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Home Selling in Echo Park : Real Estate Advice

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Fri Nov 20, 2009
Deborah Bremner answered:
I just wrote a blog about this very question. (http://tinyurl.com/yc5pdnt) If you need to sell in 2010, you should consider several impending factors that will affect the marketplace. Here is what I’m advising my clients. Interest rates are at record lows. If, as predicted, they rise after the first of the year, then buying power decreases, and your home also decreases in value. Right now, because we have demand in excess of supply, we have a short term seller’s market. While prices may not have risen, there is still the opportunity to find a well qualified buyer, and obtain terms that are favorable to you as a seller. There is a raft of “shadow inventory” coming on the market in the first quarter of 2010. This inventory will be your direct competition. The advantage to you? A bank- owned home rarely shows as warmly, as cared for, as an owner occupied home. You have time, now, in the month of December, to get a jump on the market. Prepare to market your home now, and be ahead of the competition.
So your question really should be: "Should I sell my home now, or list it now and prepare to market it on January 1?"
Deborah Bremner
REALTOR
Certified Short Sale Professional
Coldwell Banker Brentwood West
11999 San Vicente Blvd. Suite 100
Los Angeles, CA 90049
(D) 310.571.1364
(C) 310.422.4288
(F) 310.820.1457
www.TheBremnerGroup.com
debbiebremner@themls.com
Blogging at: http://TheBremnerGroup.com/blog
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Tue Nov 3, 2009
Jamie Adner answered:
S,

In the absence of specific details (as the other writers pointed out), it's difficult to value your property. I'll give general guidelines of $450,000 - $550,000 depending on condition, site, views, etc.

During the boom, values in all neighborhoods rose in lockstep. You saw the same appreciation in Silver Lake as you did in Echo Park (Angelino Heights). Echo Park prices have come down significantly, while Silver Lake prices have held firm.

In my opinion, in the long term, as Downtown gains a critical mass, you can expect price appreciation in the Angelino Heights market. In the near terms (2 - 3 years), the outlook is more murky (so much depends on the recovery of the US - California economy).

Jamie
--
Jamie Adner / Broker Associate
Adner Realty Group, Inc. at
Keller Williams Realty Hollywood Hills
tel: (323) 819-2240
email: jadner@kw.com
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