’s a name for that: insurance fraud, which you want no part of.
* Run even faster if they suggest this. While it’s reasonable for contractors to request a modest down payment before work begins — call it “earnest money” — beware if the figure exceeds 20 percent of the bill’s projected total cost. Should they start talking 50 or even 75 percent, though. . .
“The red flags of possible fraud are fluttering,” the Coalition Against Insurance Fraud’s James Quiggle has warned.
Before putting your home on the market de-clutter it by throwing a reverse housewarming party.
The less clutter, the bigger your home will look and feel to potential buyers. To get rid of your unwanted items, throw a party before your first open house. “Instead of having your friends bring a gift, have them pick one of your items and take it home with them.”
The biggest issue with dual agency is that having the same person represent both sides can be seen as an ethical dilemma.
If a listing agent has already established a relationship with the seller, they may want to settle with a higher price.
The agent’s role can get a little confusing for the buyer and the seller. You need to know your agent is representing your best interests.
A dual agent cannot have an undivided loyalty and cannot provide a full range of fiduciary duties to both parties.
Think about it. The seller wants the highest possible price for the property. The buyer wants the lowest possible price. There’s an inherent conflict of interest in a dual agency transaction.
As the buyer, you might think you can cut your costs and speed the deal by working with a dual agent. But if you get a good agent of your own, that person should be able to negotiate a better deal that outweighs a reduction in commission.