DIGGS May Town Hall Meeting Recap

https://youtu.be/JoiTx6QAd24 Show Notes: Mortgage Loan Update – Shea Case Very few changes if your loan amount is under $765,000 If the loan amount is over $765,000 you must have at least 20% down payment Loans can be done in 30 days Interest rates are the lowest seen in recent memory Contact Shea C

Show Notes:

Mortgage Loan Update – Shea Case

  • Very few changes if your loan amount is under $765,000
  • If the loan amount is over $765,000 you must have at least 20% down payment
  • Loans can be done in 30 days
  • Interest rates are the lowest seen in recent memory
  • Contact Shea Case, House America Financial, 818-469-8680

Economic Update and Forecast – Oscar Wei

  • Retail Economy is down by 8.7% for March 2020 vs March 2019. The lowest one month drop in recent history was in the Great Recession and that drop was 4.5%
  • April’s numbers will likely be much worse
  • It is anticipated that 2nd Quarter will be down by 30% – 40%
  • Unemployment is near 15% and expected to rise. However, the rate of job loss is slowing.
  • Real estate activity plummeted in March, but statewide and Greater Los Angeles real estate numbers are improving each week
  • Survey Says… 31% think it is a good time to buy – the highest in 3 years
  • Survey Says… 29% think it is a good time to sell – March was lower at 26%. 2018 and 2019 the number was closer to 50%
  • Price Reductions… sellers are not reducing prices any more than before COVID.
  • Prices may be soft for the rest of 2020, but overall prices are expected to be flat.
  • Prices and activity may not return to normal levels until Mid 2021.
  • Download Oscar’s Slide Deck

Local Real Estate Market Update – Kendyl Young

  • Glendale is picking up in activity with Month’s Supply of Homes still solidly in a Seller Controlled Market. It is performing the best against last years numbers of any city we track
  • La Crescenta is also picking up with new listings far below the buyer’s appetite to buy.
  • Altadena is faring the worst, relative to last year’s numbers with 14.7 months of inventory on hand.
  • Examine the MLS Coronavirus Tracker for more information and detail.
  • Showings are picking up as we slowly return to a “spring buying” season. Open houses are forbidden, and virtual or Livestream open house are the norm.
  • Marketing an occupied home is possible but tricky. A best practice is to pre-determine times when the seller is out of the home for a block of time and schedule all showings during that block.
  • Contact Kendyl Young to find out what is possible for your situation. 818-482-1885

Your Real Estate Situation is Unique

Let’s talk. I know it is uncomfortable to talk to a salesperson about your life’s plans, but you don’t want to make a big mistake.

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About Kendyl Young