Is Affordability Starting To Improve?




Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Housing affordability is improving ever so modestly, but it is moving in the right direction.”

Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 

1. Mortgage Rates

Mortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there's some good news. Data from Freddie Mac shows…

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Just Sold: Triplex in Prime Eagle Rock

A long-time client and friend recently decided to redirect their equity from their income property located in prime Eagle Rock. I felt both honored and privileged to be chosen to guide them through this process, helping them achieve their goal of pursuing a new course of action with their equity.

????The new triplex owner, a US immigrant working in construction, spent decades renting and saving to buy their first home—and they finally did it! Felicidades, Catracho! #AmericanDream

The support of the buyer’s agent made this closing possible. A truly caring and professional person, Lisa Detamore was dedicated to helping her client.  I have to extend a big thanks to her and the hardworking loan officer, Juan…

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I'm thrilled to announce the closing of this East Hollywood jewel box!

When my client relocated, she had to decide what to do with her house: she could rent it out, forcing her to travel over an hour to handle management duties, or sell it and reposition the equity into another investment that would yield twice the estimated net rent, plus no management responsibilities or liabilities...

It was a no-brainer!

I was honored that she chose me to guide her in this repositioning process.  We faced a few hurdles along the way, but in the spirit of the Olympics, we sailed over them without breaking stride.

Working with @the_nikki_miller was a privilege. A total pro, she and her impressive lender @kellyzitlowgroup made closing effortless—you know LO is a baller…

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Some Highlights

  • The asking price for your house can impact your bottom line and how quickly it sells.
  • Both under- and overpricing have drawbacks. So to find the right price for your house, lean on your agent for their expertise.
  • Don’t pick just any price for your listing. Trust your real estate professional to help you find the perfect price for your house.

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Not a Crash: 3 Graphs That Show How Today’s Inventory Differs from 2008




Even if you didn't own a home at the time, you probably remember the housing crisis in 2008. That crash impacted the lives of countless people, and many now live with the worry that something like that could happen again. But rest easy, because things are different than they were back then. As Business Insider says:

“Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.”

Here’s why experts are so confident. For the market (and home prices) to crash, there would have to be too many houses for sale, but the data doesn't show that’s happening. Right…

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OPEN HOUSE: Light-filled bungalow in convenient East Hollywood location

 

$725,000   |  2 B/1 Ba  |  960 sq ft

With private hedged outdoor space and covered parking, this turnkey 2br/1ba single-family home is a rare find, free from the constraints of a condo or TIC arrangements, and no HOA fees or association rules to worry about.

Owned and meticulously improved by a discerning creative, well schooled in the timeless "less is more" principle of design, this 960 sq ft home has undergone a thoughtful transformation over the past 5 years. Updates include glassed-in rain shower, oak vanity, & marble tiling in the bathroom, expanded closet with Elfa closet systems in the second bedroom, and a studio with split AC, hardwired for internet,…

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Prime Eagle Rock Triplex

2126, 2128, 2130 CHICKASAW AVENUE - $950,000

Open Houses

TUES. FEBRUARY 13TH, 11 AM - 2 PM // SAT. FEBRUARY 17TH, 2 PM - 4 PM

 KEY DETAILS:

1Br/1Ba’s on 4,968 sqft lot 

2 of 3 units delivered vacant at close of escrow, holdover tenant pays $930/mo 

Fenced-in yard with mature fruit trees 

Steps from Colorado Blvd. shops and restaurants

For more information on this great triplex in prime Eagle Rock, 
email or call Ben Nicolas at (310) 874-1278! 

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Meticulously Curated Craftsman in Harvard Heights

1716 South Hobart Blvd.

$9,995 a month

  • 3 Bed / 3 Bath
  • 2,868 soft
  • Fully furnished
  • 3-4 month lease

This spectacular home is the embodiment of the quintessential Los Angeles craftsman, yet the exquisite details throughout make 1716 S. Hobart a one-of-a-kind gem.  For 17 years, the home has been the personal canvas for a well-known design professional, and it’s clear that the finished work is a masterpiece that no ordinary investor or “flipper” has the talent or time to mimic. Built in 1905, the property has been preserved with deference to period aesthetics and modern utility. As soon as you step through the extra-wide original oak front door, you’ll discover…

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Deadline Approaching for Los Angeles County Landlords to Apply for Rent Relief

Mom-and-pop landlords in Los Angeles County are facing a critical deadline as the window to apply for rent relief is rapidly closing. The county's Department of Consumer and Business Affairs has allocated $68.6 million in funding to assist qualifying landlords in offsetting the impacts of the pandemic and tenants who have been unable to pay rent.

The Rent Relief Program, launched in mid-December, offers grants of up to $30,000 per unit to eligible landlords for expenses incurred since April 1, 2022. The primary focus of this initiative is to provide support to small landlords who own up to four rental units. The overarching goal is to minimize tenant evictions, maintain…

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In 2023, mortgage rates were high and housing inventory was low, so you probably deferred your plans to buy or sell a home believing it wasn't the right time to make a change. In 2024, the market forecast looks brighter, so let's work together to make a plan to turn your real estate dreams into a reality.

Whether you want to stop renting once and for all, downsize post-retirement, or venture into property investment, we're available to provide hyper-local expertise and advise you on making actionable decisions that are right for you and your family. 

Let's hit the ground running this January–email us or give us a call at (323) 412-9060 so we can chat about your real estate aspirations for 2024.

Here's to a healthy and prosperous new year!

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