The San Fernando Valley real estate market continues it's transition from a seller's market to one of neutrality. A "well priced" listing can still move fast. A poorly priced property can sit on the market, and take price reductions. When looking at the most recent real estate statistics, the primary numbers to reflect on are the continuing growth in unsold inventory, days on the market, and resulting month over month drop in the median home price. The year over year...Continue Reading!
Traditionally, everybody wants a 30 year fixed mortgage. You know the interest rate isn't going to change for 30 years. Cool, but what if you're paying a lot of money for that longer term guarantee? What if you're planning on moving in 7 or 8 years? Have to refi to pull money out for kid's education? The average house is only retained for around 7 years before it's sold, and the average mortgage retention is less... I'm not taking anything away...Continue Reading!
The Qualified Residential Mortgage Rule (QRM) part of the Dodd–Frank Wall Street Reform and Consumer Protection Act, is finally starting to look like it'll not just correlate with the Qualified Mortgage Rule (QM) that was put in place in January, but it will not have the 70% loan to value criteria that was originally discussed. The QRM provides a set of requirements a loan must meet to be considered safe and eligible to be sold to investors as part of a...Continue Reading!
Mortgage rates have dropped substantially over the past few days. The middle of September the story was "how soon will the Fed increase rates?", and the 10 yr note was 2.6%. Now it's "geopolitical issues, how weak is the European economy, and Ebola". The 10 yr note is below 2.0%. If you have an interest rate over 4%, call me to see if it's advantageous to refinance. We haven't seen these rates since August of 2011. The rates dropped more...Continue Reading!
Don’t wait for the news to give you obsolete information. Ron Henderson President/Broker of Multi Real Estate Services, Inc will be conducting a presentation on how to use past and present indexes, charts, housing data, and technical analysis to determine the future direction of interest rates and the real estate market. Real Estate for Girls - Real Estate Investment Group Wednesday October 15, 2014 at 7pm 12036 Ventura Blvd Studio City, CA. Room to the left. Admission is free. If you are...Continue Reading!
Builders!!! The house burned down a few years ago, and cleared off the lot. 5 contiguous lots to be sold together (approx. 12871 sq.ft. total). Eclectic country "Twin Lakes" neighborhood with some newer development. Views. Only couple minutes to freeway and city living. Presently requires septic systems, but future plans for sewers in the area. Buyer to conduct their own due diligence on development. $125,000 Additional photos and information on the Property information sheet If you are in the Los Angeles...Continue Reading!
Don't wait for the news to give you obsolete information. Ron Henderson President Broker of Multi Real Estate Services, Inc will be conducting a presentation on how to use past and present indexes, charts, housing data, and technical analysis to determine the future direction of interest rates and the real estate market. OutWest Marketing Meeting (Southland Regional Association of Realtors) on Friday October 10, 2014 at 8:30 am. Meeting is at Coco’s Bakery & Restaurant 22200 Sherman Way Canoga Park, CA...Continue Reading!
There’s a conflict between two government agencies that lenders have to deal with. The Consumer Financial Protection Bureau (CFPB) telling lenders that they’d better only make loans to those borrowers that meet their Qualified Mortgage criteria, and the Dept of Housing & Urban Development (HUD) indicating lenders are practicing “disparate impact” asserting there’s fair lending violations based on statistical differences on making loans, where there’s neither intent nor discrimination can be proven. In other words, damn if you do, damn if...Continue Reading!
The Case-Shiller Index is confirming property value appreciation has slowed substantially in Los Angeles from it's heated market over the past few years. The foreign investors and hedge funds driving the market higher has generally pulled back from their buying mode, leaving the buying up to the general population. The Case-Shiller is a laggard index, meaning by the time it's data hits the media, it's obsolete information. It's best to look at local inventory numbers and pending sales data. It will...Continue Reading!
The real estate market in California continues its transition from a seller's market to one of neutrality. The unsold inventory has increased month over month by 5.3% and 33.3% year over year. The time on the market has has also increased over 33% year over year to 39 months. Even though interest rates have dropped from last year at this time, the Traditional Affordability Index dropped from 36% to 33%, mainly because property values were up substantially from last year. Be...Continue Reading!