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Prudential California Realty
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- 7 Answers
- 4 Useful Answers
I service the Eastern areas of Los Angeles from West Hollywood, Hollywood, Silverlake, Los Feliz, Atwater Village and Eagle Rock....Where homes are more affordable.
Kenneth Moli…'s Questions (0)
Kenneth Moli…'s Answers (7)
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Trulia Voices!
I'm assuming that you have an agent and that your agent has provided you with comparables. That being said, most seller's in today's market (although they don't want to tell their agent) would like to see any kind of offer. How are your terms? Quick close? Preapproved? Short investigation contingencies? These are other factors that a seller could use to determine how good your offer is. In my experience, I've rarely seen someone accept an offer on the first try so start a little less than what you are willing to pay then keep your fingers crossed.
Ken - Tue May 20 2008, 14:11
I have to respond to Yev. FHA financing (right now) is available for as little as 3% down. There was a time a few weeks ago that lenders wouldn't even do loans with 10% down. Check with your loan agent if you have one. If you are convinced that the market will never recover or take many years to recover, I've seen many people who opted not to buy real estate when the market crashed last because "it hasn't bottomed yet" regret not getting into the market. This is Los Angeles. There will always be a demand for real estate here. No one can predict future growth but look at the real estate trend in general. It has always increased. So, you can either look at it as doom and gloom or you can look at it as an opportunity. 3% down FHA loan is the way to go. - Tue May 20 2008, 11:41
I think the Hollywood and West Hollywood markets are still pretty strong and will continue to be. The condo cycle goes as follows....when houses become affordable, the condo market softens. when houses are high, the condo market is brisk. It will depend on what market we will be in then (5-6) years. I think the Hollywood market will be hotter because it is now developing and I think the trend is that people are realizing that life out East is a little less stressful (I've lived in Silver Lake for 15 years). I think the condo market in Los Feliz and Silver Lake is pretty safe because the inventory is so low. There are many units on the Westside and so very few out here. Good luck.
Ken - Tue May 20 2008, 10:55
Hi there,
Areas good for you would be Eagle Rock, Highland Park and Glassell Park. It's close to downtown and still somewhat affordable. There are a lot of foreclosures so you may get a good deal on a small starter home. The neighborhoods are way cool!
Ken - Tue May 20 2008, 11:04
It's not the best time to sell land now. If you can wait for the next cycle, it will be worth the wait. If not, keep in mind that investors are having a hard time obtaining money for financing so there isn't much of a demand so you probably won't get the best pool of potential bidders. Enjoy the view for a little while more. - Tue May 20 2008, 10:48
If you can afford to stay in your home, don't think about what the home is worth. I've sold during the last cycle when we had foreclosures and short pays. If people had held onto their properties, they would have so much equity in their home and it was just 8 - 10 years ago. The market will change. It always does. If you can't afford it, that is a different story. You should first try to work out a different payment structure with your lenders...especially your 2nd since they will be the first to be wiped out in the event of a foreclosure. I'm not sure about your tax consequences if you walk away (we can't give tax/financial advice). - Tue May 20 2008, 10:44
I specialize in Single Family, Condominiums and Multi-family units
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