You have to see this elegant West Hollywood condo located in a fantastic  walking neighborhood convenient to restaurants, shopping, theaters, Kings Rd. park. This unit is priced under current market comps.Owner has relocated and wants a quick sale. There will be an Open House this Sunday, November 15th from 1- 4pm.

More Than Half of Homes Sold at a Discount

Daily Real Estate News | Tuesday, July 14, 2015

Prices may be on the rise, but about 63 percent of homes sold at a discount compared to the list price in May, according to the 2015 REALTORS® Confidence Index Survey. The discount averaged in the 1 to 11 percent range.

Read more: REALTORS® Stay Upbeat in Market Outlook

The longer a property lingers on the market, it becomes more likely the home will end up selling at a discount. Eighty-four percent of homes that sold after 12 months were sold at a discount. On the other hand, 24 percent of homes that sold within a month sold at a premium.
Staging a home may help a listing to fetch more, according to the National Association of REALTORS®' 2015 Profile of Home Staging. The survey found that 32 percent of buyers' agents say that staged homes increases the dollar value a home buyer is willing to offer by one to five percent.
Source: "Despite Rising Prices, 63 Percent of Properties Sold at Discount in May 2015," National Association of REALTORS® Economists' Outlook blog (July 13, 2015)

More Owners Fall Into an Equity Sweet Spot

Daily Real Estate News | Wednesday, July 15, 2015

As home prices rise, home owners equity is growing at the fastest quarterly rate since 2013, according to the National Association of REALTORS® Economists’ Outlook blog. The total value of household equity has bloomed to $11.7 trillion – $5.6 trillion higher than it was at the bottom of the housing crisis. This equates to about $63,000 per property, according to NAR.

Read more: NAR's Inside Look at the Home Equity Picture

Home owner equity peaked in 2005 when the value of U.S. homes (measured in market value less debt) soared to $13.1 trillion. But the financial crisis caused millions of home owners to see their equity slip away as home values plunged. This meant that, even with falling rates, many could not refinance and others couldn’t sell without bringing cash to closing. As such, home owners stayed put or were forced to face a short sale or foreclosure.
Between 2011 and 2014, the home owner equity picture has gradually changed. Home equity levels may likely return to 2005 levels by the end of this year or mid-2016. With more equity, home owners will have better options, such as the ability to sell or even take out home equity lines of credit by borrowing against their homes. The improvement in home equity is also leading to fewer foreclosure starts.
Source: “Returning Equity Boosts Real Estate Markets,” RealtyTrac (July 9, 2015) and “Home Owner Equity as a Share of the Value of Real Estate Could Normalize Within the Year,” National Association of REALTORS® Economists’ Outlook blog (June 18, 2015)

Help!
When is the right time to buy or sell a house?
Is the real estate market improving? Will interest rates rise? Will there be another bubble?
First of all no one has a crystal ball. While financial analysts can chart current or historic trends opinions widely vary. For instance trying to anticipate the market can prove disastrous if interest rates begin to climb which can change the equation significantly.
There might seem to be patent answers such as the Spring and Summer months are the best time to list a property. The truth is that there is increased competition among more inventory as well as the number of people looking to purchase a home. 
 A stock investor friend of mine once told me that if I waited for the market to peak I would be too late to get in. Conversely, if I waited for the market to bottom I would be too late.
Well, I believe the same is true if not more so when looking to buy or sell a home, 
What are your reasons for buying or selling?
There is no one answer to this question. The reasons to buy and sell a home is strictly subjective and dependent on your needs.
Are you looking for a larger home? Are you a first time home buyer? Are you looking to downsize? Did you lose a job? Are you retiring? Are you spending too much on rent? The list goes on and on.
Now, I'm not trying to avoid the question but as any competent real estate agent, advisor or consultant will tell you: the best time to buy or sell a house could be anytime depending on your needs, goals and finances. 
Economic analysts are not completely objective which is the reason Realtor.com may say one thing while CNN might say another. For a complete review of your needs and goals sit down with a competent financial advisor that understands the real estate market.
For a complete confidential and no obligation analysis give us a call. Besides being seasoned and experienced Realtors^©  Cheryl is also a practicing CPA with years of experience. Let us bring this unique perspective and advantage to you.

Jeff Fox. Properties Plus
818.995.9108

Does your home stink?

Besides price and location, sight and smell have a major influence on the value of your home and the time it takes to sell it.

Over the past 40 years I have had clients who simply couldn’t or wouldn’t be bothered keeping their home in “showing” condition. What does this all mean? It can mean the difference of thousands of dollars. 

I’ve often heard clients tell me that “people can see through the clutter”. However, researchers at the Princeton University Neuroscience Institute found that when a home is cluttered, the chaos restricts a buyer’s ability to focus. The clutter also limits the brain’s ability to process information. Clutter makes a buyer distracted and unable to process information as well as they would in an uncluttered, organized, and serene environment.

If you’re going to be moving anyway start boxing and eliminating some of the clutter. Store large pieces of furniture which make a room appear small. Visit model homes to get ideas or hire the services of a professional stager. Your real estate agent should be able to help you consider and weigh your options.  

A study by Pfizer Canada found that food and smoking odors can reduce the value of your home by as much as 29%! That relates to tens if not hundreds of thousands of dollars.

I’ve sold many of my own properties over the years and I understand how difficult it can be to keep a home in “showing” condition but the tradeoff is certainly worth the effort.

In an article published by the National Association of Realtors it is suggested that when selling your home you don’t simply try to mask the smell. “Odor is caused by bacteria that attaches to ceilings, walls, carpet and window treatments.” Identify the odors which might include dirty laundry, mold, smoking, and strong-smelling foods and spices. 

Be objective and use common sense when showing your home by taking out the garbage after every meal, avoid strong odors when cooking, bath pets regularly and clean litter boxes frequently. 

Besides avoiding strong odors consider providing a fresh coat of paint, using odor neutralizers that can be found at your local hardware store. Air fresheners should be used sparingly and should be subtle. Too much and it will distract homebuyers and indicate that you may be trying to hide something.

One of the best methods to determine what might be offensive to buyers is asking someone that doesn’t live in the house. You might consider asking a real estate agent, however, some agents may be hesitant to be brutally honest. It's the fiduciary duty of an agent to help you understand the impact of adverse conditions and how they can affect the sale of your home.

For more information please feel welcome to call us, Jeff and Cheryl Fox, at 818-995-9108.

Location, location, location. You hear this a lot in real estate but what does it really mean?

Most real estate professionals would probably tell you that it simply means the comparison of a more “desirable” location opposed to a less “desirable” location. Most of the time they are referring to more expensive areas since the word desirable is very subjective.

Don’t get me wrong, location in this context certainly plays a significant role in home prices but the question is more desirable for who?

There are several things to consider in choosing a neighborhood besides price. Commute times, proximity to amenities such as shopping, parks and schools are only but a few demographic and socioeconomic considerations you might want to consider. Others  considerations may include the number of rentals in a neighborhood, the number of households with children, median incomes, average age of neighbors, etc.

This is not to say that buying a home in a more “expensive” area with the possibility of greater resale value is a bad thing but is it worth some of the trade-off?

If you’d like some assistance in determining the best location for you please give us a call at (818) 995-9108.