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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!

Forbearance Does NOT Equal Forgiveness

As news and information about relief assistance swirls around in the midst of this crisis, there are lots of questions about what to do with your mortgage payments. To some, it can be interpreted that if you just don't pay your mortgage payment right now all will be forgiven. This is not true, and can have some serious affects on your financial health, and truly the health of the economy as a whole. 

Here is information from a lender friend of ours, Scott Groves with Movement Mortgage, that explains forbearance and how it works:

"If you, or your clients, are in dire-straights and having to make the toughest of financial decisions - like, what bills do I pay or how do I buy food - then I understand that you must do EVERYTHING you can to improve your cash-flow situation.

That being said, applying for a FORBEARANCE on your mortgage payment should be an ABSOLUTE LAST RESORT when it comes to your finances.

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Real Estate Now Considered an "Essential" Business

Things are changing every day in these wild times we live in!

Per the California Associaton of Realtors - "On March 28, the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA) updated its list of essential services during the coronavirus (COVID-19) crisis and expressly included residential real estate. Since Governor Newsom’s March 4, 2020 order incorporates this list, the order now includes residential and commercial real estate, including settlement services, as essential services in California. However, if a city or county has an order with a more restrictive standard regarding what qualifies as an essential service, or more restrictions on activities, those guidelines will still govern the activities of a licensee.

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Real Estate Must Be Virtual, For Now

Chaos! Every day brings a new interpretation of the current edicts given by all the heads of state—the president, the governor, the mayor, CAR (which is the California Association of Realtors), the police, I’m sure there’s more. As of Thursday, March 26, 2020, basically, we are supposed to stay home except to procure food, health care, to walk, or perform an essential job. Therefore, we Realtors are in a curious Catch-22 situation: we can’t meet buyers or sellers at a property, we can’t order inspections because inspectors aren’t considered essential (but sellers can hire them to find out if they need repairs if they want or need to do),  buyers can get loans and appraisers can do desktop appraisals, escrow companies can work, counties can record sales, movers are considered essential, but if sellers sell and they need to buy another home can they? If you see some inconsistencies in all that, you are correct! 

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Coronavirus and Local Real Estate

So as of today, March 12, 2020, Coronavirus cases are spreading - first there’s one case reported, then 2, then 100, then a thousand. Universities and other schools aren't having live classes. Germy kids get to stay home and only infect family members and caregivers. The NBA has suspended the season. Wow! And mortgage interest rates are so volatile that lenders aren’t publishing them. In fact, some lenders aren’t taking any new or refinance business because they have more than they can handle. 

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447 Hits

Should You Buy a House in 2020?

Should you buy a house in 2020? Of course, this is a question that has a very complicated answer.
Two reasons that the answer is no: prices are high and inventory is low. Yes, interest rates are historically low which makes paying these historically high prices a little more bearable. Low inventory means a couple of things: it's hard to find the home of your dreams at the price you feel you can afford; it's extremely competitive in our market (we had 47 offers on one home in January, and we heard of another house nearby that had over 50 offers and is going $400,000 over the asking price!); also, it means the thought of buying your dream home (or any home) contingent on the sale of your current home is a losing proposition. Would you entertain a contingent sale on your own home? Probably not, because you want to minimize the things that can go wrong with the sale so you can move to the next step in your life without depending on variables you have little or no control over (like the price of the contingent home or the skill of the agent involved).

Despite those issues, I'm in the camp of yes, this is a good year to buy a home. I know what you're thinking - of course the Realtor thinks everyone should by a house right now! But the reason why?
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391 Hits

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