I think it's important to look at the major economic factors: mainly, what does the job situation look like? As of December the unemployment rate was at 7.8% nationally. It has decreased but due in large part to the number of people exiting the work force. Plain and simple, people won't buy houses with stable income. Furthermore, if people on paper show good employment and income history but they are concerned about their company downsizing or the stability of their job they also may delay a move.
There is no question that the inventory has been extremely low in my local market (North County San Diego). I've met with multiple sellers recently and we looked at comps together, decided the value of their home, and then listed relatively high for negotiating room. Two of those properties (785 Hollowbrook in San Marcos and 13455 Granite Creek Rd in Sabre Springs) then went over asking with one cash and the other conventional buyers. The demand hasn't increased but with supply shriveling up it's driven prices high.
Inna, I completely agree with your assessment about appraisals being behind the frenzy curve. I spoke with an appraiser yesterday (on a property that my buyer wrote a full price offer on and it appraised $12,000 short) and he said that value and market value are two different things. If I'm selling a baseball card, the card is worth what someone is willing to pay for it. If I'm selling a house and the buyer is getting a loan, it's not so easy.
I do believe that the market will continue to increase for several reasons. First off, the banks won't bring an incredible amount of inventory to the table all at once. It hurts their potential for income and I don't really believe the amount of inventory being held (the so-called "shadow inventory") is really as much as everyone says. The Fed has made promises of keeping rates low for the next few years and have recognized that that has really stimulated the economy. As the entry levels continue to be competitive and frenzy-ish, I expect the market will continue to be pushed (hopefully, more slowly) in a positive direction.
Feel free to call or email me directly to discuss this more.
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(760) 525-5917 cell
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"If your ship doesn't come in... swim out to it."... more
If you are concerned about safety, do contact/visit the local authorities and ask all your questions, hear all there is to hear firsthand; if unfamiliar with the area, do revisit more than once and at different times of day...... more
You are allowed to request that information on the rental application. Also, you may request to verify the documents. I'm assuming that someone with nothing to hide and who wants to rent will permit
you to review the documents. However, I would not keep copies of the documents on file. This may be a question for a landlord/tenant attorney.
Tallent & Associates
Very rare occurance, but it does happen, I'm presently working with a seller who go the house they are selling now in a Trade with one of the elderly neighbors down the street that had gotten up in age and needed a house all on one level. The house the elderly couple traded for was a smaller and less exepensive house, but I think they traded even, it's up to the buyers and sellers, whatever works for the parties involved. Lets say the House your wanting is inferior to the one you want, you could still trade, and pay the seller the agreed upon diffence, if any. Even if the seller doesn't want to occupy the property you are wanting totrade, it's still possible that they would take it on a trade and acquire your property as an investment property or for rehab and re-sell (flip).... more
This is a bank-owned foreclosure. According to the MLS listing, the monthly HOA is $463/month. They have a pool, spa, gym, bbq area. The hoa covers all of these things. Sometimes you don't know exactly what the HOA covers until you open escrow and review the HOA documents. Offers were due on this unit by 12/11/2012. Feel free to contact me anytime.
Sara Mehrpouyan CDPE
Foreclosure & Short Sale Specialist
Direct phone: 818-903-2040
Dre License #01712757
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Do you have a lease? If not, then make one up ASAP. If its 1-year or longer, you can stay for the full term of the lease. If its month-to-month, then you get 90days minimum. Bank doesnt care about "win-win" situations. They will steam roll you and evict you unless you have a lease.... more
Not sure about the city itself but you can. If you are doing a total rehab of the garage, as a lender, I can tell you that you definitely want to get a permit for the work and make sure the room has duct built into it. The reason why is that when you try to sell the property, you will get value for the room. If you do not, they will not count it as livable space.... more
I have been seeing quite a few homes come up on the market in the Valley, Van Nuys in not an acception. The last couple of months, the prices have been stagnant. The summer season is the busiest in the real estate market and is keeping the prices flat.... more
I do understand your frustration. However, what you're experiencing is very common. The hottest part of the current market is $300k and under, with some areas that number goes up to as high as $400k. Multiple offers are very common, which makes it neccessary to come in with your best offer right away. While I'm unable to comment as to your agent, I can say that if you truly feel that they are not representing you to your satisfaction then by all means make a change. But if you're judging your agent simply by the fact you have not had an offer accepted then you should slow down and rethink your decision. I have some questions for you. First, what does the rest of your offer look like. Are you asking for a majority of your closing costs to be paid for by the seller? Are you asking for repairs to be made? How much are you offering for your down payment? Are you using FHA financing? These are just some of the questions I have because when you're dealing with short sales and especially bank owned properties the above mentioned items will take your offer off the table if you have included them. I would recommend that you speak with your agent and make sure that you're making the best and strongest offer initally. Do not assume you will get a chance to respond to a counter offer. Good luck and do not lose confidence. You will find a home!
Take a look at Trulia's Crime Maps to get a better sense of what is happening in the area:
I actually grew up close by in Studio City and it seemed to me (just from observation) that the majority of the crimes were auto theft/burglary. It felt like a pretty safe place to grow up!
Ali, Community Manager... more