Real Estate Information

If you have a home that only you can love, you will benefit for these 8 low cost fixes to getting your Los Angeles home sold quickly. We don't live in a house the way we sell a house. Buyers aren't interested in seeing dirty socks lying around or dirty dishes in the sink. Below are a list inexpensive things, from Realtor Magazine, that you can do to make buyers fall in love with your Los Angeles home.

1. Move it.

Simply rearranging the furniture can reenergize a room. Add and remove furniture, lamps, rugs, and accessories from other parts of the house to create a whole new look. Mirrors are particularly useful when it comes to updating a room. Try one out in different rooms to see where it fits best. Even just moving a mirror to a different wall can create a more welcoming feel.

 2. Plant it.

Houseplants are a generally undervalued design component that can add texture, warmth, and color to any room. Just drop plants in their store containers into decorative planters. Small plants can be moved easily and regrouped to change a room's look, while larger ones make a statement on their own. 

Group plants together of differing heights, fullness, and color for the most dramatic effect. It's important to have plants that are well maintained and in tip-top condition.

 3. Paint it.

Paint is one of the easiest and most cost-effective ways to make a substantial change. Use dramatic colors in powder rooms and dining rooms, and more neutral colors in living spaces. When selecting colors, "be sure to ask, 'What am I trying to do? How do I want this to feel?'" And always, always do a test before you paint the whole room. 

 4. Organize it. 

Clutter just happens. So neaten up!  A variety of organizing tools can make a space feel polished while maintaining utility. Hooks and shelves inside the door give people a place to hang coats and keys, while canvas bins or natural baskets help contain magazines and mail. Just a row of hooks pre-attached on a board is so easy to install. And shelves are a great way to neatly display collectibles. 

5. Hide it.

Have a banged-up wall? It may be easy to camouflage. Paintable wallpaper will smooth out an uneven wall or hide minor dents and dings. Adventurous home owners can even try a simple two-step painting process for a more complex finish. A apply a solid base coat, then a glaze. 

Your intent should never be to mislead buyers; be sure to disclose flaws that would affect home value. 

6. Replace it.

Cabinet handles, switch plates, and other small pieces of housing hardware can update a home for just a few dollars a piece. Scan each room to see what looks worn or outdated and then replacing it. Inexpensive quick-connect faucets can make upgrading the look of your bathroom a snap. Just be sure to measure before you go to the hardware store. Some sinks are drilled for an eight-inch spread. Others require just four inches. 

And don't forget the toilet seat. Fresh towels and a new toilet seat go a long way toward making a bathroom feel clean and new. 

7. Light it.

Lighting can have a major impact on a home's look and feel. Whether a room seems dark or too bright and harsh, try "layering" the lighting by adding accent pendants and lamps. Make sure they have independent controls, so that you can turn them on and off at will. 

Light is such a mood setter. You can create a cozy feel just by turning down the lights. Add dimmers in the dining room, bathrooms, kitchen, and even the hallways for less than $4 each. Then adjust the lighting to create the mood you want.

 8. Clean it.

Turn a critical eye to the flooring to make sure it's up to snuff. Scrub grout and seal natural stone. Rub out scratches and nicks on wood floors with scratch cover. Get down on your hands and knees and detail the floors. It takes a little elbow grease, but the results are well worth it. Vinyl flooring is a bit harder to spruce up but usually can be replaced easily and inexpensively.

Selling your Los Angeles home? Contact me, I'm glad to help!

What's your Los Angeles home worth?

Here are tips to make your Los Angeles home search a little easier:

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing. 

2. Be realistic. It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.

4. Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Buyer's reps are usually paid out of the seller's commission payment.

Additional Los Angeles home buying tips can be found by visiting EileenWalshRealtor.com.

Have questions about buying a Los Angeles home? Ask Eileen!

Los Angeles CA had 98,696 foreclosure homes with an average foreclosed sales price of $272,247 in August 2009, according to RealtyTrac.com. The average price of a non-foreclosed home was $491,296. There were 20,498 new foreclosure homes in August 2009.

Los Angeles CA Foreclosure Activity and Home Price Index

Los Angeles CA foreclosure activity dropped in August while price appreciaiton rose 0.26 percent.

Los Angeles County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Los Angeles CA Foreclosure Geographical Comparison

Los Angeles CA foreclosures are 0.33% above national statistics and 0.08% below California numbers.

Are you or someone you know behind on your mortgage payments and facing a foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). Give me a call for a private consultation.

Have questions about Los Angeles CA real estate? Ask Eileen!

Los Angeles CA Foreclosure Activity by Month

Los Angeles CA foreclosure numbers have been falling over the past 6 months.

The medain price of a Southern CA home rose by 2.6% in August, rising to $275,000 according to a San Diego real estate research firm, MDA DataQuick. Read the LATimes.com story:

The number of homes sold, however, dipped from July due to a constricted supply of foreclosed homes and lingering uncertainty among buyers, MDA DataQuick said.

Foreclosure resales amounted to 38.8% of homes sold in August, down from a peak of 56.7% in February. DataQuick said most of the decline was the result of a rise in sales of non-foreclosed homes, but there is also a backlog of properties that have been repossessed by banks but have yet to be put on the market.

The median price is down 45.5% from its peak of $505,000, reached in 2007, and 16.7% below the same month a year ago. The median price for combined home sales in Los Angeles, Orange, Riverside, San Bernardino, Ventura and San Diego counties hit bottom in April at $247,000.

The median price is the point at which half the homes sold for more and half for less.

The typical monthly mortgage payment for a Southern California buyer in August, including principal and interest, was $1,207, up from $1,184 in July. The August figure is 55.4% below the July 2007 peak level, DataQuick said.

Orange County's median price was the highest among the counties, at $427,750, down 2.8% from the same month a year ago. Ventura County's $375,000 median price was down 6.1% from a year ago.

Los Angeles County's median price fell 13.3% from last year, to $329,500; San Diego's August median fell 7.1% to $325,000. The steepest year-to-year price declines were in San Bernardino County, which saw its median drop 32.6% to $145,000, and in Riverside County, where the median last month was down 23.2% to $190,000.

Have real estate questions? Ask Eileen!

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®. 

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1.  The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better.  "The recovery is broad-based across many parts of the country.  Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said. "Other buyers are taking advantage of low home values before prices turn higher.  Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family's monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970.  As long as home buyers stay within their budget, mortgage payments will be very manageable," Yun said. 

Let's take a look at Los Angeles real estate sales statistics for August 2009 compared to August 2008: 

Caution: In all of these neighborhoods, housing quality and size, as well as lot size, vary greatly. Therefore, the highest and lowest sold prices often reflect which particular houses sold and are not generally indicative of an increase or decrease in overall value. So I caution against reading too much into the following statistics:

Beverly Hills Real Estate Sales Statistics - Single Family Homes 

Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes 

Bel Air Real Estate Sales Statistics - Single Family Homes 

Hollywood Hills East Real Estate Sales Statistics - Single Family Homes 

Hollywood Hills West Real Estate Sales Statistics - Single Family Homes 

West Hollywood Real Estate Sales Statistics - Single Family Homes 

With prices continuing to moderate paired with historically low interest rates and an $8,000 tax credit for first time home buyers, Los Angeles real estate is a great buy.

Search all Los Angeles real estate and homes for sale.  

According to Realestate.com, buyer's remorse is one of the top ten mistakes made when purchasing a home. Finding the perfect home and making the decision to buy a home are not easy tasks. First, you spend hours on the computer researching Los Angeles neighborhoods, perfecting your search criteria on MLS websites, and viewing many virtual tours.  Then, you begin making appointments to look at the homes you think stand a good chance at being your future home. As you walk through the house you envision the happy life you and your family would live and the future décor for this room and that. You see houses that "require too much work," "don't have enough storage," ones that are "too small" or maybe even one that is "do-able but not perfect." Finally after weeks or even months of searching, you find "THE house." Now you send in a promising offer and anxiously wait for feedback. You and seller come to an agreement and the offer is accepted. Once the papers are signed you can relax and enjoy the excitement, right?

Wrong! Shortly after signing the agreement many people experience buyer's remorse: when a person begins to have feelings of doubt about their decision. These feelings of doubt are also accompanied by stress and anxiety. What if this is not the right decision? Am I getting a fair deal? Is this the right house for me and my family? What if there is something better out there? Questions start invading the committed buyer's mind causing them to become hesitant and loose confidence in their decision. This worrisome state of mind is becoming more common in purchasing Los Angeles real estate.           

There are several ways to avoid buyer's remorse when purchasing Los Angeles real estate. The biggest worry is finances. Buyer's often worry about whether they will be able to comfortably afford their soon-to- be- home. In order to prevent this from being a problem, make sure that you have chosen within a good price range that takes all of your other expenses into consideration. The appropriate price range may not include the maximum amount you are approved for; however it is very important not to exceed your set amount. The second biggest part of buyer's remorse is being satisfied with the house. People experiencing buyer's remorse second guess their choice in a home. They begin to believe that the chosen home may not be the best one that is out there. Before you started looking for a home, you probably made a list of things you were looking for. Take this list of things you were looking for in a home and see how many of the things match up with the characteristics of the house that you purchased. If most of the things match up, especially the most important ones, then there shouldn't be any second guessing. If they aren't comparable, then try to figure out why the compromises were made and if they still make sense. 

For more ways to manage buyer's remorse and tips for home buying visit EileenWalshRealtor.com.

Have questions about Los Angeles real estate? Ask Eileen!

Does your Los Angeles home have a façade only a homeowner could love? Selling a home can be an emotional experience, and people can lack objectivity when it comes to their own abode. Presenting a home in its best light is always important, but it's imperative in our current competitive real estate market. 

Professional advice and assistance can make the difference between "Wow!" and "Whaaa?" - a recent industry study found that staged homes sold for 6.9 percent more than homes that were not staged. Another study compared listing times before and after staging.

Homes that had first been offered for sale without staging were on the market an average of 4.5 months; the same homes sold within a week, on average, after being staged. 

Below are 7 tips to ‘setting the stage' and making your home more appealing to buyers: 

1. Thoroughly clean from top to bottom, especially kitchens and baths.

A dirty house an immediate buyer turn-off. The two most important areas are the kitchen and the bathrooms. If you have not deep cleaned all counter and tile surfaces to a spotless condition, you stand the chance of having the buyers walk right back out the door. 

2. De-clutter the entire house.

Clutter makes it extremely hard for the buyers to visualize moving into your home. The disorganization affects the buyer's ability to focus on your home and they will most likely overlook your key selling features. In addition, clutter has the affect of making your home appear smaller than it is as the "open" feeling is gone. 

3. Remove the personal memorabilia.

People are generally curious and when you want them to notice the beautiful entryway they may be focused on all the family pictures on the piano or all the "stuff" stuck to the front of your refrigerator. Your objective is to change the view of your home from "lived in" to "ready to move in." 

4. Neutralize inside and out.

best way to present a home is for the wall colors to be painted a neutral color. This goes for the outside as well - a loud or non-neutral color may just keep the buyers from even stopping to see the inside. 

5. Let the sun shine in with spotless windows.

Nothing is more distracting to a buyer than to be looking at a view through a dirty window. What you don't see is often more important that what you do see. 

6. Make your pets go away.

While your pets are a loving member of your family, for the buyers their presence, food and boxes are generally a turn-off. Every trace of their presence should be removed so, once again, the buyers are not distracted from the prime objective - viewing your home in the best possible light. 

7. Add curb appeal.

A healthy, neat, trimmed and well maintained yard and flower beds are the keys to getting the buyers up to the front door. A well-maintained exterior translates to a well maintained home in the mind of the buyer. 

Need help setting the stage and showing off your Los Angeles home in its best light? Give us a call, we are glad to help. 

Get the current market value of your Los Angeles home.

If you are buying Los Angeles real estate, you will want to know what your credit score is. Lenders look at your credit history, debt-to-income ratio and your credit score when qualifying you for a home loan. Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it's a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it's desirable to have more than one type of credit - installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com. 

If you are buying Los Angeles real estate, you can learn about the home buying process at EileenWalshRealtor.com or give me a call for more personal service.

Search all Los Angeles real estate and homes for sale.

Reprinted from Realtor Magazine with permission of the National Association of Realtors.

The California Association of Realtors reports July home sales increased 12 percent, median home price declined 19.6 percent

Multimedia:
· Click here to view Unsold Inventory by price point
· Click here to view a data table comparing peak prices and current prices in areas throughout the state


Quick Facts:
· Existing, single-family home sales increased 12 percent in July to a seasonally adjusted rate of 553,910 on an annualized basis.
· The statewide median price of an existing single-family home increased 3.9 percent in July to $285,480, compared with June 2009.
· The Unsold Inventory Index fell to 3.9 months in July, compared with 6.9 months in July 2008.

LOS ANGELES (Aug. 25) – Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers,” said C.A.R. President James Liptak. “Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered.

“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers.”

Closed escrow sales of existing, single-family detached homes in California totaled 553,910 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 12 percent from the revised 494,390 sales pace recorded in July 2008. Sales in July 2009 increased 8.1 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008, C.A.R. reported. The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.

“July marked the fifth consecutive month of month-to-month increases in the median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “This was the largest increase on record for the month of July based on statistics dating back to 1979. The yearly decline in July also was the smallest in the past 19 months.

“Favorable home prices in the low end of the market continue to propel sales of homes priced less than $500,000,” said Appleton-Young. “This price segment now accounts for 74 percent of the market share compared with just 43 percent prior to the start of the credit crunch. The high-end segment continues to experience elevated inventories and declines in the median price as financing for jumbo loans and unrealistic sellers challenge the market.”

Highlights of C.A.R.’s resale housing figures for July 2009:

. The Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

. Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.

. The median number of days it took to sell a single-family home was 39.9 days in July 2009, compared with 47.8 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 23 of the 398 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for July may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://car.org/economics/historicalprices/2009medianprices/jul09medianprices

. Statewide, the 10 cities with the highest median home prices in California during July 2009 were: Los Altos, $1,425,500; Palo Alto, $1,363,000; Saratoga, $1,350,000; Newport Beach, $1,300,000; Manhattan Beach, $1,257,500; Burlingame, $1,250,000; Palos Verdes Estates, $1,132,000; Los Gatos, $1,085,000; Cupertino, $952,000; and Rancho Palos Verdes $945,000.

. Statewide, the cities with the greatest median home price increases in July 2009 compared with the same period a year ago were: Laguna Hills, 40.5 percent; Newport Beach, 13.5 percent; Moorpark, 11.2 percent; Poway, 10.8 percent; San Marcos, 8.6 percent; Emeryville, 7.6 percent; Santa Barbara, 6.3 percent; Arcadia, 5.8 percent; Big Bear Lake, 5.5 percent; and West Hollywood, 5 percent.

Have questions about Los Angeles real estate? Ask Eileen!

Affordability, low interest rates, tax credits, and higher conforming loan rates are combining to boost California real estate sales far above last year's sales. Read what Realty Times has to say about the current California real estate market:

Affordability, low interest rates, tax credits, and higher conforming loan rates are combining to boost sales in California, far above last year's sales.

That could bode well for the rest of the nation if the saying, "as goes California, so goes the nation," rings true.

Statewide, home prices in May were down an average 32 percent for houses and condos combined, according to the latest numbers from the California Association of Realtors (CAR).

"There's a lot of activity in the low end right now, but with the conforming loan limit at $729,750 the $600,000 to $800,000 price range has really picked up too," said Kim DiBenedetto, association president and a real estate agent with Coldwell Banker Del Monte Realty in Carmel, CA

CAR's "First Time Buyer Housing Affordability Index" for the Monterey region was up to 71 percent during the first quarter of 2009, compared to 31 percent a year earlier.

Statewide, the numbers were 69 percent during the first quarter this year and 46 percent a year ago.

The index measures the percentage of households that can afford to purchase an entry-level home.

DiBenedetto said there should be more activity in the lower end, but banks are holding foreclosures due to industry mergers and a legally mandated moratorium.

That's true for most of the state.

A 90-day foreclosure moratorium, effective June 15, 2009, is designed to get lenders to try harder to keep borrowers in their homes. Under the new law, loan companies have to prove they tried to modify loans of struggling homeowners before they can begin foreclosing. Otherwise, lenders must give homeowners a three-month reprieve before they begin foreclosure.

Interest rates have become more cooperative, trending lower during the first weeks in July. Freddie Mac reported July 16, the average rate was 5.14 percent on conforming, 30-year fixed rate mortgages.

"We don't know how long they can stay this low. One tick up and you can be priced out of the market," DiBenedetto said.

DiBenedetto said buyers include first-timers cashing in on tax credits, a maximum $10,000 for the state and $8,000 from the federal government.

By mid-July, California still had $33 million of $100 million to allocate for first time home buyers who purchase new homes. Unfortunately the $100 million may already be spoken for. The state had also received applications for more than the $100 million in the fund.

The federal government offers a maximum $8,000 tax credit to first time home buyers who purchase any resale or new home.

CAR said the share of first-time buyers statewide is up to 38 percent this year, compared to only 19 percent last year.

"Buyers are beginning to realize that the combination of favorable home prices, historically low mortgage rates, and first-time home buyer tax credits, may not align again for many years," said CAR President James Liptak.

CAR's "2009 Survey of California Home Buyers" said 68 percent of buyers said price decreases motivated them to buy a home, while 39 percent reported low interest rates helped them move to a better location. Twenty-three percent claimed the likelihood that rates will move up as another motivating factor to buy.

The survey also found the large number of distressed properties on the market was more of a motivating factor than in recent years.

Forty-nine percent of all buyers purchased a home through a traditional market sale, while 38 percent purchased a bank-owned property. However, buyers found REO or bank-owned property purchases were more difficult in terms of obtaining financing, compared with a more traditional transaction.

DiBenedetto also said investors are a growing segment of buyers now that home prices are low enough to make purchases viable cash-flow rental properties.

"I would tell buyers it's a good time to buy," said DiBenedetto.

Have questions about Los Angeles real estate? Ask Eileen!