LA Westside BlogPOINT

LA Westside BlogPOINT

Craig Whitlock

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LA Westside Sales Highlights - December 2018

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 © 2010–2018 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

LA Westside Sales Highlights - November 2018

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 © 2010–2018 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

Make Your Smart Home Tech More Secure

by Craig Whitlock

SMART home technology has raised the bar on home security. But the Internet of things makes smart home devices and owners vulnerable to hackers.


 

Saying I Do Before Your Spouse - What You Need to Know

by Brandie Parton

                                 

A home of your own complete with a white picket fence, the realization of the "American Dream." If you're unmarried, though, you might feel this dream is out of your reach. After all, aren't wedding bells supposed to proceed house hunting? Well, according to recent stats, there are many couples who are reversing the order of things and opting for home ownership before marriage.

Stats on Home Ownership Before Marriage

According to a study by NAR, one in four couples, between the ages of 18 and 34 years-of-age bought a house together prior to marriage. Another poll performed by MONEY discovered that 40% of millennials feel it is a good idea to put home ownership before marriage. Perhaps, you agree and would like to realize the American dream of homeownership before saying "I Do." Read the helpful tips listed below for turning your dream of home ownership into a reality:

Learn Your Credit Scores:

While married couples are often viewed as a single unit, you have the advantage as an unmarried couple to decide which person best fits the home buyer profile. This of course means, which of you has the best credit score and the most assets. You can choose to cosign or own your home jointly if you prefer. Keep in mind, though, that if one of you has a less than stellar credit rating, it could reduce the amount of money you qualify to borrow. 

Title Your Home Properly:

There are three main options you can use to title your home as an unmarried couple. They are as follows:

1.Sole Owner: This means one of you is the sole owner, 100% responsible for the debt. The other is not listed on the title at all, thus they have no rights or responsibly regarding the property.

2.Tenants in Common: This means that both of you own the property but in differing amounts. For examples, one partner might own 60%, while the other has 40% ownership. Keep in mind this will prevent your home from transferring in its entirety to a surviving partner should one of you pass away. Instead, the living partner will simply retain their percentage of ownership. To get around this, partners can "Will" their percentage to the other partner to transfer upon their death.

3.Joint Tenant: This gives you equal ownership of the property. If one of you should die, the property will automatically be awarded to the living partner.

Understand That the Debt is Permanent:

If you choose to enter into a joint tenancy arrangement and your relationship ends, you are still both 100% responsible for the outstanding debt. Although you might not want to think about the "what if scenarios," it's important for you to choose a home you can afford to pay for on your own. This will also come in handy if your partner becomes ill or loses their job and is unable to contribute financially.

Create a Legal Agreement:

Yes, technically, if you own the property jointly you are already both legally bound to the property. However, this agreement is slightly different. Seek out the help of a lawyer to create a binding agreement that outlines who will be responsible for what aspects of the property. For example, figure out and specify who pays the rent, the taxes, repairs on the home, etc. This will prevent a lot of heartache down the road by getting expectations out in the open from the beginning.

Understand Buying a Home Isn't Easy:

You'll need to be sure and examine the importance of loan qualification, home inspections, and timing when it comes to buying a home for the first time.

Know the Expenses Doesn't Stop at The Purchase Price:

Home ownership is a grand adventure. One that also comes with many unexpected expenses. Just take a look at the true cost of repairs on HomeAdvisor.com for an idea of what you could be facing. However, by in large, the benefits of homeownership far outweigh the problems.

HOA Boards and Manager Authority

by Richard Thompson

4 Mistakes HOA Board Members Can Avoid

To achieve effective communications between homeowners and their homeowner association, it is important to understand the authority that belongs to the property management company, the board members individually and the board as a whole.

For example, the management company may be able to solve a problem quickly while at other times, management may not have the authority without board approval. When that occurs, frustration and conflict may ensue. Can this situation be avoided?

The Management Company and the Board: The management company serves as the agent of the HOA's board of directors. In other words, the management company has limited authority. When that authority is exceeded, the board must provide the additional authority. Similarly, an individual board member (including the President) does not have the authority to override board policy or governing document authority.

Homeowners' Concerns: It is not uncommon for an owner to ask the property manager to take certain action to assist that homeowner. However, that manager may not have been granted authority to make decisions on behalf of the board. It's helpful to understand why some owners might prefer for the management company to assume the authority and bypass the board's decision making process:

Mistrust: If a board communicates poorly or has issued unpopular edicts, homeowners will be leery and suspicious of a board's ability to make the correct decision on their behalf.

Past Failures: If there is a history of problematic board decisions, such as failure to allocate reserve money for maintenance, then resistance and distrust are assured.

Buyer's Remorse: Some owners buy into a covenant-restricted HOAs without realizing the requirement to abide by the governing documents and rules.

Speed of Decisions: People expect timely results and don't want to wait.

How the board can facilitate communication:

  • Adopt policies to handle routine items that the management company can follow without having to go to the board every time a routine approval is needed.
  • Hold consistent board meetings. If the meeting schedule is known in advance and when the board makes decisions, the wait becomes more palatable.
  • Have a reply sent immediately to the owner after the decision is reached and state the reason for the decision if their request is denied.
  • Give members an opportunity to address the board when requested.
  • Provide a newsletter and website that keeps members informed of board policies and procedures.

From an owner's standpoint, it is a good idea to get involved in the governance of the HOA. Attending board meetings, serving on committees and running for the board are excellent ways to learn how an HOA works.

Some homeowners view the conformity required in homeowners association as a sacrifice of rights. However, most people enjoy the stability, structure and self-governance that are part of every homeowner association. They appreciate the rules that protect and maintain the quality and value of their investment. The key to success is a board of directors that works to promote harmony among the owners and does what it can to make swift and fair decisions.

LA Westside Sales Highlights - October 2018

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 © 2010–2018 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

A Moment Of Opportunity For Buyers

by Craig Whitlock

Has talk of inventory shortages and rising home prices prevented you from getting out there and searching for your first home...or moving up to your dream home? Well, according to a recent report from Trulia, the tide is starting to turn, and conditions are becoming more favorable for homebuyers in many areas across the country, with the share of home listings with a price cut growing to its highest level since 2014.
 
For much of the first half of 2018, the share of listings on Trulia with a price cut was largely unchanged from 2017, before shooting up in July and August. In August 2018, 17.2 percent of U.S. listings had a price cut, up from 16.7 percent a year ago.

Coupled with home price growth that’s begun to slow, and inventory levels that are creeping back up in some places, a higher rate of price cuts could be a critical third confirmation that things may finally be shifting in buyers' favor, says Trulia Housing Economist Felipe Chacon.

"Buyers should be encouraged by the signals we're seeing in the market," says Chacon. "But not all buyers will benefit equally, and it pays to do research on your preferred neighborhood. Price reductions typically aren't uniformly spread out across a given city. Our research shows that price cuts are much more prevalent in higher-cost neighborhoods."

According to the analysis, of the top 100 metros, 63 had a higher share of listings with a price cut this August than last August—and some of the priciest and/or fastest-growing markets experienced the biggest jump. In fast-moving Las Vegas, for example, the share of listings with a price cut rose from roughly one-in-eight a year ago (12.6 percent) to more than one-in-five currently (20.8 percent)—the largest percentage-point jump among all metros analyzed. In San Jose, where the median home is worth more than $1.2 million and home values are growing more than 20 percent year-over-year, the share of listings with a price cut in August more than doubled compared to August 2017.

While increasing price reductions is welcome news for most, not all homebuyers are likely to benefit equally, says Trulia. In 79 of the largest 100 metros, a higher share of homes listed in more-expensive neighborhoods are experiencing price reductions than those listed in less expensive areas.

And although the report points to more price cuts nationwide, the reductions themselves are getting smaller. For the 12 months ending August 2018, the median price reduction nationwide knocked 2.6 percent off the listing price. This has been declining steadily since 2012, when the median price reduction was 4 percent. The median value of a price reduction today is less than the median price reduction at the outset of the recovery in 97 of the 100 largest metros analyzed.

Reprinted with permission from RISMedia. ©2018. All rights reserved.

LA Westside Sales Highlights - September 2018

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 © 2010–2018 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

LA Westside Sales Highlights - August 2018

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 © 2010–2018 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

7 Low-Cost Ways To Add Storage To A Cluttered Home

by Julian Lane

 

Moving to a bigger house isn’t the only solution to a lack of space at home. If you need more storage, you can add it without increasing your square footage, paying monthly fees for a storage unit, or throwing out all your stuff. You can even save money while doing it! Here are seven low-cost ways you can add storage to any home.

Get Things Off the Floor

Nothing shrinks your home’s usable space more than storing items on the floor. When you move stuff off of the floors and onto the walls, you instantly increase your square footage and make your home look tidier. If you’re looking for some low-cost wall storage solutions, check out retailers like The Container Store, which specializes in helping you stay organized.

Mount Pegboard in Closets

If all your stuff is stacked on shelves and hung on hangers, you’re not making the most of your closet space. Install pegboard inside of closet doors to store accessories, cleaning products, craft and office supplies, and other small items. Don’t assume you’re limited to things that can hang on hooks: You can use pegboard as a base for baskets, shelves, and a variety of other storage solutions. Learn more and find DIY instructions at Family Handyman, and take advantage of savings and deals at stores like Lowe’s to save some money.

Stick Caddies Inside Cabinet Doors

When you like to cook, your kitchen cabinets quickly become a black hole of spices and baking goods. Add space and make it easy to find what you need by adding caddies to the inside of cabinet doors. Adhesive caddies by 3M Command are a great budget option, but they’re not the most stylish solution. For a more attractive alternative, look for over-the-door organizers at a retailer like Bed, Bath & Beyond. You’ll spend a little more, but with online coupons and some cashback rewards, you can still get a great price.

Color-Coordinate Storage Bins

Stylish storage boxes and baskets take clutter and turn it into décor. And since the contents are concealed within the container, you can use storage bins to stash anything from spare blankets to the contents of your junk drawer. Crate & Barrel is a good place to stock up on chic storage solutions, and they frequently offer discounts or you can find additional savings through promotions so you never have to pay full price.

Make DIY Hanger Chains

Is your closet bulging with hangers full of clothes? Add more hanger space to an undersized closet by using chains and S-hooks to create a vertical hanging system for clothing. Brit + Co demonstrates how you can do it on your own.

Store Dry Goods in Jars

Organize a cluttered pantry by storing dry goods like beans, grains, and pastas in jars, rather than the boxes and bags they came in. When your pantry staples are organized in matching containers, it only takes a glance to see what you have in stock. You don’t have to buy new jars for storage! You can save money by reusing glass jars from pasta sauces, pickles, and other jarred foods. If you’re set on classic mason jars, search for coupons online before you buy.

Build Floating Shelves

If you’re handy with power tools and have wall space to spare, floating shelves are a stylish storage solution that suits a wide variety of interior design themes. Learn how to construct floating shelves using these instructions, then find ways to save on materials.

Whether you’re living in a small apartment or simply have more stuff than your home can handle, there’s a budget-friendly solution for increasing your storage space without moving house. If these tips don’t solve your storage shortage, try one of House Beautiful’s space-savvy organization ideas. Better yet, come up with a DIY solution of your own!

Image via Unsplash

Article courtesy of Julian Lane @TheFixitChamp.com

Displaying blog entries 1-10 of 166

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Craig Whitlock
COLDWELL BANKER BRENTWOOD
11661 San Vicente Blvd., 10th Floor
Los Angeles CA 90049
Mobile: (310) 488-4399
Fax: (310) 820-1457

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website.  Interested parties are advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals.  Information herein deemed reliable but not guaranteed.

CalBRE LIC 01827537