REAL ESTATE NEWS
The more things change, the more they stay the same. Buyers, sellers, renters, landlords and investors can take advantage of this year’s cooling real estate market. Here are the best Tips and Tricks for Los Angeles real estate in 2020. #losangeles #realestate #market #news
Stop Renting — Owning a home has nearly 100% chance of long-term financial success, equity growth and wealth building. Paying rent is unfortunately a 100% financial loss. Renting is especially ironic for those who don’t move often, who plan to stay put for many years. In 2020, renters can buy an amazing loft with 0% to 2% down payment. #tipsandtricks
Buy low and sell high! While most investors are aware of these key factors to financial success. Home buyers and sellers often forget about the money gain and long-term financial benefits of buying at a low price and then selling at a higher price.
TIME TO STEAL A HOME
Low-Ball Offers – The beginning of today’s buyers market is the time for buyers to start placing offers that are much lower than the listed asking price. Buyer’s home purchase offers may include a list of comps and statistics showing falling home prices and declining economic news. This tactic is often successful when there are few other competing buyers, which is the case for most properties in 2020.
Buy the ugliest home in the best neighborhood – This is always one of the easiest rules for investors. Buying the less attractive property on a desirable street allows home buyers to get a lower price, fix up the property in a way that they like, and end up gaining a lot of extra equity and financial well-being.
2020 strengthening buyer’s market — Buyers may ask the seller to pay some of the buyer’s expenses such as closing costs, loan costs etc.
Buy multi-unit duplex, triplex, 4 plex etc. – Because 2020 has equal potential for boom, bust or stagnation, a multi unit gives more options and flexibility for home owners to maximize income, to increase quality of life or to reduce expenses by having more rent-paying tenants or stretch-out and gain elbow room, using more space when financial times are good. | VIDEO
HOME SELLING TIPS:
Consider starting with a pocket listing to offer an exclusive opportunity for prepared buyers who can make a quick purchase. With a pocket listing, the seller may take their time selling the place with less stress.
Appraisals may soon start to come in too low in 2020. A cash buyer, or buyer with extra down payment can make up for a low appraisal.
Escrows are slower than they were a few years ago. Some transactions fail after incurring expenses for the seller. Some buyers are unable to obtain financing. Sellers should check the contingency terms and time periods. Around 17 days is most common. Sellers should pay careful attention to extended contingencies.
Delays are common. Be sure to allow plenty of extra time for closing, and extra money for unanticipated costs.
Sellers are required to provide latent defects to the buyers that the sellers have knowledge of. Prevent cancellations and lawsuits by disclosing defects, broken items and problems up front. This includes anything that may affect the value of the property.
Ensure that a carbon monoxide detector has been installed before the inspections. Make sure smoke detectors are the newest kind with a 10-year SEALED battery.
For condos, provide the listing agent with HOA contact information, HOA dues, move in fee, move out fee and HOA move in security deposits. Provide the parking space numbers also.
Sellers must keep all utilities on during escrow until after the inspections and repairs are completed.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
