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Asked by Bill, Los Angeles, CA Sun Jan 18, 2009

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Answers

9
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Mon Jan 19, 2009
BEST ANSWER
Bill:

No matter how aggressive a buyer's agent you hire, it will be difficult to negotiate a home in the 90036 zip code that meets your parameters. Remember, all real estate is neighborhood driven. Looking at national trends and applying them to say, Beverly Hills, will not give you a good result.

Here is one statistic to help you understand what is happening in the 90036 area. (Note: although statistics can be skewed based on the data sources and how they are manipulated, when you look at comparative statistics from the same reporting source, this helps take out the error factor.) One source shows that housing prices in the LA Metro area dropped 19.8% year over year as of the 3rd quarter 2008 (sorry 4th Q not yet available). In the 90036 area prices dropped only 13.5%. Compare this to Lancaster, also in the LA Metro statistics which dropped over 40% in the same time period. Another way to determine if your price range fits a neighborhood is to look at current listings and recent sales. Recent sales show the lowest priced sale in the last 90 days for a 3/2 at $755,000 for a bank owned property (but also shows a 2/2 at $1.15 million) and a look at current listings shows that 3/2 homes are still priced between $855K and $2.2 million.

Bill, there are great deals out there and a great agent can help you find them. You need to stay realistic (you might need to stretch a bit, your area, your price, your timeframe etc) and you need to stay persistent. This is how one of my clients finally found their home this past December. They looked for 10 months, made many offers, stretched their top price up $50,000, and stretched their ideal area off the hillside and to the flatlands (same great schools, same conveniece of location), and are now living in and loving their new home. You can do the same. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes
Bill, , Los Angeles, CA
Thu Jan 22, 2009
Thanks to Sky Minor for his reply to my question. I guess "buyers" who spend $1,000K for $500K houses are the ones who should "get real". I would hate to buy in the 90036 area now only to find that in a few months prices took another 18% drop.
0 votes
Sky Minor, Agent, Los Angeles, CA
Wed Jan 21, 2009
Hi Bill, nothing stings worse than dissapointment. It's time to get real about the market in it's present condition. Preconceived notions can waste alot of time that a buyer could be utilizing to find a legitimate bargain. Even the banks are not giving these houses away.....yet.

Maybe in 2011 you can get a nice property in 90036 for 600k.
Web Reference:  http://www.skyminor.com
0 votes
Benny Chavez, Agent, BELLFLOWER, CA
Mon Jan 19, 2009
Bill you are looking in the 90036? I think you will be more than able to find you a property like the one you have described within your price range.
0 votes
Bill, , Los Angeles, CA
Mon Jan 19, 2009
Thanks to all for your ideas. It has been my experience that Agents make greater commissions the higher the sales price. So many agents are not too interested in showing low to moderate income buyers with good credit the best houses at the lowest price.
0 votes
Alexandra Pa…, Agent, Montebello, CA
Mon Jan 19, 2009
The price range you are looking for in the zipcode you want is going to be a challenge for any agent you chose. You may want to consider different zipcodes around that area. If you want access to a home buyer's search which is directly linked to the MLS send me an email, it is free. alexandrasellshomes@yahoo.com
0 votes
Marty S, , Irvine, CA
Mon Jan 19, 2009
Bill,

I have a wonderful agent I can refer you to. His name is Bob Simpson and he can be reached at 323-721-1777. He is with Keller Williams Realty.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes
Jason Pauley, , 90027
Mon Jan 19, 2009
Hi Bill.

Even though a 500-600k home in 90036 might be hard to find, As an aggressive agent, I like to think outside the box. Pocket listings, networking with other agents, marketing to homeowners in the area, focusing on expired/withdrawn listings and among a few other tactics I've successfully used in the past.

To learn more about Tom and I, please visit us at http://www.tomandjason.com

Hope to speak with you soon.

Jason Pauley
The realtor for life
of Keller Williams
Los Feliz
http://www.tomandjason.com
323-252-4310-C
Web Reference:  http://www.tomandjason.com
0 votes
Monique and…, Agent, Beverly Hills, CA
Mon Jan 19, 2009
Hello Bill,

You got it. If there is a deal, we'll find it for you. We are the number one agent and team in our office for 2008 and will work hard for you. Our office is located Wilshire in 90036 close to where you are looking across from LACMA. Please shoot me your email and I'll start sending you listings. Not a lot in 90036 in the 500-600 range BUT you can get something in the 90019 area in the price range your looking in. In the meantime, if a good deal comes up in the 90036 we can jump on it. If it's out there, we will find it. Please send me your email address and let me know if perhaps you would like to me.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Wilshire
mcarrabba@kw.com
323.899.2900
0 votes
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