Get a free comparative market analysis of your home's value sent to you with no obligations.
Search for a Home
Find your Home's Value
|
Los Angeles · Hollywood Hills · Hollywood · Hancock Park · Hollywood Hills · Beverly Hills · Miracle Mile · Santa Monica · Venice · Culver City · Westwood · Century City · West Los Angeles · Los Feliz
Real Estate Market Watch 2010 The Latest Buzz: The first half of 2010 showed significant improvements over the past few years, with sales up and multiple offers common. The median home price in Los Angeles County in July was up 4.6% over July 2009. Westside, up 33.5%. San Fernando Valley, up 3.45%. Overall, prices are still well below the peak in 2006. The Federal and California home buyer credits ran out in June, presumable causing the 20.6% drop in Southern California home sales from June to July which coincided with a dip in the median home price by 1.7% from June to July. August numbers are coming soon.
Interest rates have managed to stay in the low 4s, the lowest rates on record since 1970, saving buyers hundreds of dollars per month on mortgage interest, and allowing more buyers to afford the home they want. For comparison, $400,000 borrowed at 4.5% on a 30-year fixed loan is $2,026.74; whereas at 5.5%, it's $2,271.16. The result, more homebuyers can afford to own their home. As of Aug. 19, 2010, the percentage of households in Los Angeles that could afford to buy an entry-level home stood at 56 percent. Information Sources: DataQuick Information Systems and the California Association of Realtors. 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 you plan to buy a different home when you sell, and have equity in your home now, this may actually be the perfect market for you. You could benefit by transferring your equity into a new home, waiving capital gains taxes, locking in a low price, low interest rates, and low property taxes while you can. It's never been more important to properly stage, price and market your home when selling. Overpriced or overcluttered homes sit on the market indefinitely while well-priced homes sell like hotcakes in multiple offers. If you plan to sell your home this year, make it as attractive as possible and price it right to attract more buyers. 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. Now may not be the right time for everyone to buy or sell, 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 for you to buy or sell real estate. Call me at (310) 776-0258 or click here to contact me online. 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. The government has pumped millions of dollars into purchasing mortgage-backed securities to help keep rates low. The result: the lowest interest rates in 50 years. Interest rates in the low 4s are available to qualified buyers. Just a handful of years ago, the going rate was 6.5%.
Amortized over 30-years with a fixed-rate mortgage with 20% down:
Real Market Stats: 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 |
|
||||||||||||||
|
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.
|
|||||||||||||||







