May 2020

Found 4 blog entries for May 2020.

 

Since the COVID-19 pandemic, over 1 million people in Los Angeles Country have filed for unemployment. With the economy taking a hit that will likely require years to recover from, it seems like the natural effect would be that housing prices begin to drop. After all, during the 2008 recession, the median price of a home reached a 30 year low. 

But while LA and the country at large have seen a big dip in home sales, the prices have stayed the same. The median listing price of a Los Angeles single-family residence has actually gone up 3% since last month. How could this be?

2008 vs. 2020: Supply and Demand 

Housing prices reflect the balance of supply and demand. Just before the economic collapse in 2008, predatory mortgage lending drove up

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As stressful as this time is for everyone, quarantine has allowed for some extra opportunities inside to play catch-up: on reading, hobbies, or maybe to finally finish those last few seasons of The Wire... For me, I've been using this time to increase my skillset and ability to competently serve my client base. 

I was recently presented with this certificate after completing the Accredited Buyer's Representative Designation Course, and will soon be completing two other courses for certification. 

 

If you're looking to buy or sell a property, you should find a real estate agent that is constantly working to level up their knowledge and skillset because this is an ever-evolving industry, especially now. Contact me today to learn how we can save

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Here are the latest statistics from the East Hollywood neighborhood real estate market. Check back to our blog often to find market reports from other neighborhoods in the Los Angeles area. 

  • The Majority of Single Family Residences in this area are sold as tear-downs for land value to developers to turn into multi-family apartments.
  • There were no active condo or townhomes for sale in East Hollywood as of May 11th, 2020. The Cha Cha Cha development in Virgil Village has completely sold out with the last unit in escrow as of May 5th, 2020, per listing agent Joy Bolger of Compass.
  • Long Term Rental Activity numbers only reflect MLS activity, many rentals are listed and leased without using the MLS via yard signs, Zillow Rental Manager,
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The economic shutdown due to COVID-19 has caused a lot of devastation and confusion in the real estate and mortgage industries. There's a lot of conflicting information out there, and it can be difficult to find the answers you desperately need.

That's why we created this Los Angeles Real Estate COVID-19 Resource Page for property owners, property managers, and renters in the area. 

Of course, these resource links won't have all the answers you're looking for because everyone's situation is different, especially now. So if you have any real estate or mortgage questions, we'd be happy to set up a phone call or Zoom meeting to discuss any issues that have come up due to the economic shutdown. 

It's important that people come together during

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