After being slightly blog lazy, I have decided to give an Ides of March update.   Of course, having a 5.5 month old (little Vincent) should give me a pass! 

Currently Buyers and Sellers are at a bit of a stalemate.  Sellers are hearing positive news about home prices popping and feel that they want top dollar. 

However, Buyers are more selective than ever.  This is true for price and the home that they are purchasing.  They read the negative papers and all relatives, accountants AND LENDERS are telling them that they’re crazy for wanting to buy right now.  But the brave are getting great deals, and I feel that we will look back on this market and wish that we had all upgraded our digs.

When Sellers are really ready to sell, they price their home accordingly and the property will sell instantly.  A great home on Cheviot Drive that I recently listed sold with 5 offers at 97.5% of its asking price. 

CAN YOU GET A LOAN?

The mortgage market is actually in pretty decent shape.  Rates are still extremely low on a historical basis especially if your loan amount is kept under $729,750.00.  The jumbo loan market is also starting to loosen up a bit.  Rates are very competitive on the ARM products, in the mid-to high fours paying one point.

As a buyer, just be prepared for some paperwork hassles.  The banks are very, very careful in their application process and will ask you for documents verifying your income for at least the last two years.   You also need to verify your net worth (checking, savings, retirement, etc.)  

So the best advice is for you to maintain a mortgage paperwork (or pdf) file with copies of recent asset statements, pay stubs, W-2s etc. as you will definitely need to submit these to your mortgage banker in order to get your loan processed in a timely basis. 

I’ve closed a number of recent transactions with Steven Maizes at Mortgage Capital, and I know he can give you great advice as to what you can comfortably afford.  His number is (310) 295-6240. 

OPEN HOUSE UPDATE

I held 2 properties open last Sunday and they were all very busy.  I rolled out a fabulous new listing on Rancho Golf Course on 10353 Monte Mar Dr. in Cheviot Hills.  There were approximately 175 people through.  Another listing on 2805 McConnell Drive drew about 85 people.  It is a gorgeous property and the price was recently reduced.

It truly felt like the first day of spring in 2010.  Neighbors and buyers were out in droves, and the weather was beautiful.

OPENS THIS WEEKEND:

10353 Monte Mar Dr.  - I expect this weekend to be similar.  I am distributing 5000 flyers inviting everyone to my Monte Mar home for the 2nd open house.  Since the weather should be in the mid 70s, it should be mobbed.

9914 Girla Way – This is a new listing on an interesting cul-de-sac in Cheviot Hills.  The home is a light fixer and is 3194 square feet on a 12,320 square foot lot.  There are sweeping city views, and you can even see the Hollywood Sign from a corner of the lot.  There is room for a pool, and it is super swanky!

150 S. Woodburn Dr. – This is an unbelievable home and great piece of property.  It sits in Brentwood and has 5 bedrooms and 3.5 bathrooms.  It is just under 4000 square feet and the lot is approximately 13,000 square feet. 

Please come by and see these wonderful new listings and say hi to Team Ben Lee Properties!