news – Page 12 – LA Loft Blog

Property Market Update #realestate #market #dtla

Downtown L.A. — Median home price dropped significantly in October, adding to a weak real estate market for more than a year, and demonstrating a solid three month down slide. The city’s urban center is feeling a real estate recession as nearly all of the numbers prove a slumping market in most every way, including falling home prices, declining number of transactions, smaller total volume and slower speed of sales in Downtown and the surrounding loft communities.

The median home price has slipped from $601,500 for October 2018 to $576,000 for October 2019. That’s a significant drop of $25,500 for the month as compared to the same month last year. Total October sales volume is down by more than $4 million. Most sellers now find that they must reduce prices and demonstrate more patience as properties move much slower. The average home stagnated on the market for 70 days, which is 18 days longer to sell. | VIDEO

There’s always a silver lining in every economic storm cloud. Lower prices bring new opportunities for prospective home owners and investors to get a better deal on an amazing loft, condo or house with lofty character, and with less competition from other home buyers and more motivated sellers. More condominiums have opened up to FHA/VA 3.5% down and zero down payments. New first-time buyer programs offer lower down payments, as low as 0% to 2% down for moderate income home buyers. That’s good news for those who want to own and grow their wealth instead of facing a future of rising rents.

To further help lift spirits, the L.A. Loft Blog is hosting a special fun event with free virtual reality games in the Arts District. Just free tickets remain for food, fun and games at the world’s first indoor amusement park Two Bit Circus. The event is for Corey Chambers Team clients, but all readers of the L.A. Loft Blog may request free tickets while supplies last. | Facebook | VIDEO

Get a free list of FHA, VA and low down payment lofts. Fill out the online form:

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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. | PDF 2018 PDF 2019 market-oct-2018-p market-oct-2019-p

September Homes Sales Take 70% Longer, Sell for $35,000 Less

REAL ESTATE NEWS ALERT – SPECIAL BULLETIN

Los Angeles, CA — Thinking about selling a Downtown loft or condominium? Better allow more time to unload it — a LOT more time. The September year-over-year real estate market has shrunk significantly. Things are really slowing down. Homes are taking much longer to sell. The September median Days on Market is way up from the same month period in 2018. Last September, it took most homes 40 days to sell, but last month, it took a staggering 68 days to sell a home in the loft neighborhoods around DTLA to Lincoln Heights. The numbers from the MLS show that homes have been moving much slower in 2019 as compared to recent years. #realestate #market #news

The latest bubble seems to be deflating. Don’t expect too much money when selling over the next several years. Median price has dropped down substantially from $625,000 to $589,875. Sellers are getting 1% less of their asking price: On average, down from 96% Sep 2018 to 95% Sep 2019.

While falling prices may seem like bad news for sellers, those few who must buy a home over the next year or two are likely to find growing selection, more affordable prices and lower interest rates as the Fed shows unfettered willingness to accommodate.

Los Angeles is not alone. Real estate agents all over California have been reporting a cooling market for more than a year. Other areas with even more dramatic recent home price drops include New York City, Hong Kong and London. #dtla

Find out how much your neighbor’s loft sold for.

Get a free list of recently sold homes, along with prices, and a list of homes just listed for sale in the area. CLICK HERE

How to Set Your Asking Price When Selling Your Los Angeles Condo

Downtown Los Angeles – When you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing he or she sees, and many homes are discarded by prospective buyers as not being in the appropriate price range before they’re even given a chance of showing.
Your asking price is often your home’s “first impression”, and if you want to realize the most money you can for your home, it’s imperative that you make a good first impression.
This is not as easy as it sounds, and pricing strategy should not be taken lightly. Pricing too high can be as costly to a homeseller as pricing too low. Taking a look at what homes in your neighborhood have sold for is only a small part of the process, and on it’s own is not nearly enough to help you make the best decision. A recently study, which compiles 10 years of industry research, has resulted in a new special report entitled “Homesellers: How to Get the Price You Want( and Need)”. This report will help you understand pricing strategy from three different angles. When taken together, this information will help you price your home to not only sell, but sell for the price you want.
To hear a brief recorded message about how to order your FREE copy of this report call toll-free 1-800-791-4541 and enter 1016. You can call any time, 24 hours a day, 7 days a week.
Get your free special report NOW to learn how to price your home to your maximum financial advantage.

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