Some Fast Real Estate Facts

Calif. median home price: January 2015: 

• California: $426,790
• Calif. highest median home price by region/county January 2015: San Mateo, $1,012,500
• Calif. lowest median home price by region/county January 2015: Del Norte, $152,260

Calif. Pending Home Sales Index:
January 2015: Increased 26.7 percent from 70.9 in December to 89.8 in January.

Calif. Traditional Housing Affordability Index: Fourth Quarter 2014: 30 percent (Source: C.A.R.)

Mortgage rates: Week ending 2/19/2015 (Source: Freddie Mac)
• 30-yr. fixed: 3.76% fees/points: 0.6%
• 15-yr. fixed: 3.05% fees/points: 0.6%
• 1-yr. adjustable: 2.45% Fees/points: 0.4%

Visit Gerry Moylan's real estate website by clicking here

GOT A REAL ESTATE QUESTION?

An English Tudor I sold in Studio City

I spend most of days answering questions from my buyers and sellers. So I figured why not answer some of your real estate-related questions while I'm at it. Some of the more common questions buyers ask me are: Who pays your commission? It is customary for the seller's agent to pay the buyer's agent's commission here in southern California. Will I lose my deposit, if I change my mind? It's almost impossible for a buyer to lose their deposit in California, since the purchase agreement gives you a period of time to inspect the property and get your loan approved (contingency period). You have the right to cancel the agreement at any time during this period. If you continue on with the purchase, you then remove all of your contingencies.

SAFETY TIPS VIDEO FOR WHEN YOU SELL YOUR HOME

I always advise my sellers to watch this video. If you're thinking of selling, please take a look at some safety tips when selling your home.




Visit Gerry Moylan's real estate website by clicking here

How Much Money Do I Need To Put Down When I Buy A Home?

The number one question I get from home buyers: How much money do I need to put down when I buy a home? Well, according to a recent report by CNN Money:

"Borrowers who have steady income and good credit, but not much money in the bank, will find that it recently became easier to buy a home."

And the news gets better...

"It's one of the things that's inhibiting first-time homebuyers," said Rob Chrane, president of Down Payment Resource. "There are a lot more people who can qualify for a home that don't realize that they can."

The Real Estate Market Gearing Up For Spring Season

According to Shannon Christenot, my go-to mortgage broker with JMJ Financial:

"Consumers are getting excited about prime home shopping time getting ready to heat up. In fact, 67% of respondents to Fannie Mae’s National Housing Survey in January said they feel that now is a good time to buy a house."

She should know. Shannon is on the front lines of the home-buying process. It doesn't get any more real than a buyer applying for a loan after an accepted offer.

Shannon also noted:

Trophy Property in the Hills - SOLD $1,030,000!

Los Angeles Real Estate Sales Heating Up Again

No sooner did 2014 begin, home sales immediately began to climb once again. There was a slowdown after a very intense summer of homes going into escrow with multiple offers. Demand from buyers seemed to vanish during November and December, but the drop in buyers was as we suspected -- the holidays. As soon as we entered the first week of the new year, BAM! Not only did two of my new listings go into escrow right away, I heard from my colleagues throughout Los Angeles that the buyers were back with a vengence.

But don't let that scare you and keep you from realizing your Los Angeles dream of home ownership. This excitement in the market means more sellers will be putting their homes onto the market. There will be more for buyers to choose from, and it should create a more balanced market for both buyers and sellers.

Stay tuned...