• Compass DRE# 01991628
  • Address: 2120 Colorado Blvd., Suite #1, Eagle Rock, CA 90041
  • Office Phone: 323-274-2148

Tracy King Blog - Eagle Rock Real Estate - Northeast Los Angeles Realtor

Menu

LA Digs - Northeast LA Real Estate Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

First Quarter Market Update for Eagle Rock, 90041

Our average prices went down about 30% in the last 3 years. That does not necessarily mean your property is worth 30% less today than it was worth in March, 2007, but we can safely say that you would have a serious challenge expecting to sell your house for the same amount you might have sold it for 3 years ago.

Continue reading
973 Hits

Market Update for Eagle Rock 90041 and Highland Park February 22, 2010

These numbers indicate an active market where, in general, almost as many properties are selling as fast as there are properties coming onto the market.

Continue reading
1109 Hits

Overview of 2009, First month of 2010 Market Update for Eagle Rock

It seems like I'm always saying that here at last is the straight story on the real estate market, but it's always true! Last year, 2009, there were 121 sales in Eagle Rock, zip code 90041. Here's the interesting part: 60% of the sales were distress sales, that is, either short sales or bank-owned properties. Now, in 2010, we had 9 sales in the first month and 55% of those were short sales or REOs (bank-owned). While the foreclosures were scattered out fairly evenly over the last year, I noticed that the short sales that actually closed escrow tended to happen later in the year, and in January, 5 of the 6 distress sales were short sales. This is in line with the government's efforts to help people avoid foreclosure, modify their loans and then approve a short sale if the loan modification didn't work out.

What you can't tell from the Multiple Listing Service is that a lot of the normal sales were under duress as well. I know personally of several divorce sales and a few properties that had to be sold quickly before the owners were unable to make any more payments due to job losses or failed businesses.Graph 90041 Feb 1 10

 

In other words, very few people who didn't have to sell did sell. But look at the graph and table for the year from 12/08 through 12/09: it's obvious that we did reach a bottom in the first quarter.I think the dip in November was not another bottom, just an example of my point about distress sales. Notice on the table how few properties were selling at the end of the year--because of holidays, because of perception of the market. If you take the dip in November out, the market was steadily higher than earlier in the year. And note that the year over year prices were up, which is much more meaningful than the dramatic 1-month changes around November.

Table 90041 Feb 1 10

What's going to happen this year? My crystal ball is still on backorder, but so far this year I have talked to a lot of people who want to sell and many who want to buy. From the energy I'm feeling, I'd say the first quarter of the year should be very active. In most years past, the first quarter is sluggish with sellers talking a lot about going on the market in the spring, but not getting around to going on the market until May or June. Buyers want to take advantage of the federal tax credit programs with their April 30 deadlines, and more and more sellers are saying they are ready to sell even if they can't make what they might have in 2007. This promises good things to come.

Continue reading
1113 Hits

Just Slap a Coat of Paint On It

It’s amazing what a well-chosen new paint color scheme can do for the exterior of your home. It’s the least expensive major upgrade you can invest in and actually expect to make money on when you sell your home.

Continue reading
1216 Hits

Fun with Real Estate Statistics – Northeast Los Angeles and surrounding areas

This is the first of my end-of-year reflections on where we are and where we’ve been and why do we do this anyway?
I have lots of caveats about the following statistics. Note that the source is called Trend Graphics. These are generalizations, trends, an overview of what the market has done over a period of time.

Continue reading
1125 Hits

Compass 179x55

Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

FacebookTwitterLinkedIn