Character with property tax benefits, Mills Act lofts influence L.A. real estate 2019
REAL ESTATE NEWS
The number one real estate news topic of 2019 has been Mills Act lofts because these historic homes have offered the most sure thing deal on historic urban homes with amazing character and openness. The end of 2019 has been punctuated by China’s impact on the local property market of Los Angeles and much of California. Fewer people moved in 2019 as more decide to stay put and wait out any stormy weather in the form of crashing economic markets. Live/work lofts have remained the favorite of L.A. Loft Blog readers, and 2-story lofts continue to make the news. #2019yearinreview #dtla #realestate #losangeles
Downtown Los Angeles and nearby home prices have dropped 4%-7% in 2019. As the number of real estate transactions in DTLA has dropped by 75%, the L.A. Loft Blog has needed to shift its focus onto surrounding communities such as Highland Park, Northeast Los Angeles, Pasadena and more distant communities.
Homeless tent encampments, human feces, used needles and garbage have also headlined in the news this year. Mayor Eric Garretti has commented on how many hundreds of millions of dollars have been thrown onto the problem, but has avoided the vital topics of successful solutions necessary to achieve 100% housing and proper law enforcement. Donald Trump has warned California that the federal government will get involved if Governor Newsome does not handle the humanitarian crisis.
Even with its challenges, DTLA continued to grow, adding more news homes, along with increasing travel, leisure, shopping, dining and entertainment venues. The newest Apple Store is under construction on Broadway, coming soon to the Historic Core.
The DTLA real estate community has mourned the loss of a well-known, admired agent, Kerry Marsico, who passed away in 2019. His energetic spirit will be remembered as we prepare to take on all challenges and opportunities in 2020, we build on his accomplishments toward improving livability and future economic prospects of Los Angeles.
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Six Mistakes to AVOID When Moving Up to Your Next Home.
Unlike the experience of buying a first home, when you’re looking to move-up, and already own a home, there are certain factors that can complicate the situation. It’s very important for you to consider these issues before you list your home for sale. Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings.
In this Summer edition of SoCal, I outline the six most common mistakes homeowners make when moving to a larger home. Knowledge of these six mistakes and the strategies to overcome them will help you make informed choices before you put your existing home on the market.
*Feel free to share these SIX mistakes with anyone you know considering moving up to a bigger home this summer.
#IndustrialLofts
1. ROSE-COLORED GLASSES
Most of us dream of improving our lifestyle and moving to a larger home. The problem is that there are some- times a discrepancy between our hearts and our bank accounts. You drive by a home that you fall in love with only to find that it’s already sold or that it’s more than what you are willing to pay. Most homeowners get caught in this hit or miss strategy of house hunting when there’s a much easier way of going about the process. For example, find out if your agent offers a Buyer Profile System or “House-hunting Service,” which takes the guesswork away and helps to put you in the home of your dreams. This type of program will cross-match your criteria with ALL available homes on the market and supply you with printed information on an on-going basis. A program like this helps homeowners take off their rose-colored glasses and, affordably, move into the home of their dreams.
2. FAILING TO MAKE NECESSARY IMPROVEMENTS
If you want to get the best price for the home you’re selling, there will certainly be things you can do to enhance it in a prospective buyer’s eyes. These fix-ups don’t necessarily have to be expensive. But even if you do have to make a minor investment, it will often come back to you ten-fold in the price you are able to get when you sell. It’s very important that these improvements be made before you put your home on the market. If cash is tight, investigate an equity loan that you can repay on closing.
You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below-market value because you have to meet a purchase deadline. If you’ve already sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but haven’t made significant headway on finding your next home, you might want to put in a contingency clause in the sale contract which gives you a reasonable time to find a home to buy. If the market is slow and you find your home is not selling as quickly as you anticipated, another option could be renting your home and putting it up on the market later – particularly if you are selling a smaller, starter home. You’ll have to investigate the tax rules if you choose this latter option. Better still, find a way to eliminate this situation altogether by getting your agent to guarantee the sale of your present home (see point number 5 below).
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4. FAILING TO GET A PRE-APPROVED MORTGAGE
Pre-approval is a very simple process that many homeowners fail to take advantage of. While it doesn’t cost or obligate you to anything, pre-approval gives you a significant advantage when you put an offer on the home you want to purchase because you know exactly how much house you can afford, and you already have the green light from your lending institution. With a pre-approved mortgage, your offer will be viewed far more favorably by a seller – sometimes even if it’s a little lower than another offer that’s contingent on financing. Don’t fail to take this important step.
5. GETTING CAUGHT IN THE “REAL ESTATE CATCH 22”
Your biggest dilemma when buying and selling is deciding which to do first. Point number 3 above advises you to sell first. However, there are ways to eliminate this dilemma altogether. Some agents offer a Guaranteed Sale “Trade-Up” Program that actually takes the problem away from you entirely by guaranteeing the sale of your present home before you take possession of your next one. If you find a home you wish to purchase and have not sold your current home yet, they will buy your home from you themselves so you can make your move free of stress and worry.
Buying a new home? Sell yours worry-free with Corey Chambers Guarantee
6. FAILING TO COORDINATE CLOSINGS
With two major transactions to coordinate together with all the people involved such as mortgage experts, appraisers, lawyers, loan officers, title company representatives, home inspectors or pest inspectors the chances of mix-ups and miscommunication go up dramatically. To avoid a logistical nightmare, ensure you work closely with your agent.
Go Serve Big!!! Corey Chambers
Go Serve Big Your Referrals Help Kids!
How to Use Other People’s Money
We have special financing options available as well as tenants who will rent these homes if you need assistance with that.
If these homes do not interest you, then contact us about other great investment opportunities.
Just know the good deals go fast!
If you know of anyone else who may be interested in building wealth through real estate investing, please pass on my contact info or provide me with theirs.
Thank you! Corey Chambers
Corey Chambers Raising $25,000 with your referrals.
As you may have heard, Children’s Hospital is front and center in the fight against nasty diseases that destroy or cut short the lives of Children. We are thankful to have such a wonderful facility close by, doing such great work to help heal and save young people.
So even as we are eager to enjoy life, others are simply hoping they can be here to live it. This is why we here at Your Home Sold Guaranteed have resolved to do what we can to help.
For homes we sell this year, we are donating a portion of our income to Children’s Hospital. Our goal is to raise $25,000 to help them in their quest to Heal, Save, Cure
Our Goal to Raise $25,000 this year for CHLA
This is where you can help!
Who do you know considering making a move you could refer to my award-winning real estate sales team?
For anyone considering a move that we help, you can rest assured that not only will they get the award-winning service we are known for, but that a solid portion of the income we receive from the transaction will go toward a very worthy cause.
I want to make it easy for you to refer your friends, neighbors, associates or family members considering making a move, so you can pass along our business card to them, I have enclosed a couple here for that purpose. Of course, you can always call me direct as well at 213-880-9910.
Your Referrals Help the kids
You and your referrals mean more than ever to my team and I. As we move forward in this new season, please know we are extremely thankful for you and you being a special part of our business.
