• Address: 2120 Colorado Blvd., Suite #1, Eagle Rock, CA 90041
  • Office Phone: 626.827.9795

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!

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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What is Happening in the Real Estate Market?

From our research department at Teles Properties:

The question is still- “What is Happening in the Market?”  This week, “Inside the Market” is highlighting a few articles that seem to address where we are and where things are going for the real estate market.  Topics include historically low mortgage rates, a housing market ready for a rebound, falling or rising home prices and the difficulty for some home buyers.  Take a look at all the articles below and share your thoughts!

December 12 – 16, 2011


Articles:

“Residential Housing Ready to Awaken?”

After half a decade of withering sales and slumping prices, there are strong and diverse signs that the single-family housing market is poised for a rebound.

CNBC



“Mortgage Rates Hold Near Record Low ”

Fixed mortgage rates in the U.S. again held near record lows over the past week, according to Freddie Mac’s weekly survey of mortgage rates.

Wall Street Journal

“Why Home Prices Are (and Aren’t) Stabilizing”

Home prices are falling again, but some analysts see a silver lining because the prices of homes that aren’t selling out of foreclosure have been holding steady.

Wall Street Journal



“Lower Credit Scores Slow Housing Recovery by Thwarting Sales”

Many Americans’ credit scores have fallen because of economic distress in the last few years. It’s probably affecting their ability to get a new mortgage or buy a house

Los Angeles Times

To download the articles from this segment, click on the following links:

Residential Housing Market Ready to Rebound

Mortgage Rates Hold Near Record Low

Why Home Prices Are (and Aren’t) Stabilizing

Lower Credit Scores Slow Housing Recovery by Thwarting Sales

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October Sales: Highland Park, 90042

Here are the closed sales during the month of October in Highland Park*:

October Sales_ 90042-1 copy
Here's what you need to know about these numbers:


  • In October 2010 there were 18 sales, same as this month.

  • The average sales price in October 2010 was $357,028 (compared with $394,506 this year, an increase of 10%)

  • In October 2010 there were 10 distressed sales - five short sales, five bank-owned sales.  In October 2011 that was reduced to 8 distressed sales - two short sales and six bank-owned.   That's a reduction of 11% in distressed sales.


*Single-family home sales in the 90042 zip code only.

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Tracy King, Realtor
DRE# 01048877
Phone: 626.827.9795 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Keely Myres, Realtor
DRE# 01834633
Phone: 626.827.9795 | This email address is being protected from spambots. You need JavaScript enabled to view it.
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