Tuesday, September 30, 2008

Reseda home - Investor & Contractor Special

** Major Price Reduction **

Address: 19610 Strathern St., Reseda, CA

Price: Only $275K

Terms: House is being sold AS-IS and we need an all cash buyer. We can close asap with no contingencies.

Benefits: Huge lots size 11,400 and the potential to flip this home quickly.

CALL 818-730-4128
- Serious All-Cash Buyers Only -

Studio City Real Estate Market Update

Real-time market research for Studio City

This Studio City real estate graph displays Median price in black and Average Days on Market in orange. The graph is automatically updated weekly so be sure to bookmark this link to keep on top of the real estate market here in Studio City.

Additional useful links:
Studio City Bank Owned homes
Studio City Short Sale homes
Studio City Condos and Townhouses

Sunday, September 28, 2008

Three Things You Can Control When Selling Your Home

1. Price - The right price can be determined well researched computerized market evaluation. This includes active homes, pending, and homes sold within the past 6 months. If you own a home, you can view your neighborhoods activity by visiting: http://www.marketsnapshot.la/

2. Condition of the Property - Your home's condition is important if you want to sell fast and for top dollar. A clean well maintained home enjoys a competitive advantage over other active homes on the market.

3. The Realtor You Select - Many homeowner don't realize that a real estate agent has to sell the home twice. One to other real estate professionals, and the second to the general public. It's important you choose a Realtor who communicates with you on a weekly basis and also provides constructive feedback from other real estate professionals and the general public.

Thursday, September 25, 2008

Van Nuys Real Estate Market Update

Here is the most up to date real estate market update for Van Nuys, CA. You can bookmark this post to view the changes in the marketplace in the next coming months. You can view available homes in Van Nuys now.

Real-time market research for Van Nuys


Monday, September 22, 2008

Mortgage Market Watch

Mortgage Market Watch by Mark Arnold

The government's plan to stabilize the financial sector appears to have drawn some renewed confidence around the globe, as Japan's Mitsubishi UFJ Financial Bank is now going to step in and purchase a 10 to 20% stake in Morgan Stanley - this occurs just days after rumors swirled that Morgan Stanley might be another Wall Street casualty. Stocks have strengthened on the news and this is pressuring Mortgage Bonds lower so far today.

It will take some time for the financial sector to work through the liquidity issues and there will be some more ugly stories, so the Trading environment for both Mortgage Bonds and Stocks will remain volatile. One thing to consider, the Fed's moves to make capital easier to acquire can be viewed as inflationary - this may be why we are seeing commodity prices soar this morning, while the US Dollar is under selling pressure.

Oil, at $107 per barrel, has quietly climbed $15 per barrel in the last four days, ever since the Fed stepped in to help the financial sector. This climb in Oil could weigh on Stocks at some point. The 200-day Moving Average for Oil lies at $111.93 per barrel, so it will be interesting to see how prices behave as they approach this ceiling.

Mortgage Bonds are trading right near support at the $100.00 level. Should prices close below this floor, it is likely that the Bond will drop down to test a strong floor of support at the 200-day Moving Average, presently at $99.51. As we have been saying recently, we still view the Fannie and Freddie news as being beneficial to rates in the longer-term - but with so much volatility and uncertainty in the financial markets, there will be bumps along the way.

Saturday, September 20, 2008

Burbank Real Estate Market Update

The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.

Real-time market research for Burbank

The properties have been on the market for an average of 120 days. Half of the listings have come newly on the market in the past 91 or so days.

Real-time market research for Burbank

Friday, September 19, 2008

Top Stories for Today by Realtor.com

Massive Rescue Effort for Financial Markets
A proposed plan reportedly includes using hundreds of billions of dollars in government funding to buy bad loans, leaving banks with more money and fewer problems and allowing them to again lend money. Read more...

30-Year Mortgage Rates Reach 7-Month Low
After inching past the 6 percent mark last week, mortgage rates continued to drop lower this week. Read more...

Banks: No Exceptions for Short Sales
Lenders are agreeing to let some short sales go through, but they want the home owners to sign a note promising to pay some or all of the balance due. Read more...

Monday, September 15, 2008

Economic Update Video - Los Angeles

Financial Giants Fall Victim to Mortgage Crisis

Financial Giants Fall Victim to Mortgage Crisis

Weighed down by losses in the U.S. mortgage crisis, the stability of major financial institutions continues to be shaky. On Monday, U.S. investment bank Lehman Brothers Holding Inc. filed for bankruptcy and Bank of America announced that it would be buying struggling Merrill Lynch.
Lehman's is the largest casualty, so far, in the past year in the ongoning credit crisis. Lehman filed for bankruptcy on Monday following a failed attempt over the weekend to find a buyer.

Concerns over the stability of other firms also looms, particularly after the U.S. government's decision not to provide any bailout for Lehman. In March the government provided financial backing for JPMorgan's takeover of Bear Stearns, the first big bank to fold under the mortgage crisis.

Also on Monday, No.2 U.S. bank giant, Bank of America announced it would be buying Merrill Lynch in a $50 billion deal.

"Acquiring one of the premier wealth management, capital markets, and advisory companies is a great opportunity for our shareholders," Bank of America Chairman and Chief Executive Officer Ken Lewis said in a statement. "Together, our companies are more valuable because of the synergies in our businesses."

The buyout is expected to close in the first quarter of 2009. Source: Reuter News, Ellis Mnyandu (9/15/08) and Associated Press, Madlen Read and Tim Paradis(9/15/08)

Richard Note: It's very important you get pre-approved for a home loan before looking to purchase a home. Please call me so we can schedule a time at my office in Sherman Oaks to discuss your real estate needs. 818-730-4128.

Sunday, September 07, 2008

Government Takes Over Freddie Mac & Fannie Mae

On Sunday, the Federal Government seized control of Freddie Mac & Fannie Mae. I'm hopping the governments actions will allow more people to borrow money to purchase a home here in the San Fernando Valley. The reason our real estate market has been declining is because getting a home loan has been virtually impossible for ordinary home-buyers.

To read more, click here.

Saturday, September 06, 2008

September 2008 E-Newsletter

Here is a link to our September e-Newsletter
Don't miss this month's cover story: "How To Avoid Foreclosure By Selling Fast For Less"

Here are the articles for this months newsletter:

How To Avoid Foreclosure By Selling Fast For Less... read more.

Here's a glossary to help... read more.

Require Enough Deposit To Secure Contract... read more.

Time No Cure For Overpriced Homes In Today's Market... read more.

Multiple Purchase Offers Can Work To Buyer's Advantage... read more.

Mortgage Pre-Approval Still Important For Today's Buyers... read more.

Tuesday, September 02, 2008

San Fernando Valley Homes Sales Up - Market Update

San Fernando Valley Single-Family Homes and Condominium Resale Statistics

San Fernando Valley home sales surged 16% during July as buyers raced to grab bargains; median price down 31%Buyers jumped into the resale housing market during July, pushing sales of existing single-family homes in the San Fernando Valley up 16.2 percent from a year ago and 6.9 percent higher than the June tally, the Southland Regional Association of Realtors reported on Thursday, Aug. 29.

While still at historically low levels, sales have increased every month this year since January.
“The numbers indicate that the market has definitely bottomed out with sales now on the upswing,” said Mary Funk, president of the Association. “Demand is increasing because people realize that what they could not afford before they probably can afford now. Come next year, people who are waiting will find that they will be paying more.”

Realtors across the San Fernando Valley report a resurgence of multiple offers on properties as buyers compete with each other over the most favorably priced homes. Many of those offers present ridiculously low prices which have virtually no chance of being accepted, especially by banks that have little negotiating latitude as they try to recoup investments on foreclosed properties.

“Lenders are taking their time and letting offers accumulate,” Funk said. “It’s taking a lot more work and more time for a sale to close as lenders make borrowers jump through more hoops.”
Nonetheless, sales activity in the under-$500,000 price range is “solid,” Funk said, while above $700,000 activity remains sluggish, primarily because of tighter requirements on home loans.
As lenders adjust to new rules, Funk and Jim Link, the Association’s chief executive officer, expect lenders to start writing loans in the higher price ranges, thus fueling a resurgence in that segment of the market, too.

Because buyers are striving to take advantage of a rare opportunity to buy a single-family home at a favorable price, condominium sales lagged during July. A total of 205 condos sold, down 25.7 percent from a year ago and off 10.9 percent from this June. Condo sales had been moving up every month since January with July being the first decline this year in month-to-month condo activity.

“We’re optimistic that the light we see at the end of this tunnel is not the train,” Link said. “This recession, as bad as it was for homeowners and lenders, does not appear likely to last as long as the national recession of the 1990s. We should start to see a strengthening of the market in 2009.”

Link and Funk agreed that prices will not solidify until foreclosures and “short sales” – which Link characterized as the ‘elephant in the room’ – work their way out of the system.
They also agreed that the real numbers of foreclosures and short sales are likely to wane in the coming months, especially as lenders implement new procedures and the recently-approved economic stimulus package plus other moves by federal authorities begin to take effect.
“While bank-owned properties and short sales remain a major factor,’ Link said, “the San Fernando Valley is not in the same position as, for example, the Inland Empire, where foreclosures represent a much higher percentage of their inventory.”

The single-family median price of $435,000 was down 31.0 percent compared to a year ago. However, it did post a modest gain compared to June, up 1.0 percent. The median has been falling since the record high of $655,000 was set in June 2007.

The condo median of $280,000 was off $127,500 or 31.3 percent compared to July 2007. The condo record high of $415,000 was set in February 2006.

Link said he expects the market to remain busy and perhaps pick up added momentum in the coming months. Pending escrows – a measure of future resale activity – support that view.
There were 1,141 open escrows at the end of July, 39.2 percent higher than a year ago and up 1.2 percent from this June. It marked the third consecutive month that the pending sale total has topped the 1,100 benchmark.Funk said that many prospective buyers are surprised to learn from their Realtor that the inventory of homes for sale while higher than just a few years ago is not excessive.

There were 6,950 active listings throughout the San Fernando Valley at the end of July, down 3.4 percent from a year ago. Of that total, single-family homes accounted for 75 percent of the active listings.

At the current pace of sales, the active inventory represents a 7.5-month supply – slightly higher than the 5- to 6-month supply deemed to represent a balanced market.
By comparison, the inventory during the recession of the 1990s hit a record high of 14,976 in July 1992 and the inventory compared to pace of sales was three-times higher at a 23-month supply.

Contrary to an inaccurate public perception, the active inventory in the San Fernando Valley has been trending lower since November 2007 when it stood at 7,505.
Written by the Southland Regional Association of Realtors.

More Links: