Real estate market update: Earlier this year the property tax and mortgage interest rate deductions were cut and we have had several interest rate increases. First time buyers and “affordable” housing is driving this market. Higher end has cooled. The sky isn’t falling but it’s taking longer to sell the higher end, in the communities where I sell the most: La Canada, Pasadena, Glendale, La Crescenta, Burbank, and Toluca Lake.
An interesting aspect of being a real estate agent is that much of our day is spent waiting. My type A personality hates waiting. And that’s why Kris and I fundraise for several of our favorite charities. This lessens the frustration of waiting. There are numerous websites where we can seek donations for the two silent auctions we work on each year.
Waiting is the nature of the real estate business, first, waiting for signatures, then waiting for an appraisal, also waiting for the buyer to remove contingencies. Always waiting, waiting and more waiting. While waiting we try to fill our day with worthwhile tasks, we connect with past clients, we go on Broker’s Tour to look at new listings. We write ads, put together marketing. Anything to avoid the idleness of waiting.
Last week we closed escrow on our Tujunga fixer. It sold $76,000 over the asking price. We closed escrow on our Glendale fixer which sold $79,000 over asking price. Both of these clients were referred to me by past clients. Kris sold the owners of the Glendale fixer a condo in the San Fernando Valley.
It’s a very difficult market for first time buyers and investors. The competition is fierce.
My La Canada listing on Commonwealth is in escrow. I listed an Alhambra fixer (this client was also referred to me by a past client). We are busy preparing a charming Verdugo Woodands home for sale. It’s on a 12,000 square foot lot. We are also preparing a beautiful La Canada home for sale. It’s a newer French County style home: Five bedrooms, six baths in over 5,000 square feet. Master suite with steam shower and Jacuzzi tub. Two fireplaces, high ceilings and lots of natural light. I sold these clients their home twelve years ago.
Give us a call and let us strategize your next move.
