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Los Angeles County, hit hard by the 2008 recession, is nearing a housing recovery. Most importantly, Los Angeles finally recovered all jobs lost during the recession at the end of 2014. Until 2015, the housing recovery had been driven primarily by investors in Los Angeles County. But expect the housing market to begin to show more life from owner-occupants as employment and incomes continue to improve in 2016. The largest obstacle facing homebuyers in today’s market is home prices, which have risen out of the reach of many, meaning competition in the lower price range is tight. The supply level of homes on the Westside under $1MM is less than a month according to the MLS and continues to drive home prices.
Some notable Westside median sales prices
Marina del Rey Condo/Townhome 8/2016 - $903,000 8/2015 - $852,000 +6.0%
Mar Vista / Del Rey Condo/Townhome 8/2016 - $701,000 8/2015 - $589,000 +19.0%
Mar Vista / Del Rey Single Family 8/2016 - $1,300,000 8/2015 - $1,150,000 +13.0%
Santa Monica Condo/Townhome 8/2016 - $1,006,000 8/2015 - $962,000 +4.6%
Santa Monica Single Family 8/2016 - $2,215,000 8/2015 - $2,200,000 +0.6%
Venice Condo/Townhome 8/2016 - $1,400,000 8/2015 - $1,470,000 -5.0%
Venice Single Family 8/2016 - $1,900,000 8/2015 - $1,810,000 +4.7%
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Many buyers hope to find a home in perfect condition so they can avoid dealing with maintenance issues. The problem is – no perfect home exists, so as a buyer, you should rely on home inspections to tell you what you need to know about the condition of the home you’re buying.
Be prepared to hire and schedule several types of inspectors to look at structural, pests, and environmental elements, depending on requirements in your state.
A structural home inspection should take several hours and cover all built-in appliances, all mechanical, electrical, gas and plumbing systems, the roof, foundation, gutters, exterior skins, windows and doors.
Home inspections may only cover the main house. This is significant for specialty inspections such as termites, because termites are more likely to be found in outbuildings. Make sure any inspection covers all buildings on the property including guest houses, detached garages, barns, stables and other buildings that will convey with the property, even if you have to pay more.
Attend every inspection and stay with the inspectors. Seeing problems for yourself will help you understand what’s serious, what needs replacement now or later, and what’s not significant. While home inspections point out problems, they also show you what’s working well so you can make your final decision about the home.
You can ask the seller to make repairs, or you can offer a little less. If you’re getting a VA or FHA-guaranteed loan, some items aren’t negotiable and the seller must address them, but otherwise ask Paul Lupi for assistance and he will lead you in the right direcion.
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DRE#: 01992906 3130 Wilshire Blvd. Ste. 100
Santa Monica, CA 90403
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©2024 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.
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