Home > Blogs > Blair Thompson's Blog
428 views

Blair Thompson's Blog

By Blair Thompson | Broker in Los Angeles, CA
  • The State of Confusion

    Posted Under: Home Buying in Sherman Oaks, Home Selling in Sherman Oaks, Foreclosure in Sherman Oaks  |  May 15, 2012 10:42 AM  |  313 views  |  No comments

    Real Estate Laws vary widely from state to state, local customs are just that LOCAL.  With the "globa" Economy many real estate realated sites give ill advised information regarding very technical legal issues regarding, foreclosures, tenant rights, agency representation and many other topics.  The consumer reader then reads this information and takes action based on this incorrect advice.  An "Open Escrow" means decidely different things in non-legal terms as well as legal terms from state to state. The exact ramifications are disputable within a state much less when crossing state lines.  The foreclosure process varies widely not just when talking about judicial foreclosures but also in regards to redemptions and xxxxxx rules.  It is hard enough for agents to fully understand the agency laws of their own state but the waters get really muddy when they mistakenly apply their home state agency laws to other states.  In some parts of the country a lawyer is commonplace in the transaction.  In other parts even the mention of a lawyer rings fear into the heart of a transaction. 

    It gets even more confusion when you look into the local customs.  In California for instance, the way termite inspections are handled in San Franciso is very different from how it is handled in Los Angeles.  Who selects which services can favor one party in one association of Realtors or MLS and be completely different in an adjoining location.  And this applies to who pays for what as well.

    So, it should be apparent that newspapers, bloggers, anyone who is making any comment about real estate should be extremely mindful about  the local nature of real estate.  Thankfully, real estate is not a homogenous product that can be pre-packaged.  When giving advice to anyone, please be mindful of their local influences.

  • The State of Confusion

    Posted Under: Home Buying in Sherman Oaks, Home Selling in Sherman Oaks, Foreclosure in Sherman Oaks  |  May 15, 2012 10:40 AM  |  307 views  |  No comments

    Real Estate Laws vary widely from state to state, local customs are just that LOCAL.  With the "globa" Economy many real estate realated sites give ill advised information regarding very technical legal issues regarding, foreclosures, tenant rights, agency representation and many other topics.  The consumer reader then reads this information and takes action based on this incorrect advice.  An "Open Escrow" means decidely different things in non-legal terms as well as legal terms from state to state. The exact ramifications are disputable within a state much less when crossing state lines.  The foreclosure process varies widely not just when talking about judicial foreclosures but also in regards to redemptions and xxxxxx rules.  It is hard enough for agents to fully understand the agency laws of their own state but the waters get really muddy when they mistakenly apply their home state agency laws to other states.  In some parts of the country a lawyer is commonplace in the transaction.  In other parts even the mention of a lawyer rings fear into the heart of a transaction. 

    It gets even more confusion when you look into the local customs.  In California for instance, the way termite inspections are handled in San Franciso is very different from how it is handled in Los Angeles.  Who selects which services can favor one party in one association of Realtors or MLS and be completely different in an adjoining location.  And this applies to who pays for what as well.

    So, it should be apparent that newspapers, bloggers, anyone who is making any comment about real estate should be extremely mindful about  the local nature of real estate.  Thankfully, real estate is not a homogenous product that can be pre-packaged.  When giving advice to anyone, please be mindful of their local influences.

  • Is it a sellers market or a buyers market in the San Fernando Valley

    Posted Under: General Area in Sherman Oaks, Home Buying in Sherman Oaks, Home Selling in Sherman Oaks  |  April 12, 2012 3:12 PM  |  341 views  |  1 comment

    On balance it would seem that it is a sellers market.  But ask any seller if they feel that the value of their home indicates a sellers market and you will get a resounding “NO”!  This is largely due to the devastation on home values over the past few years.  A fair, “correct” answer to the question needs to give less importance to the current values than the average homeowner would like to see given.

    Unemployment numbers are a mixed but overall it seems they have turned the corner into positveness.  Consumer confidence is certainly improving with some qualifications.  Looking as Real Estate in a vaccuum, the numbers in the Sherman Oaks, San Fernando Valley and greater Los Angeles areas seem to strongly indicate the best “sellers” market we have seen for more than 5 years.  Values seem to have stopped their slide, loan products are vastly more available to most qualified buyers, Interest rates are at hugely advantageous levels, home affordability is at a higher rate than any time in recent history, And the biggest factor of all is that the inventory of homes for sale is at record low levels in conjuction with the “months of inventory” rating is very strong for sellers.

    With all the above factors listings in the Sherman Oaks area in particular are seeing very short marketing times for a home that is priced accurately commensurate with the appeal of the house.  Multiple offers above the list price are not unusual currently.  The discussion is open on what kind of premium to put on a straight forward listing price as compared to the closed sales prices of “distressed” short sales, foreclosures and other value priced listings.

    This translates into very good news in that it gives the seller the opportunity to choose the right buyer for their situation.  The best price is not always the best deal.  There are many other factors that will contribute to a seller choosing the best deal for them.  Overall, I would definately classify this market in Sherman Oaks a “Sellers Market” with the exception of the long term value losses that most homeowners have suffered

 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer