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The O'Key Group
Northeast Los Angeles Real Estate

June Newsletter – Your Money on the Line – Jo’s BBQin’ the LA Sizzling Summer Real Estate Market

It’s crazier than a dingo riding a kangaroo.

Of the 3 homes I’ve listed in the last 2 weeks, 2 went into escrow for above list price. We anticipate prices continuing to rise. So is it still the time to purchase a home? Yes! We have not reached peak prices from 07-08 yet. With interest rates still low, but on the move, it behooves you to get the home ASAP (I love the word behooves). I’m hearing other people are having trouble getting accepted on a home, NOT US! We’re writing some awesome offers that are blowing up the competition!

Intrest Rate 101:

You get a $500,000 loan 30 year fixed:
At 4% you pay a total of $859,347
At 5% you pay a total of $966,278
Save $106,931 – Don’t wait or you’ll pay more for the home at higher interest rate costing you thousands over the course of the loan!

Here are a few tips for home buyers in this market:

In a seller’s market, homes – especially the ones that are well priced – disappear just as quickly as vegemite sandwiches at a picnic (or as quickly as they appear on the MLS). As markets heat up in Los Angeles, buyers should know that the first to the table doesn’t always come out the winner. Here are a few tips to make sure your offer gets noticed.

Keep it Simple: Sellers today want the sale to be void of too many complicated contingencies. Of course, that doesn’t mean you should give up on things that are important to you as a buyer. Rather, make sure your offer is reasonable and doesn’t put too much weight on small issues that would distract the seller from what is otherwise a reasonable offer.

Go High on the Down Payment: Before you make an offer, contact your lender (we have lenders to refer). Once you know how much financing you’ve secured, you’ll be able to estimate how much you can put down on a home. The larger the down payment, the stronger the offer.

Come in with Cash: Not everyone will be able to purchase a house with cash alone. But if you can, you should. Sellers prefer cash offers because they take the risk out of the home not appraising or the loan falling through. This is because prices are going up faster than dorky appraisers can keep up with the market movement.

Write a Love Letter: Writing a personal letter to the seller is a returning trend that has emerged over the years. And it’s proving effective. Explain what attracts you to the home, what you love about the neighborhood and how you hope to make their home your new humble abode. It’s an especially helpful tactic if you can find commonalities between you and seller. What seller can say no to this family:

Important Links:

If you haven’t added me on facebook, you may have missed out on getting the skinny on the homes I’m selling before they hit the market. http://www.facebook.com/JoOKeyRealtor

4th of July Block Party!
http://www.NorthofYorkBlockParty.com

When you are ready to sell your home, we’re going to show it off with a custom website with pictures, floor plan and more. Check out our 3574 Tacoma website http://www.3574tacoma.com/

Let’s Move!
Jo O’Key
323.207.5270

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