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Real Estate Market Watch 2010 The Latest Buzz: The housing market is in an interesting place. Property values in Los Angeles took their biggest hit between 2007 and 2009 with prices continuing to decline until mid 2009 when sales picked up and the median home price in Los Angeles began to rise. The rise in home prices is due to a combination of factors including a more normal distribution of home sales including both high and low end properties, increased demand and low supply, and an expiring tax incentive. This year we expect quite a few foreclosures and short sales to hit the market, pulling prices downwards, while interest rates creep upwards increasing the cost of homeownership despite decreasing prices. For sellers who need to sell, or who want to move up to a more valuable property, now would be the time to do so, before prices decline. For buyers, buying a house now locks in low interest rates and takes advantage of the latest home buying credits. Now may not the right time for everyone, but it may be right for you. If you're on the fence, let's talk about the pros and cons and see if now's the time to buy or sell.
If you own your home and want to stay where you are and can afford to hold onto your property until the market heals itself, that may be the right choice, but if if you plan to buy a different home when you sell, you could benefit by transferring your equity into a new home, by locking in a low price, low interest rates, and low property taxes while you can. If you need to sell this year, do it quickly before it loses more value, make it as attractive as possible, and price it right to attract more buyers. Waiting could cost you money. It's never been more important to properly stage, price and market your home when selling. I'll help you identify what small fixes you can make to get the most for your home and help you stage it as well. Together, we'll get you the best price for today's market.Home Buying Credit Extended Include First Time and Repeat Buyers! President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 on November 6, 2009, extending the home buyer tax credit which was due to expire November 30, 2009. The extended credit applies to both first time home buyers and repeat home buyers who have a purchase of a primary residence under contract by April 30, 2010, and close by June 30, 2010. It gives up to $8,000 to qualifying buyers who have not owned a home in the past 3 years, and up to $6,500 to qualifying buyers who have owned a primary residence for a consecutive five of the past eight years - allowing even those who have already sold their home to qualify! The new credit increases the maximum salary to $145,000 for single filers, and $245,000 for couples filing jointly, and phases out for single filers making over $125,000 and couples making over $225,000. You’ll see the credit at tax time, either as a savings on what you owe, or as a refund! Consult your tax advisor for more information and restrictions, and visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html or http://www.federalhousingtaxcredit.com/ For military and federal employee benefits, visit http://www.irs.gov/newsroom/article/0,,id=215594,00.html Powered by Mortgage Rates @ MBR
The Rise and Fall of Interest Rates: Over the last few months rates have risen, fallen, and risen again. Rates fluctuate daily, dramatically changing what you can afford. In a Jan. 12 forecast, the Mortgage Bankers Association projected that rates on 30-year fixed-rate mortgages will rise from an average of 4.9 percent during the final quarter of last year to 6.1 percent in the final quarter of this year, 6.3 percent in the final quarter of 2011, and 6.6 percent during the last three months of 2012.
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Buyer's AND Seller's Market? Prices have come down nearly everywhere in the past year making buying a home very attractive and affordable to buyers and investors. So much so that inventory is very low and it has become a seller's market for homes priced within conforming loan guidelines. Homes are selling in just a few days with multiple offers over the asking price. For those who need to sell their home or have equity and want to upgrade to something bigger or better, locking in low interest rates and low property taxes, it's a great time to sell. For those who are upsidedown on their mortgage (owing more than the house is worth) and can afford to stay where they are, that may be the better choice. Take a look at these live charts from Trulia showing the past 12 months' trends in home prices from Westside Los Angeles through the Hollywood Hills and Los Feliz.
Wondering about your area? Give me a call and I'll help you sort through the data.
Tiffany Thompson (310) 776-0258 tiffany@tiffanyforhomes.com |
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I'm always looking for more properties to add to my repertoire. If you've been thinking of selling your home, but
don't know where to start, give me a call. I'll walk you through the listing, selling and buying processes and make sure you have everything you need to make an informed decision. See the Seller's Resources section for more information. For more real estate information or to subscribe to my monthly e-newsletter, click here to sign up online.
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