
Thinking of Selling? You Should Act NOW While Inventory Is Low
If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:
“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”
Yun goes on to say:
“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies.
Bottom Line
As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.
Call Us Now To Sell Your Home…
Office: 909.985.9392 or Text Us: 714.657.6634
Los Angeles County Real Estate Statistics for March 2014
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Mortgage Debt Forgiveness Relief Act Extension Approved by Senate
Great news from NAR on the government approving an extension to the Mortgage Debt Forgiveness Relief Act of 2007.
The Mortgage Debt Forgiveness Relief Act protects the homeowner from taxation on their short sale of their primary residence.
Of course, California residents are protected from this type of taxation under CCP580E.
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1. The real buyer
These people are somewhere in the home-buying process. They’re either testing out the market or they’re serious and fully qualified, ready to take action. For the seller, these are the ones you want coming through the door.
Why Do Short Sales Take So Long?
In a short sale, you need the seller’s bank to approve before you can close. Banks require dozens of pages of paperwork to evaluate whether or not to approve a short sale. Since the seller is asking the bank to accept a sale price that’s less than the mortgage amount, the bank needs to verify that a short sale is the right thing to do. Banks want to make sure the seller is indeed unable to stay in the home and can’t afford to pay off the difference between the market value and the bank’s loan amount.
Designer Ed Hardy Asking $3.199M for LA Tudor
According to the Los Angeles Times, the Mid Wilshire area abode was purchased by the creator of the Ed Hardy brand in 2007 for $2.695 million. Since then, Audigier sold his design company for $62 million and made several attempts to lease this 5,400-square-foot property.
Grant Deed vs. Quit Claim Deed
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Californians: IRS and CA FTB Confirm No Taxes for Short Sales Due to CCP 580E
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Over 40% of all mortgages underwater…Short Sales…Foreclosure…Recovery?
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Breaking news: California Short Sales are Not Subject to IRS Tax Deficiencies
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Riverside and San Bernardino County Rank in the Top 5 Foreclosure Rates
Among the nation’s 20 largest metro areas, the highest foreclosure rates were in Miami, Tampa, Chicago, Baltimore, and Riverside-San Bernardino, California.