Monday, March 30, 2009
Friday, March 27, 2009
The house at the bottom left is 936 Tufts in the hillside neighborhood of Burbank. It's a 3+2, 1515 sf and listed last week for $595,000. Last I heard, it has 11 offers on it. Yikes. Lotsa buyers out there.
Wednesday, March 25, 2009
Monday, March 23, 2009
Here are a couple of quotes: "If the economy stabilizes around midyear and financial conditions improve, then sales will probably begin to slowly increase as buyers step back into the market," wrote JPMorgan Chase analyst Abiel Reinhart. "An important reason for this is that affordability has already increased sharply, both as a result of lower prices and lower mortgage rates."
And: "However, in a positive sign, seller asking prices are starting to rise in places like San Diego and Orange County, Calif., where declines have been severe, said Lawrence Yun, chief economist for the Realtors. That could be an early indication that prices are stabilizing in the most distressed parts of the country."
Thursday, March 19, 2009
Wednesday, March 18, 2009
Here's an article from today's L.A. Times stating that local home sales prices have held steady since January. If you read this blog, you'll note that my boots-on-the-ground post in February said we are pretty much at the bottom for local prices. This is due to favorable lending conditions including low interest rates and the $8000 tax credit for first time buyers.
Caveat: if this year is like other years, sales will slow down in late July and stay slow through the end of the year. If that happens, we may see prices drop a little bit more.
Tuesday, March 17, 2009
If you are an FHA buyer and you are making an offer on a foreclosed property, the lender/owner of that property may never even see your offer.
First, here's my email with names changed, of course: [Mega-Lister Realtor], on Sunday my clients wrote and we submitted an offer to you on [unit in large condo building in Burbank]. I had contacted your office on Friday and was told the property was available. My clients are Mr. and Mrs. _____. The offer was close to asking and was accompanied by financial information including a pre-approval. It is an FHA offer.
I phoned your office for status on Monday and spoke to [unlicensed assistant]. She told me another offer had already been submitted and that the townhouse complex was not FHA approved. She told me this was because there were too many renters in the complex. She also said that she could not submit the offer, because your company would get "in trouble" with the lender/seller for submitting an FHA offer on an un-approved complex... The mls says nothing about accepting or not accepting FHA offers.
I am very, very familiar with this complex and have been for years. It is extremely well maintained and I believe the HOA has very healthy reserves. I also find it hard to believe that it has less than 51% owner occupancy. I will check that in the next day with the HOA management company. I have also checked FHA's website, and the complex is not listed as approved or not approved. We've all been very educated about FHA requirements lately, and I know of no reason this unit/complex could not pass those.
I know this new market is a tough one for us all. But could you please guarantee and confirm that our offer has been submitted to the seller? It is a good offer and we need to know that the seller has seen it and responded.
Please phone me or email me with any questions or concerns. Thanks very much!
Sunday, March 15, 2009
I think this is due to three things: the availability of FHA loans for first-time buyers, the low interest rates, and the $8000 tax credit offered to first-time buyers. Plus, I think people are feeling optimistic again. Could the worst be over?
The one thing the local r.e. market needs now is more inventory.
Wednesday, March 11, 2009
"Hi Judy,I don't go to the Times real estate blog much any more but when I do its nice to see a sane voice there (yours). I can believe you when you say things are going fairly fast in your neck of the woods - we probably made offers on 12 houses ourselves this past year only to get outbid. (Riverside Co.)We have a house in North San Bernardino. Its a custom home in a so-called exclusive area (on a hillside, city lights view, lots of custom homes and rich folk with trust funds). We couldn't sell it so we will be renting it out for the duration. We went there today and I could not believe how few for sale signs and foreclosure notices there were in comparison to recent months. Houses that had been on the market for ages are now occupied and show signs of people fixing them up. This was in the streets near our house - maybe a couple of square miles of area. Things are perfect but they are not the pit of gloom lots seem to think we are in.I think the blog [LA Land] is full of people who are either terribly afraid of life in general, fear the future or just plain idiotic. I am "Inland Empire" on the blog."
I love fan mail, Inland Empire!
Tuesday, March 10, 2009
Thursday, March 05, 2009
Monday, March 02, 2009
There appear to be lots and lots of first-time buyers out looking for properties now in L.A. and the San Fernando Valley. I attribute that to the ability of buyers to obtain FHA loans -- only 3.5% down! And it can all be a gift!, low interest rates, and the new $8,000 tax credit. As we all know, prices have fallen, too.
Problem: for single family homes, inventory is very short. Once again, half-way decent properties are listing and selling in a few days. No, I haven't seen a price spike, but if everything starts selling with multiple offers, that will follow.
There is a better supply of condos, although not all of them can be approved for an FHA loan, which will be the subject of another post. Many of the condos I've seen lately are new, too, and the developers are still attempting to get top dollar for them. Or they're really old, and need mondo updating. Stay tuned for news about our ever-changing market.