Los Angeles Real Estate Blog: How is the real estate market?

Phyllis' LA Real Estate Blog

How is the real estate market?

Everywhere I go, people ask me about the Los Angeles real estate market. My neighbors ask, friends and family inquire and clients as well: How is the real estate market?

As I don’t think we will enjoy home appreciation in the near future, if you are buying I advise waiting for the right property, and plan on being there five or even ten years. Buy as much home as you can comfortably afford. If interest rates rise over 10%, I don’t know how most homeowners will ever afford to exchange their 4.5% mortgages and move to more expensive homes. Bernanke indicated interest rates are going to remain low for the next two years (don’t believe everything you are told, but rates should be low at least until the presidential election).

If you are selling, be realistic about pricing. Check out your competition. And try to make your home as attractive as possible. Gone are the days of the zero down payment. After most buyers close escrow, they don't have any funds remaining for upgrades. Buyers will pay a premium for homes in move in condition.

Do not make any improvements before you speak to a real estate agent or home stager. I can’t tell you how many home sellers I meet who have already painted and done fix-its. I provide a complimentary home staging consultation for my clients; my stager will assist the home seller in selecting the correct paint color and making only the improvements which will more than pay for themselves. And please don’t waste money changing carpet; I can’t recall the last time a home buyer told me they wanted a home with plush carpet, homebuyers love hardwood floors.

I have just listed a Glendale condo on Piedmont, a delightful cul-de-sac. It is a top floor unit; 2 bedrooms, den, mountain views, 2 balconies, master w/walk in closet. Fortunately, the savvy home seller agreed to paint and install a laminated wood floor. I am just waiting for the photographer's photos and then will submit in the MLS (multiple listing service) after Labor Day, and I am confident it will sell quickly.