Thursday, May 29, 2008
Tuesday, May 20, 2008
416 single-family homes closed escrow during March, an increase of 16.2% from February. Though sales were down 46% from a year ago, activity has been up since October, March being the 3rd consecutive month with an increase in resale activity.
7,193 properties were listed in the San Fernando Valley at the end of March, up 26.6% from a year ago and up 1.5% from February.
The inventory represents over a twelve -month supply – so buyers it is still your market you should be gettin' while the gettins' good as my Grandfather use to say.
For more information on buying a home in Studio City, Sherman Oaks and the San Fernando Valley visit my Studio City, Sherman Oaks Real Estate web site.
Sunday, May 18, 2008
There are many reasons to consider choosing an FHA loan:
- You are buying your first home.
- You don't have perfect credit.
- You don't have a huge down-payment
- You think you may not qualify for a conventional loan.
- You don't want high monthly payments
- You worry about not being able to meet your monthly payment.
- Down payment can be in the form of a gift from a family member or significant other.
First you should understand that the FHA (Federal Housing Administration)does not actually lend you the money to finance your home instead the FHA insures your loan against defaults. So interest rates and terms are not set and you should shop around for an FHA-approved lender and find the terms you can live with. Your lender/loan broker MUST be FHA APPROVED! You will be required to put down 3% of the purchase price. This can be in the form of a gift from a family member, employer, significant other or a grant. The seller can pay up to 6% of your closing costs but none of your down-payment. There is also a loan limit with an FHA loan another reason to contact an FHA Approved Lender before you start your search for your new home.
Sunday, May 11, 2008
Thursday, May 8, 2008
AB 2678 will require ALL residential and commercial properties to have an energy audit at point-of-sale. So now when you sell your home you will have to among other things, replace the toilets with low flow, strap the hot water heater, put on a gas shut off valve, put smoke detectors in every bedroom and every hallway leading to a bedroom, put protective film over any sliding glass doors that aren't shatter proof and if Los Angeles has its way, repair any broken sidewalks in front of your home (see below). The cost of the just the audit is about $400 and if your house fails well that could set you back thousands. Don't get me wrong I'm all for anything green but could the timing be worse?
Program C.F.05-1853 is the point of sale sidewalk repair program - the city makes you repair the broken sidewalk in front of your home and pay for it when the home sells unless the damage was created by a city owned tree.
Feel free to let me know how you feel about this and visit my website for more information on Studio City Real Estate
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