Dear Friends and Colleagues,
March turned out to be another strong month for Real Estate. Both Interest rates and inventory are starting to rise. Make sure to read our Buyer and Seller Advice section for tips on how to navigate the current market. Also, we are going to help answer the question "What Value Does A Buyers Agent Have?" in our Money Matters Section. Do you really need a buyers agent in this market? Please continue sending us topics of interest so we can cover them in future newsletters. Thank you for reading!
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March 2017 Real Estate Newsletter
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| The number of homes sold in Southern California fell from January to February, with a decline of 6.1 percent in Los Angeles County..........
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March 2017 Real Estate
By Dennis Adelpour
Advice for Sellers -
As we approach April, expect to see more inventory coming out. We are still in a very low inventory environment right now, and buyers are showing hesitation. With interest rates higher today and the rise of property values, demand for homes are declining in certain zip codes. Buyers are very sophisticated in today's market. They have access to a lot of information and have a general sense of what properties are worth. As such, it’s critical you price your property correctly. I promise you it will hurt you in the long run to price high initially and continue to reduce until a buyer makes an offer. Review your pricing strategy and make sure you are within 5% of actual market value - unless you are going with a Conventional Pricing Strategy (ask for details of how this may work for you).
Expect to see demand increase over the next 3 months, but also expect to see inventory increase as well. Depending on your area, the ratio may or may not be in your favor. Let us know your address and we can provide you with the current buyer/ seller ratio to help you determine the best price/ pricing strategy. - Dennis@DennisAdelpour.com
Advice for Buyers -
The problem of low inventory still exists. Off market deals are still a great way to find the home you want. Many times, these are purchased at a discount because the seller is willing to sell for a lower price for the convenience of selling off market. It’s a win-win for everyone.
Inventory will start to pick up in April and continue to climb into the summer months. This is the “hot” selling season. Again, make sure to review properties again that have been on the market for 60 + days. Those homes maybe ready to accept a lower offer.
Make sure your financials are in order. We say this every month because it’s so important! Don’t procrastinate getting your pre-approval letter ready. We are seeing some great alternative loan programs for those with less money down. I recently saw a 10% down product fixed for 10 years for close to 3.75% on your first loan, and 6.5% for the second loan (10%). This is a great opportunity for those that don’t have the 20% down payment. The average homeowner stays in their home for 7-10 years so a 10 year fixed product maybe a great option. Contact us for trusted lenders that have these types of programs. - Dennis@DennisAdelpour.com
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The Mindset Behind Success
"I am the only problem I will ever have, and I am also the solution"
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JUST SOLD! 719 S. Highland Ave.
The Adelpour Group represented both the buyers and sellers
in this OFF MARKET deal.
Contact us to learn more about our Pocket Listings!
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This Months Featured Off Market Listing:
Mixed Use Opportunity on Whittier Blvd.
Great Investment Opportunity on Whittier Blvd!
- Excellent corner Location with great visibility.
- Tremendous upside in rent along Whittier Blvd.
- 2- story mixed use opportunity
- 25 Units.
- Conveniently located just minutes from the 710 and 5 Freeway. Building sq ft is approximately 17,500.
- Cap rate of 7%+
Contact us to find out more about this pocket listing!
WE HAVE OTHERS - If you are interested in Off Market Properties and this months property does not fit your criteria, let us know what you're looking for and we can provide you with other Pocket listings we have available.
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Restaurant of the Month: Kope Poki - 1903 Hyperion Ave, Los Angeles CA 90027
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21 Things To Do In LA This Spring!
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12 Punniest Places To Eat In Los Angeles
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7th Annual Artisanal Spring Show
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