On 6th and San Pedro, in the middle of Skid Row, more housing to be constructed and a surface parking lot to be built on. https://la.urbanize.city/post/weingart-center-tower-rise-600-s-san-pedro-street-dtla
Wednesday, April 24, 2024
Thursday, April 11, 2024
Best Time to Buy - When Rates Are High, When Market Crashes, 20 Years Ago
If you can't see that a market has crashed, or can't stomach rates that have doubled since last year, and missed the boat 20 years ago, then you're not ready to buy, and may never buy.
But fortune favors the brave, because those who bought back in the 90s when rates were about 8.5%, were rewarded very handsomely whether they sold at the 2007 height, or kept the property, refinanced in 2005, then again in 2021, or ended up selling in 2021-2022 and used those doubled profits to buy a house of their dreams with a huge down payment in 2024. So while it's difficult to time the market exactly, you can indeed "play" the real estate market and win.
Sunday, March 17, 2024
NAR Settlement - Several Changes in the Real Estate Industry
News that will affect the real estate industry is happening--largely affecting the buyer's side of things. This is all subject to court approval, and could take months to go into effect.
The main takeaways are:
- Listing agents can no longer offer buyer's broker compensation on any MLS boards
- Buyer's Broker compensation offers can still be made (Meaning offers may be made to seller asking for Buyer's broker compensation)
- Buyers must now sign a Buyer's Rep form with an agent before any real estate activity is done
- Commissions will continue to be negotiable via contracts and Buyers may ask Sellers for their Broker's compensation
I have to ask, is this any different from how attorneys operate? Or a CPA? Or if you hire any specialist?
How will this affect all sides? Some possible scenarios:
- Buyers may be hurt the most because on top of the high real estate prices, they're going to have to pay for a buyer's agent if they want representation (this is basically how it's worked in NY). Of course buyers don't have to use a buyer's agent at all, but then buyers will likely pay more for the house because there won't be negotiating done on their behalf.
- Sellers and even seller's agents can choose to pay buyer's agents or not. This will become a negotiating point but will likely continue to remain competitive.
- VA and FHA loan buyers will likely lose out the most because they won't have the extra funds to pay for a buyer's agent.
- Sellers could end up with less buyers because many buyers won't be able to afford to pay a buyer's agent.
- Sellers may still have to pay a buyer's agent to remain competitive in a slow market.
- Commissions may be allowed to be listed on non-MLS websites.
- Buyer's agents and buyers may only want to buy properties in which a Seller is offering compensation the buyer's agent, so that the buyer doesn't have to pay the buyer's agent.
- Listing agents may be asked to draft offers for buyers, but again, a buyer's representation agreement is now mandatory.
- More buyers may pay for and hire an attorney to draft up an offer.
- Property values likely won't change much if at all, with extra being charged to the buyer.
- Buyers will scramble to buy before July 2024 to avoid the possibility of paying a buyer's agent
- Who pays the buyer's agent, if any are involved? Seller, Buyer, or BOTH. No longer is it being offered by the listing agent.
Monday, January 22, 2024
Be Ready Now, Don't Start Getting Ready
Whether you've decided to sell or buy, one of the most important things in this market is to be ready to go NOW. Not "about to get ready" or "planning to get ready". By then, it will already be too late.
Buyers who are ready with a preapproval or proof of all cash funds are able to make an offer the moment they see something they want to buy. So many buyers lose out on great propertie because they're not ready with their documents.
Sellers too, who should be listing at an opportune window, miss out on busy buying months just because they didn't hustle to remove clutter, paint that living room, or repair the front door dent. These things matter, and the sooner you get it ready, the better.
Tuesday, January 2, 2024
DTLA Deals of the Month
Santee Village - Cornell Loft #201
Mills Act for up to 70% off property taxes
1130sf - 1 bed 1 bath 1 parking space
Corner unit
$525K
Eastern Columbia Loft #403
Mills Act for up to 70% off property taxes
940sf - 1 bed 1 bath 1 parking space
East facing unit
$499K
Flower Street Loft #302
1188sf - 1 bed 2 bath 2 parking spaces
$624,999
East facing unit
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