Long Beach Real Estate Podcast with Tim Majka: Recent Episodes
tim@calhomesearch.com
If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Tim Majka- your professional Long Beach Real Estate Agent
What you’ll learn on the show this week:
Alex and Danny were both hired as minimum-wage marketing assistants, but they’ve leveraged their positions to set them up for future success. Here’s how.
We hadn’t had much success in the past hiring high-paid marketing assistants, so we decided that a new strategy would be necessary. Instead of hiring a high-paid expert, we would hire someone who would agree to work for minimum wage in exchange for the education and opportunities that we can provide here at Vyral. This process has yielded good results so far—just ask Alex and Danny.
We’ve created a culture here at Vyral that is all about improving and learning each day.
They were both initially interested in the position because of the opportunity of a $50,000 + salary six months down the road. However, once they went through the interview process they realized it was a perfect fit.
This was no accident. Our eight-step hiring process ensures that we only get the best and most motivated candidates. With all the steps we take to filter candidates, it’s inevitable.
Our interview process is a bit unorthodox, but ultimately rewarding. We first contact candidates via email and ask them to fill out a personal assessment, as well as answering five questions on video. After that, we set up a Skype meeting, then an in-person meeting, then an interview.
It’s a big deal when you make the wrong hire. That’s why we have a process in place to ensure we only get the best candidates. You should have one, too.
We’ve created a culture here at Vyral that is all about improving and learning each day. That’s why we’ve been able to attract such great talent.
When settling the estate of a recently deceased loved one, there are three key steps you need to take.
In the unfortunate event of the loss of a loved one, what steps do you need to take to handle their estate?
According to Reba Birmingham of Long Beach Law, since it’s possible you might not be thinking clearly at the time of said loved one’s death, the first step is to capture documents that might be important later and throw them into a folder. This includes bank and stock statements and any deeds that might be lying around the house.
After that, you have to wait. You have to grieve—there will be family members to notify and a memorial to put on. These things take time. It also takes time to get the death certificate, which is the key to opening up some of those bank accounts and insurance claims.
See an attorney that practices regularly in estate planning and trust administration or probate.
Next, see a professional. See an attorney that regularly practices in estate planning and trust administration or probate.
If you have any questions for Reba, you can call her at (562) 621-6300 or visit her firm’s website at LongBeachLaw.com. If you have any questions for me, feel free to give me a call or shoot me an email. I look forward to hearing from you.
There are three guidelines you can follow if you’re a home seller and you have a pet to ensure your home gets sold quickly, safely, and for its maximum price.
If you have a pet and you’re looking to sell your home, there are some special considerations you must keep in mind to ensure the safety of your pet and any potential buyers, and that your property looks great and sells for the most money possible.
The good news is most homebuyers are often looking for pet-friendly homes. Two out of every three buyers typically have pets of their own, and they want to make sure their new home is a good match for their pet. In fact, according to a recent survey, 31% of animal owners take their pet into consideration when buying a home. On the other hand, 67% of Realtors say a home that has pets is harder to sell.
With this information in mind, here are three guidelines you can follow to strike the right balance and sell your pet-occupied home quickly and for top dollar.
By following these three guidelines, you’ll be able to sell your home for top dollar.
First, repair any damage. Sometimes you can tell where a pet’s been just by looking at scratched doors or walls or a hole that’s been dug in the backyard. Repairing this type of damage will pay for itself many times over and help increase your home’s sale price.
Second, hire a professional to remove any pet odors. Many pet owners are less sensitive to it than the people visiting their home and less aware of the odors that might be lingering because of their pets. Have a professional deodorize the rugs, the carpeting, the furniture, and anything else that has a tendency to absorb pet odor. Once that’s done, have a friend or your Realtor give your home a sniff assessment to see if the job’s taken care of.
Third, remove your pet during any showings. Regardless of the time and money you’ve spent getting your home ready for prospective buyers, some of them might still feel prejudiced against it just knowing that a pet lives there. Removing them from the premises makes it a more comfortable situation for everyone. You should also remove any pet objects like toys, food bowls, and scratching pads.
If you need more tips on how to sell your home with pets or you’re looking to buy or sell a home, feel free to give us a call or send us an email. We’d be happy to assist you.
Our market conditions are ripe for those looking to move into a new home. You can sell quickly and profitably, and buy while interest rates are low.
If you’ve been thinking about selling your home, three recent developments make this an ideal time to do so.
1. Mortgage rates have stabilized. They were at 3.4% last July, then shot up to 4.3% right after the election in November. Since then, the rates have stabilized and are still very low (historically speaking).
2. Job numbers are up. The U.S. Bureau of Labor Statistics reported that 225,000 new jobs were created in February. Over the past 12 months, we’ve seen 2.3 million jobs created. Business is doing well, consumer confidence is high, and it all bodes well for the future of the housing market.
It’s a great time to buy and to sell.
3. Housing inventory is extremely low. February saw an almost 18% drop in the number of homes for sale. Since October 2008, we have consistently seen a steady decline in inventory. In fact, we’ve had 100 consecutive months of decreased inventory.
What does all this mean for you? Well if you’re thinking about selling, right now is the perfect time. You can sell very quickly in this market. Last year, homes were taking an average of 43 days to sell. While that’s still a great number, homes are selling in an average of just 30 days right now. With such low inventory, you can expect to get a great price for your home sale.
It’s also a good time to buy with interest rates staying low and steady. This market is a win-win situation if you’re looking to make a move. If you or somebody you know is interested in buying or selling soon and taking advantage of this market, give us a call or send us an email. We look forward to hearing from you.
Selling a home while trying to buy a new one can be a major obstacle. Luckily, there are two options that will keep you from having to pay two mortgages or move twice.
If you are looking to sell your current home and purchase a new one, there are a couple of options that will ensure you don't have to pay two mortgages at the same time or have to move twice.
The first option is to sell your home contingent upon you purchasing your new home. This lets the buyer know that they will not be able to close on your property until you close on your new home. By doing this, you won’t have to pay two mortgages or move twice, but the buyer of your home won’t have the certainty of a closing date, preventing them from being able to lock in an interest rate. Also, if it takes you awhile to find that new home, the buyer could potentially get cold feet and walk away.
The second option is to sell your home and negotiate a rent-back. You would close on the sale of your home in the normal 30-45 day time frame, but then negotiate renting back your home from the buyers for anywhere from 30 to 90 days or longer if need be. That gives you time to make sure you find and are happy with the new home that you’re purchasing. It also gives the buyer the certainty of a closing date so they can lock in their interest rate.
A rent-back would give you the time you need to find your new dream home.
Like the first option, this option keeps you from paying two mortgages or moving twice, but it also eliminates uncertainty for the buyers. It makes you a stronger buyer, as you know your property will close.
If you’d like to see which option would work best for you or you are looking to buy or sell a home, please feel free to give me a call or send me an email. I’m always happy to help.
We wanted to take a brief moment to express our gratitude to you today. Let us say thanks with a free pumpkin pie.
We wanted to reach out today to wish you a happy Thanksgiving. We're extremely fortunate and thankful to have the opportunity to work with amazing people like you. Our business wouldn't be what it is without you.
We're thankful for you, our clients.
We greatly appreciate the opportunity you've given us to serve you and your wonderful family. More importantly, we appreciate the great friendships we've formed along the way.
If you haven't had the chance yet, RSVP to our free pumpkin pie giveaway! It's our little way of saying thanks. To RSVP, simply send me an email or give me a call.
Have a happy Thanksgiving!
The holiday season is actually a great time to sell a home. Rates are low, fewer homes are on the market, and a lot of buyers need to close by the end of the year.
With the holidays approaching, myself and Corinne Wallace are often asked questions by folks this time of year that are thinking of selling. They want to know if selling now in LA and Orange County is a good idea, or if they should wait until after the new year.
In our experience, now is a better time to sell than if you wait. There are five different reasons why:
1. Interest rates are still low. There is a chance that they will go up in December when the Fed meets. Locking in a low rate now is smart.
Interest rates are still low, but may go up in December.
2. There are typically fewer homes on the market, giving buyers fewer to choose from.
3. Homes that are decorated for the holidays really sell quickly.
4. There are buyers that want to buy and close before the holidays. December is actually the top month for closed home sales.
5. The buyers looking to buy during the holidays are very serious. There will be fewer looky-loos coming through your home.
If you or someone you know is looking to buy or sell a home in Long Beach, LA, or Orange County, give us a call or send us an email. We look forward to hearing from you.
Andrew Scammon from Alpine Mortgage joins me today to help explain how you can use a reverse mortgage to purchase a home.
Today I’m joined by Andrew Scammon from Alpine Mortgage to talk about how you can use a reverse mortgage to purchase a home.
We work with more and more folks nowadays who are either retired or about to retire and would like to buy a new home but are unsure they can qualify for a conventional loan. This is typically because they either live on a fixed income or are about to live on a fixed income.
If you’re planning to downsize as part of your retirement plan, a reverse mortgage could be a useful tool for you because when you compare a reverse mortgage to a cash purchase, it effectively doubles your money.
This comes in handy for anyone wanting to sell off their existing home and downsize but knows they won’t realize enough benefit from that sale to make a cash purchase for their next home. If you net $200,000 from your home sale, that’s not going to buy much house. A reverse mortgage can double that sum and allow you to purchase a $400,000 house.
Of course, there are some cautions you need to take. You need to work with a seasoned Realtor who knows their way around the market. If you’re looking for a condominium, it would have to be an FHA-approved condominium. For many people, though, it’s become relatively commonplace to identify properties they love without having to worry about making a mortgage payment or qualifying for one because of reverse mortgages.
Reverse mortgages alleviate the worry of having to qualify for a mortgage loan.
With reverse mortgages, payments are allowed but not required. You can purchase a $400,000 house by putting down $200,000 and getting a $200,000 reverse mortgage. When the house goes to your estate or heirs, they have time to prepare the property, market it effectively, and realize the best gains on it that they can. The reverse mortgage balance is then paid off and the heirs divide up the remaining equity. The only age requirement for using a reverse mortgage is at least one of the borrowers must be 62 years old.
I want to thank Andrew for joining me today. If you know anyone who is looking to use a reverse mortgage to purchase a home, you can call him at (562) 743-0111 or visit his website at effectiveretirement.com.
If you or anyone you know are looking to buy, sell, or downsize, feel free to reach out to me. I’d be happy to help.
Today we're taking a look back at how the market performed in 2016 and what we should expect in LA moving ahead in 2017.
Today I wanted to take a moment to take a look back at how the Los Angeles housing market did in 2016 and provide a forecast for what we can expect from the market moving forward in 2017.
Last year in Los Angeles County, we saw the median price for single-family homes go from $535,000 to $580,000 in 12 months, which is an 8.4% increase. Moving to Orange County, we saw the median price rise from $695,000 to $735,000 in that same 12-month span from January 2016 to January 2017, good for a 5.8% increase. We had a really strong year in terms of price appreciation.
We also continue to experience very low levels of housing supply in our market.
In LA County, for example, we have just 2.4 months worth of homes for sale. That means that if no new homes came onto the market, it would only take 2.4 months to sell all the homes currently on the market at the going rate, and that's a very low number. In Orange County, we have just 2.6 months of supply. These are some of the lowest levels of inventory we've seen in a long time, and they are certainly the lowest numbers I've seen in my 13 years in real estate.
There are a few reasons for this low inventory, starting with the fact that there are a lot of people looking to buy a home thanks to low interest rates. Additionally, there are a lot of people who simply don't want to sell their house. Many of these people are baby boomers who have lived in their house for decades and just don't have a reason to sell it.
The California Association of Realtors forecasts that we will have another good year.
This year, the California Association of Realtors forecasts that we will have another good year with prices rising about 4.6% throughout the state of California. If you've been thinking about selling your house, it's a great time to figure out what your home is worth, and we've got great online value calculator that can give you an idea. This calculator can't consider everything in your home like your view and the updates you've made to the home, which is where I come in.
If you'd like me to tell you exactly what your home is worth or you're thinking about buying a home in the LA area, give me a call or send me an email. I'd be glad to help!
Happy Valentine's Day!
Valentine’s Day is right around the corner, and we just wanted to take the time to say thank you! We had a great response from our clients for our See’s Candy Gift Card Giveaway. Due to such a great response, the giveaway has now come to a close.We hope your Valentine's Day is a day filled with love and friendship, and looking forward to seeing you in 2017.
Friends,
We know this time of year can get very busy, so we just wanted to take a moment to wish you happy holidays!
We’d like to take a minute to thank you for your continued support this year. We wouldn’t be where we are today without you. It has been our pleasure to help make your real estate dreams come true.
We hope you enjoy this holiday season and make some wonderful memories with your friends and family. It truly is the most wonderful time of the year.
Remember, we are always here to help you in any way we can. Just give us a call.
Today I am here with Reba Birmingham from Long Beach Law to talk about the pros and cons of having your home in a trust.
The main pro to having your home or property in a trust is avoiding probate. Probate is very expensive, and it typically takes 10 months to a year. It cost 4% of the first $100,000 and 3% of the next $100,000. It then costs 2% of the next $800,000.
Something important to know is that real estate is valued at its fair market value. So, if you have a $1 million house with a $900,000 mortgage, you don’t have a $100,000 probate, you have a $1 million probate. So, if you want your loved ones to inherit the house instead of having to sell it, it’s best to do a trust.
The con to having your home or property in a trust is that is does cost a little bit. Always avoid Internet bargains because you could get scammed. If you do want to put your property in a trust, have a professional help you.
If you have any other questions, you can get a hold of Reba by phone at (562-621-6300) or go to www.longbeachlaw.com.
Getting a loan is a crucial part of the home buying process. Here’s what to look for in a lender.
Purchasing a home is a major life decision, and choosing the right lender to help you through it is absolutely crucial. Today, Steve Hankla from New American Funding and I would like to share a few tips with you on selecting the right one. What should you look for when choosing a lender?
1. Choose a lender that you’re comfortable with. This will most likely be a long process, so it’s important to select a lender that you’re compatible with.
2. Choose a lender that is local to your area. This is important because the Realtors, especially the listing agent, will want to be sure that the lender has a good reputation and that they can process the transaction as smoothly and as quickly as possible.
3. Choose a lender with a fair interest rate. You don’t want to pick the lender with the highest or the lowest interest rate, but you want to make sure that the lender has an interest rate that is competitive with most of the large banks and mortgage companies that you may be shopping with.
If you have any other questions about getting pre-approved for a loan or choosing the right lender, give Steve a call at 562-344-5546 or email him at steve@gotoloanpro.com today. If you have any other questions related to real estate, don’t hesitate to reach out to me as well. We’d be happy to help you!
After so many years in real estate, there is one element that keeps us energized and devoted - our clients. Being a part of your journey in real estate, and seeing you achieve greatness is what makes it all so special. So much so, we wanted to rename our team to fully represent our mission in delivering the ultimate in service and care.
We are now Imagine Realty!
In honor of this exciting new chapter, we've launched a brand new website with features that give you access to easy to use comprehensive tools and resources to meet all of your real estate needs. It’s just part of my commitment to continue offering the best service imaginable.
In addition, we also created an amazing new video to showcase our dedication and approach. So, when you get the chance, please check our new website here and video here and let us know what you think! It's time to imagine!
I’m excited to be joined today by Steve with New American Funding to talk a little about the pre-approval process for home loans so that you’re aware of it if you or someone you know is interested in buying a home. It’s not as complicated as some make it out to be.
Pre-approval is very important for home buyers. Most importantly, you want to make sure there is nothing that will come up and prevent you from closing your transaction. Check the credit, income, and any liabilities or debt.
It’s not as complicated as you think.
You have a few different options in how you want to go about getting pre-approved. You can head to the loan officer’s office to fill out forms and hand them in in person. You can also fill out an online questionnaire, where you will then receive a link where you can upload the required documentation. The documentation you’ll need includes your last two years of W-2s and tax returns, and your last two paycheck stubs and bank statements. Once we have that, it only takes about 30 minutes.
Once you are finally pre-approved, we send out a general pre-approval letter with your maximum amount. Once you’ve identified a property that you plan on purchasing, Steve and his team will custom-tailor that letter for the property.
Thanks again to Steve for joining us. If you have any questions for him, you can call him at (562) 344-5546 or send him an email to steve@gotoloanpro.com
If you have any other questions for us or you are thinking about buying a home, give us a call or send us an email. We look forward to hearing from you.
Today Steve Hankla joins us from New American Funding to help answer some questions you might have and give some tips on how to get your financial house in order before you buy a home. * How soon should I talk to a lender? About six to 12 months before you plan on actually purchasing and searching for a property. * How important is credit score when buying a home? A lot of people assume they have to have high scores, but mortgage lenders like New American Funding will actually go down to a score for as low as 580 for FHA transactions. Of course, if you have a score better than 800, they wouldn’t turn you away either. Remember: the higher the score, the better. * What can a lender do to help improve my credit score? After they see your credit, a lender can see where the challenges are and best direct you on what to do to clean up your credit. If you follow some careful instructions, you can pretty much clean it up yourself. * How would a past foreclosure or short sale affect my ability to buy a home? There are different programs that allow people to get into a property in a short amount of time (as little as two years for veterans). There are also more conventional products that offer 20% down or more for those who’ve had a short sale within two years. For FHA, if you’ve had a foreclosure you can get into a property after three years. This means many people who suffered during the financial meltdown can now buy a home again. * What kind of down payment do I typically need to have? With FHA, the lowest amount is 3.5%. Conventional loans have both 3% and 5% programs available. Veterans don’t need any down payment whatsoever.
If you have any more questions or would like to start your own pre-approval process, you can reach Steve by phone at 562.344.5546, or email him at Steve@gotoloanpro.com. If you know anyone looking to buy or sell a home, you can reach me at 562.900.9430. Thanks for tuning in, make it a great day.
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home EvaluationThere are seven key steps you should take to set yourself up for success when buying a home here in Long Beach.
1. Meet with a Realtor. A Realtor is a member of the local board of Realtors and they have direct access to the local multiple listing service, or MLS. They also have intimate knowledge of local neighborhoods and will be your guide through the whole process. Check testimonials and references and ask friends and colleagues for referrals to find the right Realtor for you.
2. Meet with a lender. Assuming you need a loan, a lender will get you pre-approved for it. Check with your Realtor for recommendations on lenders.
3. Have your Realtor set up a home search for you. Realtors can give you access to listings before they show up on all the major real estate websites out there, giving you a leg up on all the buyers not working with a Realtor.
4. Start looking at homes. Make sure you take the time to look at all potential problems areas it could have; the foundation, driveway, roof. Make sure it’s been well-maintained, or prepare to alter the price accordingly.
5. Write an offer. Your Realtor will guide you through writing a strong offer but also and offer that protects you.
6. Escrow process. Once you have an offer accepted, you go into the escrow process, where you typically have 30 or 45 days in a window of time before closing get the title to the property. This is when you do due diligence and know everything you need to know about the property. This is a time for a professional inspection, for lenders to do an appraisal, and to review disclosures provided by the seller.
7. Closing escrow. This is where you close the process, your loan is funded, you receive the keys, and you start enjoying your home!
"Realtors have intimate knowledge of local neighborhoods."
If you know anyone looking to buy a home, we would love to help them. Send us an email or call today and we can get started!
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home Evaluation
Divorce is an unfortunate life event, but it's certainly not uncommon. Because of this, I've received many questions about how to sell a house while going through divorce proceedings.The house is usually the last thing dealt with in a divorce, and it is typically the most emotionally charged aspect of it as well. If one of the parties involved can afford to, they can buy out the other party with cash or by refinancing. The second option is to sell the property, and it's up to the owners, and possibly the court, to determine how the proceeds of that transaction will be divided among the parties.
If the property is under water and there is more owed on the property than it is actually worth, a short sale can be conducted with the cooperation of both parties.
Regardless of what you choose to do, we recommend finding an experienced agent to guide the process. Open and transparent communication between the agent and both parties involved with the property is absolutely crucial in this situation.
If anyone you know is going through a divorce and needs help buying or selling a property please don't hesitate to reach out to us. We have been through this process many times before and would love to help!
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home Evaluation
Today we are excited to bring you the second half of our two-part series on the tax benefits of owning real estate. Last time, we talked about the advantages of owning and living in a home as far as your taxes are concerned. Today we are talking about even more tax benefits, but this time from an investor’s perspective. Here are some of the best benefits.
First off, you can sell your investment property without having to pay capital gains via a 1030 exchange into another investment property. This allows investors to continue to take out their equity, and re-invest it in something bigger and better.
Let’s say you start off by investing in a single-family home. As it goes up in value, you can sell the property, do a 1031 exchange, and buy a better property with the equity. Some other tax benefits that home investors can take advantage of include deducting property taxes and depreciating the value of a home over 27.5 years.
These are just a few of the ways you can save on your taxes and protect your real estate investments. Before making any moves, however, we advise you to reach out to your tax professional and see what works best for you. If you have any questions, give us a call or send us an email. We look forward to hearing from you!
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home Evaluation
Our next two videos will explain the tax benefits of owning real estate. In the next video, we’ll discuss the benefits of owning real estate as an investment. Today, we'll cover how home ownership can save you money on your taxes.
Homeowners are able to receive a number of tax benefits. When you go to sell your home, you can take up to $250,000 in tax re-profit as an individual. As a married couple, you can have up to $500,000 of tax re-profit when you sell.
What does that mean for you? Let’s say you own a home as an individual. You bought the property for $300,000, but now it’s worth $550,000. When you sell the property, you have $250,000 in profit, and you’re able to keep that profit tax free. The only requirement is you have to have lived in the property for 2 of the past 5 years. If not, you might be able to get a partial reduction.
Owning a home also gets you certain tax write offs. For instance, you can write off interest on your loan, as well as the money you pay every year in property taxes. Plus, if you take out a home improvement loan, the money you pay in interest is tax deductible. There are a number of tax benefits to owning real estate. If you have any questions, just give us a call or send us an email. We would be happy to help you!
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home Evaluation
Every day here in Los Angeles and Orange County, there are hundreds of homes that exit the market because they just didn't sell. I recently met with someone who had listed with an agent. The agent was a friend of theirs, and the home did not sell.
All real estate agents differ. Just because someone has a real estate license doesn't mean they are a true professional! It's crucial to work with a professional real estate agent in order to sell your property. Here's why.
- Ask for testimonials. When hiring an agent, you should see proof of their success.
- Ask for their marketing plan. Are they just going to put your house up on the MLS and run an open house or two? Your agent should have a cohesive marketing strategy to get your home in front of as many buyers as possible.
- Are they using technology to target buyers? Make sure your agent is up to date on the latest technological trends. They should be able to track results and show you how your home is being advertised online.
- Are they an expert on the local market? Do they know the average number of days a home spends on the market? Are they up to date on supply and demand? Market conditions majorly impact the price of a property, so you need an agent who knows what's going on.
- Do they give you the ability to fire them? A good agent should allow you to stop working with them at no cost or penalty to you.
- Do they use a professional photographer? The quality of your home photos is critical to how your property shows online.
- What is their strategy to maximize how well your home shows? In other words, do they have a stager or stylist to prepare your home for buyers? Statistics prove that staged homes sell for 6% to 8% more than non-staged homes.
If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home Evaluation
Recently, I talked with a past client and they asked an important question: "How do you sell a property occupied by tenants?" Today, I'll share a few tips on selling a tenant-occupied property for a premium price.
Identify if you need to disturb the tenant at all. If the property is a single-family home, condo, or townhouse, and you expect that the buyers will want to live in the property, then yes, you will need to work with the tenants.
My team and I make this process a win-win situation for you and your tenants. We don't want to hassle the tenants, but we want to we show the property to all interested buyers in order to get the highest price.
For example, we recently listed a condo where both tenants worked during the day. We had showings on Wednesdays and Thursdays, and then for a two-hour block on Saturdays. The tenants didn't have to keep the house ready for showings every day, and we still showed the property to all interested buyers. In fact, we got three offers that Wednesday, and another three on Thursday. Even though we had limited showings, this property will be the highest sale in its building. Being tenant occupied did not affect our ability to sell the property for the highest price.
If the property is a multi-unit property, such as a duplex, and we expect the buyer to be an investor, we may not need to disturb the tenant at all. We price the property on the market and let potential buyers know that the property is being offered subject to inspection. Once we receive an offer, we will open up the property for a showing.
This is a common way to sell multi-unit properties. Once all the offers are in, we schedule a time for the buyers to walk through the property. You still need to communicate with the tenants, but it's only to set up one showing.
We recently sold a five unit property with multiple offers. We only disturbed the tenants once, and ultimately, the property sold above asking price.
As you can see, selling a tenant-occupied property is not as difficult as it may seem. If you have any questions, give me a call or send me an email. I would be happy to help you!
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home Evaluation2015 has come and gone, so let's go over the housing market forecast for the market in 2016.
In LA County, the average price for a single family home was $540,000, which is a 4% increase for the year. Homes in LA County are selling for 98.8% of the asking price.
In Orange County, the average price for single family homes was $695,000, which is a 2% increase. Homes in Orange County are selling for 97% of the original asking price.
We have particularly low inventory in Orange County and LA County currently. In fact, both counties have 2.6 months of inventory, which is the lowest inventory we've seen in the past ten years. We expect this to set us up for a very strong 2016.
We are currently experiencing interest rates between 3.75% and 4%. In mid December, the Fed increased interest rates by 0.25%. Although this seems like a slight increase, it profoundly affects your mortgage payments. Additionally, we might experience rate hikes again in 2016.
We expect that the market in Southern California will go up 3% to 5% for 2016. Keep a lookout for affordability. Right now, only 30% of the population in LA County can afford the median sales price. In the OC, only 22% can afford to pay the median sales price. That's why we're not seeing the major increases in price that we saw in 2012 and 2013. Affordability has hit a bit of a plateau.
If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!
Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home EvaluationToday we just wanted to reach out for a moment and wish you and your family a safe and happy holiday season from our entire team here at Tim Majka Real Estate Experts. We are very appreciative of all the support you have shown to us this past year and because of that, we were able to help over 30 families buy or sell a home. We are looking forward to another great year in 2016, helping even more families realize their dreams of home ownership.Have a safe, happy, and fun holiday season, everyone! If you have any questions for us, or are interested in buying or selling a home in the near future, give us a call or send us an email. We can’t wait to hear from you!
First, let’s talk about the cons. The biggest one is that no one wants to spend the time during the holidays to show their home. That is a valid concern, but there are ways you can limit when your home is shown to potential buyers. We can reduce the number of days your home is available for showings, and can even make certain days throughout the holiday season “off-limits” for showings.
The other big con that this presents is moving during the holidays. We can help reduce this problem for you. If your home is for sale in December and scheduled to close at the end of the year, a lot of times we can negotiate either a delayed closing or a 2-4 week rent-back period, so you don’t have to add that stress on your plate until after the holidays are over. While there are a few drawbacks to listing your home on the market right now, there are also plenty of advantages to selling now that you don’t get at other points in the year.
The biggest pro to selling during the holidays is the low inventory. Right now, we have the lowest level of inventory that we’ve seen in the last 10 years all over Orange County. With less homes to compete against on the market, your home stands out more to buyers.
Another great reason to list right now is because of all the serious buyers out on the market right now, looking to close on a deal before the end of the year, either for personal or tax reasons. A lot of times these buyers don’t mind allowing a rent-back for the holiday season, because they don’t want to move then either.
These are just a few of the pros of selling during the holidays. We have found that this time of year is a great time for home sellers to list their homes and get back the equity they have gained in recent years. If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you!*Considering Buying? Click here to search all homes in your area Considering Selling? Get a Free Home Evaluation***