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 mis-perception 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'.  

   Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, 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 call.

Mortgages can in fact be had with a downpayment of less than 20%.  There are loan products with lower downpayments out there.  There are some with as low as 10% or consider going FHA with just 3.5%.  The FHA over recent years has become a mainstream lending option and no longer carries a stigma as it did 10 years ago. 

Looking beyond the downpayment, you may be surprised to find options that feature lower credit scores and equally important, a lower debt-to-income ratio.  They're out there but have received little attention in the media.

The lack of accurate information on these programs has discouraged far too many prospective buyers from even considering an application much less shopping around.  Alex Stenback of the Residential Mortgage Group in Minnesota was quoted as saying "People just aren't aware of what's possible right now and as a result, they're missing (out) on real estate prices and long-term interest rate opportunities they shouldn't."

Even Doug Lebda, the founder and CEO of Lending Tree was quoted with the belief that 'the fear of being rejected' because they don't conform to standards that may not even exist is keeping qualified applicants on the sideline for no reason.

Many tend to believe that lenders are rejecting applicants with FICO scores lower than 750.  Many FHA lenders in fact are underwriting with scores from 620 to 640 and some (such as Quicken Loans) will consider scores as low as 580. 

The point here is that you should really do some shopping around and you may find that there's a solution out there that fits your situation.  To think outright that you may not qualify could be a mistake that could cost you opportunity at a time when market conditions are at their best for buying.

What do you think?  Have you tried only to not find what's right for you or have you been waiting until you think it's safer to try?  I'd like to know and just maybe, I might even be able to help!

• 55.5 cents per mile for business miles driven
• 23 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011.

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 mis-perception 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'.  

   Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, 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 call.

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 mis-perception 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'.  

   Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, 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 call.

Quiet rear unit overlooking treetops & homes on adjacent residential streets. Original model. Complex completed in 2004. Entry to unit is from the outside walkway, which is around a center, airy atrium. This roomy, open plan has a den that opens to the living room/fireplace. The outdoor balcony/patio has a BBQ & seating to sit and enjoy the views. The dining room is spacious to accommodate a large dinner party. The chef's kitchen has marble counter tops and flooring, Viking range, many cabinets and cupboards for ample storage. The master suite w/fireplace & walk-in closet, has a master bath w/double sinks, large tub & stall shower. The two other bedrooms share a full bath. Some of the great features include: Bamboo wood floors, recessed lights, crown molding and plantation shutters. This is a wonderful, turn-key home in a lovely location on a short block next to homes. Much privacy.  Listed by Chrys Stamatis - CB/Brentwood. 

Spectacular front-facing penthouse overlooking Brentwood Country Club golf course! Totally remodeled, this desirable unit has a master suite with new bath and large walk-in closet; 2nd bedroom has a full bath; den/convertible 3rd bedroom; beautiful living room with fireplace; formal dining room; gourmet kitchen with eating area; gorgeous hardwood and travertine floors; surround sound systems; private garage; forever views. Luxury complex - elegant lobby, concierge and fitness center.  Listed by Linda Rosenbaum - CB/Brentwood.

Luxury unit in award-winning Brentwood Park Condominiums. Formal entry leads to a light and bright southwest-facing Condo with 2 bedrooms, 2 1/2 baths, open gourmet kitchen/family room, formal dining room and living room with fireplace. The master suite features a grand bath and large walk-in closet. Beautiful complex has an elegant lobby, concierge and fitness center.  Listed by Linda Rosenbaum - CB/Brentwood. 

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 mis-perception 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'.  

   Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, 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 call.

The Federal Reserve at the end of June reported that homeowners held $6.2 trillion in equity in their homes which is a little less than half of what it was 6 years ago.  Still, approximately 1 out of every 3 homes in America is mortgage-free.  If that's not enough to surprise you, how about the fact that 73.1% of all homes with mortgages have positive equity!  CoreLogic reports that 48.5% have at least 25% equity and 24.6% have more than 50% equity. 

In this study, California is reaffirmed as having considerable stability, affluent and low-construction characteristics in or near the coastal cities with above-average numbers of owners holding 50% equity or more.  You can be sure that the LA Westside ranks at the top of that list!  Conversely, those homes in a negative equity situation are largely concentrated in the interior counties and the Central Valley.  To view home sales data specific to the Westside areas of Bel-Air, Beverly Hills, Brentwood, Pacific Palisades, Santa Monica and Westwood, visit the Market Sales Data section. 

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 mis-perception 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'.  

   Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, 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 call.

This exquisite French Country residence designed by noted architect Peter Choate was completed in 2003. Sophisticated and elegant with high ceilings, crown molding features an open floor plan and french doors across rear of house capturing views of trees & city skyline. Located in a quiet cul-de-sac and in a very private setting. Attention to every detail and element of this home is evident in each room. The living room with stone fireplace is large yet intimate with several seating areas. Dining/family room opens to an outside patio. Gourmet kitchen has a long center island plus a large eating area. Top-of-the line appliances, indoor barbeque, wine cellar, silver closet, marble counters, tile work, detailed cabinetry, plus vaulted ceiling with wood beams. Foyer has a wetbar room and powder room. The master with a lovely sitting area has a fireplace and doors leading to its own patio. Master bath has separate vanities, walk-in closet, large shower and tub. The 2nd bedroom with bath has ocean views. There is a small office/nook. The 3rd bedroom with bath is ideal for a guest suite, an office or a maid's room.  Listed by Chrys Stamatis - CB/Brentwood.

Fabulous Price Improvement!!!  Spectacular home in the Ridge in prestigious Mountaingate. Walk through the door and the light and graciousness of the home invites you in to explore it more. Parklike yard and views with mature trees, mountain stream, and Koi pond. Elevator. 2 bedroom/ 2.75 baths, den, library and loft/office. Absolutely pristine condition. Large gourmet kitchen with lots of storage, newer appliances, big breakfast room, and wonderful formal dining room. Phantom screens on most doors, and electric shades on some windows. Two electric fireplaces, one in the den and the other in the master. Newer heating and air conditioning units. Two showers are outfitted for the handicapped. Great flow for entertaining. Two car attached garage with storage. Easy to show, but all appointments must be made through phone calls. Seller selects services. The Ridge is a 24 hour gate guarded community with community pool. Buyer to verify square footage of home & lot. See fact sheet for exclusions.  Listed by Carole Schiffer - CB/Brentwood.

Impeccably gorgeous one-level garden condo with private entry with 3 bedrooms, 2 of which are luxurious master suites and 2.5 baths, open kitchen with stainless steel appliances, granite counter-tops, private and large patio and balcony, 2 fireplaces, natural stone flooring with Versailles pattern, recessed lights, double pane windows, sliding doors and all still under new construction warranty!!!.  Luxury living at its best and very private.  Extremely low dues and healthy HOA.  Bring on your most discriminating buyers.  Can be sold furnished.  Pets welcome.  Easy to show.  Listed by Adam "Aumi" Katz - CB/Pacific Palisades.

As of this morning, the fire had burned nearly 10 acres and was about half-contained.  Fortunately, no houses thus far had been damaged although the fire apparently came very close to a home at 3682 Mandeville which is a little over a mile south of Mulholland Drive.  (Mandeville dead-ends just before Mulholland and at roughly 5.2 miles, is considered the longest cul-de-sac in Los Angeles.)

As buyers plan their home buying strategies, how affordable that monthly payment is may prove to be a far more important metric.  Right now, affordability is "absolutely fantastic and highly unlikely to get much better" according to Yamano.  Otherwise put, buyers should place affordability over home pricing.

The perceived benefit from waiting for prices to fall can easily be overshadowed by the price increase of a mortgage.  Mortgage rates have only one way to go and that's upward.  Even a small bump in rates can easily wipe out savings achieved by waiting for that price reduction. 

"The impact of mortgage rates (on monthly housing costs) is tremendous," he maintains and I couldn't agree more with him.  To illustrate, say prices remain constant and rates rise a full percentage point from 4.5% to 5.5%.   A $600,000 home with a $480,000 mortgage (assuming a 20% down) would cost you 12% more (about $293) each month to own.  Even worse, a 2% increase to 6.5% would bump your mortgage upwards nearly 25%!

The conventional wisdom for buyers is to put less emphasis on the home's market price and more on the monthly payment.  Home affordability is at an all-time high and waiting for wholesale market price declines can rob you of opportunity.  Great deals (defined as buying a great home for a good price that comfortably fits into your budget) are made through effective negotiation - not waiting to read about one.