Price Is The Determining Factor In The Sale Of A West LA Home

Price Is The Determining Factor In The Sale Of A West LA Home

Pricing A Home To Sell

Fairy tales and overly-optimistic assurance will Not sell your house, but EFFORT will.

A sign in your yard will Not sell your house, Proper Counseling will.

If you are placing your house on the market, be certain it is ON THE MARKET.

If you want your house “listed for sale”, over price it.

If you want it SOLD, PRICE IT RIGHT!

 

1. Seller and Realtors are not appraisers – Buyers are…

…and they make their evaluation by comparing your property with others which offer similar features and are in similar condition to yours. Condition and Price are the most important criteria

 

2. The Buyer does not yet have an emotional attachment to your home.

Sellers speak of value, amount invested and what they “can afford to take”. Buyers consider only price, condition, and other competitive properties.

 

3. Your house will sell because it is priced competitively in today’s market.

Not because it is yours.

 

4. Over-pricing causes your home to get stale on the market.

Buyers and other Realtors begin to wonder what is wrong with it. Why hasn’t it sold?

 

5. Be sure you have accurate information about recent sales in your neighborhood.

Don’t let pricing rumors influence your decision to price your home realistically in today’s market.

 

6. Any house unsold after 90 days on the market was most likely overpriced…

…for it’s condition in today’s market. The present market might be weak or strong, but the present market is the ONLY one that affects properties for sale today.

 

7. The agent who suggests the highest price for your home may not be the most qualified to sell it.

Select your sales agent for their professionalism, track record and the rapport established between you.

 

Latest Mortgage Rates For West Los Angeles Home Buyers

Conforming Loan Limits ($417,000 and Under)

[column2]

Loan Program
30 Year Fixed
15 Year Fixed
10/1 ARM
5/1 ARM
5/1 ARM I/O

[/column2]
[column4]

Interest Rate
3.750%
3.000%
3.250%
2.250%
2.500%

[/column4]
[column4_last]

Points
1.125
1.125
0.625
0.875
1.000

[/column4_last]
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Agency Jumbo Loan Limits ($417,001 – $625,500

[column2]

Loan Program
30 Year Fixed
15 Year Fixed

[/column2]

[column4]

Interest Rate
4.000%
3.500%
[/column4]

[column4_last]

Points
1.125
0.000
[/column4_last]
[hr]

Jumbo Loan Limits ($625,501 – $4,000,000

[column2]

Loan Program
30 Year Fixed
10/1 ARM
7/1 ARM
5/1 ARM

[/column2]

[column4]

Interest Rate
4.375%
3.750%
3.375%
3.000%
[/column4]

[column4_last]

Points
1.000
1.000
1.000
1.000
[/column4_last]
[hr]

With these historically low rates and declining house prices, the typical Santa Monica, Brentwood and/or West Los Angeles family had more than double the income needed to purchase a median-priced home in January, according to the National Association of Realtors® Housing Affordability Index which registered the highest reading since records began in 1970. In fact, the Corelogic® National Home Price Index fell for the sixth consecutive month in January to the lowest level since January 2003. This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases.

For more information contact Gary Limjap at 310-586-0339 or by email.
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FHA Will Increase Cost For Home Buyers

Based on a new article published by Lorraine Woellert, as of April 1st, the Federal Housing Administration (FHA) will increase up-front-premiums. If you have FHA clients on the fence, now is the time to buy before the cost of their loan goes up!

They’re talking about increasing the up front mortgage insurance premium from 1% to 1.750% of the loan amount on top of the increase for the monthly PMI from 1.15% for loans up to $625,499 to 1.25% and for loans above $625,500 from 1.15% to 1.5%. Buying before the changes are implemented can save your clients a lot of money! Also have your FHA clients re-qualified if they wait to buy based on the increased fees which will offset their debt to income ratios slightly.

For Example:

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Current FHA Loan:

$500,000 – Purchase Price
$482,500 – Base FHA Loan Amount (96.5% LTV)
$487,325 – Total FHA Loan Amount w/ UFMIP financed

[hr_padding]

30 Year Fixed FHA

3.750%
$2,257 Principal and Interest Payment
$467 PMI

[hr_padding]

Future FHA Loan:

$500,000 – Purchase Price
$482,500 – Base FHA Loan Amount (96.5% LTV)
$490,435 – Total FHA Loan Amount w/ UFMIP financed

[hr_padding]

30 Year Fixed FHA

3.750%
$2,271 Principal and Interest Payment
$511 PMI

This is more dramatic above $625,500, now is a great time to take advantage of the lower premiums. The changes may be in place sooner then we know.

If you should have any questions please contact Gary Limjap at 310.586.0339.

Original article:

FHA Will increase Cost of Up-Front Premiums
By Lorraine Woellert – Feb 27, 2012