Facts of Todays Los Angeles Real Estate Market

Prices are stabilizing, Bank owned inventory is going down, Short Sales are increasing which means long wait times, the fiasco in Europe is causing interest rates to drop to ridiculous levels, this will be the last hurrah for low interest rates, I think they will go up to the mid to high 5's and everyone will complain because they are too high which will slow down sales volumes and potentially have a downward effect on prices.  The buyers that think they are going to wait to buy because prices are about to collapse won't get what they want, prices will yo-yo but obviously nothing like the drop we saw from 2005-2009.  If you can't afford a house for sale in the Los Angeles Real Estate market you want to be in…

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Inman News posted an article (see link below) with some interesting statistics compiled by Zip Realty about what homebuyers want and equally as important, what they don't want. 

Top 10 most desired home features and the percentage of respondents who ranked the feature as high priority:


1. Garage or parking space: 86.8 percent.

2. Master suite: 78.9 percent.

3. Ample storage space: 72 percent.

4. Large or walk-in closets: 66.5 percent.

5. Guest bedroom: 66.4 percent.

6. Outdoor entertainment area: 64.3 percent.

7. Gourmet or updated kitchen: 60.6 percent.

8. Breakfast room or eat-in kitchen: 55.8 percent.

9. Large yard: 43.2 percent.

10. Wood floors: 40.8 percent.

And sellers should keep in mind not only what homebuyers want, but also what they…

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Whats the one good thing about dropping home values?

Getting your property taxes re-assessed.

Today, June 1st 2010 is the begginning of the period that the LA County Tax Assessor will begin to review appeal applications for decline in value.  The Assessors office has automatically begun to proactively review values from January 1 to June 1, to see if you Los Angeles County property assesment has been reduced click here .  If you disagree with the value, the last day to file for a formal assesment appeal is November 30th, 2010.

 

This process can be done online now and there is no charge to have your property reviewed for re-assessment.

 

 

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