• 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

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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!

The Emotions of Selling Your Home

My home of 18 years is sold! 
 
Putting my own theories to the test, I sold my house recently. I believe that Realtors ought to buy or sell property every few years just to stay in touch with how difficult it is. Difficult? Really? Yes—the home selling process is complex, but the really hard part is the emotion involved. Especially if you’ve enjoyed living in your old place. Good memories flood back (and at the most sensitive times, like when the buyers present you with a laundry list of what they want repaired or credited back.) 
 
“Ingrates! They don’t deserve my home, I’ll cancel the sale!” Nice revenge, but you can’t justcancel. You have to follow the rules that the written contract provides. So they can ask for you tofix things within their inspection period, and you can say no, or you can say yes, or go back tothem with a counter proposal. But you can’t just cancel unless you’ve given them a notice to perform and the deadline has passed. That one sentence is the meat of another whole blogpost, folks, so tune in again soon. 
 
You have to follow the contract and so do they, so you’d better be sure you understand what itsays before you sign it. How long are the contingency periods? What and when do you have todisclose? When do you have to have everything out? Did you agree to leave appliances? Howclean do you have to leave the place? 
 
Another emotion that often occurs is what looks like greed to the outside world, but is actuallykind of like comfort food—something hurts or someone feels sad or overwhelmed and moneyhelps to dull the pain. At least if you have to part with your beloved home, you can afford to dosomething fun with the proceeds. Not always, folks. The market might not agree with your “I justwant some fun” price. But, speaking from experience, you can dream, can’t you? Maybe youcan spend a week in Bora Bora with the money you save by being debt free…
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NELA Real Estate Market: An Affordable Issue with a Special Twist

NELA Real Estate Market: An Affordable Issue with a Special Twist

What we're seeing in the Eagle Rock, Highland Park and Mt. Washington housing market is happening all  around the state.

Interesting things are afoot in the Northeast LA real estate market. Anyone keeping their eye on prices of homes in Glassell Park and Mt. Washington have noticed that prices up from where they were just a year ago. Those watching homes in Highland Park and Eagle Rock are noticing homes staying on the market longer. What does it all mean?

Good question! Here’s the latest news from the top. Leslie Appleton-Young is California Realtors’ Chief Economist and we are lucky to have her help us make sense of a very big subject: the real estate market.

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Homebuyer? Home Seller? You’re Gonna Want to Know Home Values

Homebuyer? Home Seller? You’re Gonna Want to Know Home Values

What is the best way to obtain an accurate value of your home? There’s a simple answer.

Who would have thought 20 years ago that the rising values of homes in Highland Park and Eagle Rock - as well as real estate in Mt. Washington and Glassell Park - would be the talk of the town? If you own a home in one of these regions - or are looking to buy - odds are that home values are on your mind.

Regardless of whether you’re looking to buy a home or sell a home, it only makes sense that you will eventually want to gain an understanding of your own home’s value, if you’re selling, or the value of a different home if you’re buying.

But with all the information, articles, blogs and website tools out there offering home evaluations, its become easy to get, well, confused. That’s because as you’re performing your research and due diligence, the first thing you’ll notice is that there is little consistency in the values offered. One evaluation will be wildly different from the one before or after.

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How to Be the Most Successful Seller

How to Be the Most Successful Seller

When we talk to a homeowner who is thinking of selling, we outline our process. Some people choose to follow every step we describe and they are usually the most successful sellers we have.

We just congratulated the Sellers of a lovely home in Mount Washington on the successful close of the sale of their home. They told us how easy we had made it for them. Selling a house can be a stressful process whether it ends well or not, so this was high praise. Mt. Washington real estate is a hot region, but doesn't mean selling is always a simple matter. The Seller stated, "We just did what you told us to when you told us to do it, and it all worked out."

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What is an ARM Loan?

Here is some information on adjustable rate mortgage loans that came from a lender in our area:

Today I wanted to discuss what an ARM (Adjustable Rate Mortgage) loan is and how it works for buyers.   On Friday I locked in a 7/1 ARM at 2.625% for a client of mine. What I realized, while talking through this loan, is that few Realtors, even fewer borrowers, and, sadly, even few lenders really know how ARMs work and why they are still a good product option.   Unfortunately, after 2007, many products,  like the old ‘option-ARM’ , got grouped together and labeled as ‘liar loans’, ‘predatory loans’, or just plain bad products. That’s NOT the case. With the average Californian staying in their home for 7 years and the average American keeping their home loan for just over 5 years, does it really make sense to pay a higher rate premium to lock into a 30 year mortgage?   The answer is maybe. For our client who knows they are going to be selling or refinancing, for any reason, within the next 5-10 years, a 7/1 ARM may be the right product for them. Simply explained, 7/1 means that the loan is ‘locked’ at a specific interest rate for the first 7 years, the adjustable once a year after that.  The payment is still set up on a 30 year amortization schedule, so from day one the client is paying down principal.  Additionally, the program usually has what’s known as 2/5 rate caps.  This means that after the 7th year, the client’s interest rate can only go up a maximum of 2% per year with a lifetime cap of 5% over the start rate. So, for the client I locked in on Friday at 2.625% - who knows he is leaving the state in 5 years – this is the perfect loan for him.  He is saving $300 a month over the 30 year fixed option, he is completely locked in for 7 years, and if for some reason he gets stuck with the property or turns it into a rental, his maximum adjustments will be 2% per year with a max rate of 7.625% in the 10th years. A 5/1, 7/1 or 10/1 ARM definitely isn’t for everyone.  With 30 year fixed rates so low, I generally recommend a 30 year fixed rate as the #1 option.  However, for certain clients, a fully amortized ARM may be the right answer. If you have more questions about these type product, give me a call.

Scott Groves Loan Officer  - Team Lead Prospect Mortgage 1660 Hillhurst Ave| Los Angeles| CA 90027 225 S. Lake - 3rd Floor | Pasadena| CA 91101

cell (818) 679-5188 |  e-fax (877) 808-9569

NMLS ID #365178

This email address is being protected from spambots. You need JavaScript enabled to view it.

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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

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