|
|
Did you know that you can use a renovation loan to purchase a home that needs work? I recently had a great conversation with a trusted lender friend and knew this was something my clients and friends had to know. After all, those time-capsule homes many of us covet for their original and unique style details can often come with deferred maintenance. The house may have a roof, plumbing, stucco, or electrical repairs that need immediate updating. Renovation loans are a perfect match if you want to roll the cost of those repairs into your purchase price. You can even use them for ADUs and other projects that add value. The "deal" in real estate doesn't happen unless you make it happen, renovation loans can help you use your vision and a little creativity to get an even better return on your investment both financially and aesthetically. Want to know more? Drop me a line and I will get that to you!
0 Comments
Photos soon! New Listing in the HEART of Brentwood! All the dining, coffee, pilates and shopping one could want just a few feet out the front door! Light filled top-floor unit 2 bed 2 ba (both en-suite) Going live Jan 9 223- please contact me for more details!
Cute craftsman cottage on the outside with a blank canvas on the inside for your decor. Best of all it's affordable! Los Angeles 90062. Questions? I have answers!
Everyone who thought they should wait out 2021 to see if prices went down in 2022 are frustrated and disappointed to see that interest rates have jumped, quickly and significantly but home prices are holding steady.
One silver lining is that the crazy bidding wars should be mitigated by many folks being priced out of their previous budgets, so although housing prices are still rising, with fewer people in your tax bracket able to afford a house, you'll see less competition, hopefully less need for extreme seller concessions, and a maybe, just maybe a little bit more power in the hands of buyers still able to afford the median prices of Los Angeles real estate. It's important to note that while higher, rates hovering around 5% are still historically on the low end, in the 70's the decade ended with rates over 11%, in the 80's interest rates went as high as 16.63%, and in the 90s we saw rates go from 10% down to 7% by the end of the decade. I know that's hardly consolation when we already were looking at stretching our budgets to buy condos and homes in the very competitive and expensive market that is LA. All in all experts expect to see prices to continue to hold steady but the rapid increases we've seen should be steadied by rising mortgage rates, it makes sense, lower demand will slow prices. Here in the trenches I am definitely seeing fewer offer come in and gentler handling of buyers. let's be honest, when the market was at it's craziest, buyers and their agents were getting treated like cold leftovers! If you have questions or want to see the charts and numbers on interest rates, or market research on home values in your neighborhood, drop me a line and I'll get those to you! California Gov. Gavin Newsom signed several housing-focused bills Sept. 16, one of which effectively ends single-family zoning in the state. SB 9, the bill in question, allows duplexes to be built in single-family zones and gives homeowners the ability to subdivide existing lots 2 lots. Could this be useful for your home? Contact me with any questions... Click HERE to read more on this story ....
Via the California Association of Realtors FAQ's....
|
Christina Linda Palomo
|