westwood homes open house may 4th, 2014
DESCRIPTION
This buyer tour booklet lists all the homes open in Westwood on Sunday May 4th, 2014.TRANSCRIPT
Cloud CMA
Buyer Tour
PREPARED FOR
Westwood Homes Open House May 4th 2014
MAY 3, 2014
LISTINGSCloud CMA
Map of All Listings
MLS # Status Address Price
1 14755837 A 376 DALEHURST AVE, Los Angeles $5,495,000
2 14756887 A 201 DENSLOW AVE, Los Angeles $3,500,000
3 14757295 A 733 MALCOLM AVE, Los Angeles $3,450,000
4 14741471 A 441 DALEHURST AVE, Los Angeles $2,795,000
5 14752373 A 551 DALEHURST AVE, Los Angeles $2,750,000
6 14757151 A 243 TILDEN AVE, Los Angeles $2,525,000
7 14733319 A 11150 W SUNSET BLVD, Los Angeles $2,099,000
8 14757001 A 1421 THAYER AVE, Los Angeles $2,095,000
9 14756213 A 2255 MIDVALE AVE, Los Angeles $1,529,000
10 14757073 A 2000 GLENDON AVE, Los Angeles $1,395,000
11 14753927 A 2151 GLENDON AVE, Los Angeles $1,350,000
MLS # Status Address Price
12 14756993 A 1945 S BENTLEY AVE, Los Angeles $1,349,000
13 14755101 A 2144 MIDVALE AVE, Los Angeles $1,275,000
14 14754891 A 2361 PELHAM AVE, Los Angeles $1,198,966
Status: A = Active
MLS#14755837
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Property Details
$5,495,000376 DALEHURST AVE, Los Angeles
Courtesy of Coldwell Banker-BH NorthLISTING INFORMATION
MLS#: 14755837 Beds: 4 Sq Ft: 4,442 List Date: 4/27/14
Status: Active Baths: 5/1 Year Built: 1941 DOM: 6
FEATURES
Status details: Active; Appliances: Dishwasher,Freezer,Garbage Disposal,Refrigerator,Washer; Interior: Bar;Floors: Carpet,Hardwood; Cooling: Central A/C; Heating: Central Furnace; View: Tree Top View; TB mapcode: 632B1; Zoning: LAR1; Pool: Black Bottom,Heated And Filtered (N),Private Pool; Spa: Heated; CDOM:6; Lot description: Walk Street; Lotsize: 20441;
REMARKS
This captivating estate home is set high atop a grassy knoll on a 20,441 sq. ft. corner lot in the most desirable part ofLittle Holmby. Beautifully bricked pathways lead to a columned front entry. Enter into a 2 story generous foyer withcircular staircase. Impressive living room with rich toned wood floors, recessed lights, crown moldings, fireplace &French doors. Huge cook's kitchen, large open breakfast rm with streaming light. Open, airy dining room leading toa large gracious sunroom. Classic wood paneled den with temperature controlled wine closet & bar. SubstantialMaster bedroom ste; 3 walk-in closets, polished master bath & wonderful office. 2 additional ensuite bedrooms.Maid's room & bath, laundry rm, 2 car garage with huge office attached. The backyard offers alfresco dining in thisprivate & lush entertainer's paradise, anchored by brick courtyards, pool, spa, pool ba...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14755837
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$5,495,000376 DALEHURST AVE, Los Angeles
MLS#14755837
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$5,495,000376 DALEHURST AVE, Los Angeles
MLS#14756887
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Property Details
$3,500,000201 DENSLOW AVE, Los Angeles
Courtesy of Sotheby's International RealtyLISTING INFORMATION
MLS#: 14756887 Beds: 5 Sq Ft: 3,900 List Date: 4/30/14
Status: Active Baths: 3/2/0/0 Year Built: 1937 DOM: 3
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Floors:Hardwood,Tile (N); Cooling: Air Conditioning,Zoned A/C; Heating: Central Furnace; View: Ocean View,OtherView; TB map code: 631J1; Zoning: LAR1; Pool: Heated,Other; Patio: Covered Porch,Patio Open; CDOM:3; Builders tract name: WESTWOOD HILLS; Lotsize: 15613;
REMARKS
Basking on a private knoll in convenient Westwood Hills is a gracious, 1937 Colonial Revival, architect-designedhome, updated in keeping with today's comforts, yet maintaining the charm of the period. The floor planemphasizes the indoor-outdoor opportunities to enjoy the pleasant, year-round Westside weather. Well maintainedand cherished, the current owners immediately recognized the value for entertainment, recreation and safety. Built onan elevated, private lot, the home beckons guests into the adjoining patios and a flat grassy yard with a saltwaterswimming pool. This is the quintessential home for anyone with East Coast sensibilities. Experience the convenience,recreation, entertainment, security, views, and privacy. About 15 minutes to Santa Monica and Pacific Palisadesbeaches and bike paths, and a mere 5 minutes to Westwood. Warner Elementary School is a highly-rated K-5.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14756887
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$3,500,000201 DENSLOW AVE, Los Angeles
MLS#14756887
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$3,500,000201 DENSLOW AVE, Los Angeles
MLS#14757295
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Property Details
$3,450,000733 MALCOLM AVE, Los Angeles
Courtesy of Coldwell Banker-BH SouthLISTING INFORMATION
MLS#: 14757295 Beds: 5 Sq Ft: 3,337 List Date: 5/1/14
Status: Active Baths: 5/1 Year Built: 1935 DOM: 2
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Refrigerator,Washer; Interior: Pre-wired for high speedData,Phone System,Other; Floors: Hardwood,Mixed (N),Tile (N); Cooling: Air Conditioning; Heating: HotWater Radiant Floor (N); View: Other View; TB map code: 632B2; Zoning: LAR1; Pool: Heated,Solar HeatedPool; Patio: Deck(s),Wood; CDOM: 2; Lotsize: 8217;
REMARKS
Remodeled in 2009 by Warren Wanger (in the school of Irving "Jack" Gill, The Dodge House), this 4 bed/4.5bathcontemporary home, plus 1bd/1ba guest house, is an entertainer's delight. Upon entering, guests will notice the niceflow of the open floor plan, the archways, and natural light warming the interior. The central stereo system fills thehome, patio, and pool area with music. No expense was spared in this remodel. From the solar-powered radiantheated floors, the 100+ year-old wood shipped from a barn in New England, T-1 lines, or Ipe wood patio, this homeis a true dream home!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14757295
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$3,450,000733 MALCOLM AVE, Los Angeles
MLS#14757295
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$3,450,000733 MALCOLM AVE, Los Angeles
MLS#14741471
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Property Details
$2,795,000441 DALEHURST AVE, Los Angeles
Courtesy of Eklipse Real EstateLISTING INFORMATION
MLS#: 14741471 Beds: 4 Sq Ft: 2,822 List Date: 3/12/14
Status: Active Baths: 2/1/1/0 Year Built: 1966 DOM: 52
FEATURES
Status details: Active; Appliances: Dishwasher,Refrigerator,Washer; Floors: Carpet; Cooling: AirConditioning,Central A/C; Heating: Central Furnace; View: No View; TB map code: 632C1; Zoning: LAR1;Patio: Brick; CDOM: 52; Lotsize: 7273;
REMARKS
Submit all offers! Charming two story traditional home on Dalehurst Ave in the Warner school district in primeLittle Holmby. Three Bedrooms upstairs, and one bedroom downstairs (potential maid's room). The Kitchen anddining room open up to the back yard patio area with a pool, perfect for entertaining family and friends. This verywell maintained home is the perfect opportunity to move onto one of the most desirable streets in Little Holmbyand customize it according to your own taste and needs.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14741471
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$2,795,000441 DALEHURST AVE, Los Angeles
MLS#14741471
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$2,795,000441 DALEHURST AVE, Los Angeles
MLS#14752373
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Property Details
$2,750,000551 DALEHURST AVE, Los Angeles
Courtesy of Coldwell Banker-BH SouthLISTING INFORMATION
MLS#: 14752373 Beds: 3 Sq Ft: 2,315 List Date: 4/17/14
Status: Active Baths: 3/1 Year Built: 1950 DOM: 16
FEATURES
Status details: Active; Floors: Hardwood,Slate; Cooling: Central A/C; Heating: Central Furnace; View: TreeTop View; TB map code: 632C1; Zoning: LAR1; CDOM: 16; Lotsize: 9094;
REMARKS
Gorgeous classic contemporary home, rebuilt in 2007 with designer style and taste inside and out. Quality finishesand upgrades include top- of -the line appliances, marble and granite kitchen and baths, wood floors, high ceilingsand abundant natural light. Large master offers walk-in closet, his and hers baths. Easy single story living and greatfor entertaining. Back of the home opens to beautifully landscaped yard and patio. Feels like new construction, trulymove in condition. All this on one of Little Holmby's best streets. Close to UCLA, Westwood Village,Holmby Parkand public transportation.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14752373
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$2,750,000551 DALEHURST AVE, Los Angeles
MLS#14752373
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$2,750,000551 DALEHURST AVE, Los Angeles
MLS#14757151
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Property Details
$2,525,000243 TILDEN AVE, Los Angeles
Courtesy of Coldwell Banker-BH NorthLISTING INFORMATION
MLS#: 14757151 Beds: 4 Sq Ft: 4,279 List Date: 5/1/14
Status: Active Baths: 4/0 Year Built: 1936 DOM: 2
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Floors:Hardwood,Tile (N); Roof: Shake; Cooling: Central A/C; Heating: Central Furnace; View: City LightsView,Tree Top View; TB map code: 631J1; Zoning: LAR1; Pool: Private Pool; CDOM: 2; Lot description:Lot Shape-Rectangular; Lotsize: 9498;
REMARKS
Gorgeous traditional with fabulous curb appeal and impeccable mature landscaping. Enter this lovely home to grandcircular iron staircase with fabulous large grand dining room with stately details and spacious living room w/ elegantmarble carved mantle. Eat-in kitchen with stainless appliances and separate prep nook. Wood paneled family roomw/ fireplace with entry into sun room w/ great built-in bar all opening to the backyard for great indoor/outdoorentertaining. Great master with newly remodeled bath and separate office area with beautiful treetop views. 2 largechildren's bedrooms with fabulous closet space and one en suite. 2bd bedroom connects to master bath with plentyof space to add additional bath. Separate maid's area down w/ bath Great storage space in basement and large atticspace with high pitched ceilings has endless possibilities. Backyard with over-sized...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14757151
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$2,525,000243 TILDEN AVE, Los Angeles
MLS#14757151
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$2,525,000243 TILDEN AVE, Los Angeles
MLS#14733319
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Property Details
$2,099,00011150 W SUNSET BLVD, Los Angeles
Courtesy of Coldwell Banker-BH SouthLISTING INFORMATION
MLS#: 14733319 Beds: 4 Sq Ft: 2,474 List Date: 1/29/14
Status: Active Baths: 1/2/1/0 Year Built: 1951 DOM: 94
FEATURES
Status details: Active; Floors: Carpet,Hardwood,Other; Cooling: Central A/C; Heating: Central Furnace;View: No View; TB map code: 631J1; Zoning: LAR1; Patio: Patio Open; CDOM: 94; Number of units: 1;Lotsize: 13048;
REMARKS
WALLED AND GATED REDONE 1STY TRADITIONAL W/A CHIC CONTEMPORARY FLAIR. HI CLNGS,MOULDINGS, & DARK WD FLRS. 4BD (2 POSS MASTERS). GORGEOUS BATHS. FANTASTIC CENTER-ISLEKITCH. QUALITY FINISHES THROUGHOUT. 'GREAT' RM & FAM RM OPEN TO PATIOS, BIG GRASSYYARD, & GARDENS. MASTER SUITE W/BIG WALK-IN/LUXE BA. TREMENDOUS OFF-STREET PARKING.PERFECTLY POSITIONED ON FAMED SUNSET BOULEVARD.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14733319
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$2,099,00011150 W SUNSET BLVD, Los Angeles
MLS#14733319
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$2,099,00011150 W SUNSET BLVD, Los Angeles
MLS#14757001
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Property Details
$2,095,0001421 THAYER AVE, Los Angeles
Courtesy of Coldwell Banker-BH SouthLISTING INFORMATION
MLS#: 14757001 Beds: 5 Sq Ft: 3,080 List Date: 5/1/14
Status: Active Baths: 5/0 Year Built: 1948 DOM: 2
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Floors:Carpet,Hardwood; Cooling: Central A/C; Heating: Central Furnace; View: No View; TB map code: 632C3;Zoning: LAR1; CDOM: 2; Lotsize: 7232;
REMARKS
Wonderful Traditional corner 5 bd/5 ba home in prime Westwood neighborhood. Large living room w/fireplace.Large formal dining room leads to updated kitchen & open family room. Family room has glass doors w/view tograssy backyard & large patio. Master suite plus two bedrooms along main hallway w/updated bathrooms. Fourthbedroom off the kitchen, perfect for office. Large downstairs room w/large bathroom & closets makes wonderfulscreening room, playroom and/or guest room. Situated on a beautiful tree lined street. Wonderful home to entertainfamily and friends inside & out.~~
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14757001
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$2,095,0001421 THAYER AVE, Los Angeles
MLS#14757001
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$2,095,0001421 THAYER AVE, Los Angeles
MLS#14756213
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$1,529,0002255 MIDVALE AVE, Los Angeles
Courtesy of Teles Properties, Inc.LISTING INFORMATION
MLS#: 14756213 Beds: 4 Sq Ft: 2,292 List Date: 4/30/14
Status: Active Baths: 2/1/0/0 Year Built: 1931 DOM: 3
FEATURES
Status details: Active; Appliances: Dishwasher; Floors: Hardwood; Cooling: Central A/C; Heating: CentralFurnace; View: No View; TB map code: 632C5; Zoning: LAR1; CDOM: 3; Lotsize: 6758;
REMARKS
Beautifully remodeled & expanded Romantic Spanish 4 bed/2.75 bath (4th bedroom is currently used as a familyrm). Incredible original character combined w/ modern living features and designer touches. Covered arched porchleads to formal entry. Living room w/ barrel ceiling and fireplace opens to spacious formal dining room with eleganttray ceiling. Totally remodeled kitchen with soapstone countertops, high-end stainless steel appliances,breakfast rmwith wainscoting & side yd & patio access. Master suite with remodeled master bath incl claw foot tub & Barcelonacement tile floor. Newly added sun-filledrear family room (also a great option as 4th bedroom master ste) w/skylight, custom tiled 3/4 bath, access to lushly landscaped garden patio w/ unique repurposed concrete steppingstones. Completely upgraded electric & plumbing throughout, new tankless wtr heater, central ac heat, or...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14756213
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$1,529,0002255 MIDVALE AVE, Los Angeles
MLS#14756213
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$1,529,0002255 MIDVALE AVE, Los Angeles
MLS#14757073
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$1,395,0002000 GLENDON AVE, Los Angeles
Courtesy of Partners Trust BrentwoodLISTING INFORMATION
MLS#: 14757073 Beds: 3 Sq Ft: 1,641 List Date: 5/1/14
Status: Active Baths: 2/0 Year Built: 1925 DOM: 2
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Floors:Hardwood,Mixed (N); Cooling: Central A/C; Heating: Central Furnace; View: No View; TB map code:632C5; Zoning: LAR1; CDOM: 2; Lotsize: 6754;
REMARKS
Tastefully redone in 2013, this beautiful Westwood Charter School Jewelbox is move-in ready for the mostdiscriminating buyers. Inviting floor-plan with sun-drenched spaces featuring an open living room with a cozyfireplace, formal dining room and bonus den area. Designer-done kitchen complete with Stainless Steel appliances,ample counter-space and breakfast area. Pristine, updated bathrooms with modern finishes and tiling. Fenced grassybackyard with private dining patio ideal for outdoor entertaining. Inside laundry, detached garage with additionaldriveway parking in a Prime Westwood location- this home is not to be missed!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14757073
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$1,395,0002000 GLENDON AVE, Los Angeles
MLS#14757073
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$1,395,0002000 GLENDON AVE, Los Angeles
MLS#14753927
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$1,350,0002151 GLENDON AVE, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertiesLISTING INFORMATION
MLS#: 14753927 Beds: 4 Sq Ft: 2,095 List Date: 4/24/14
Status: Active Baths: 3/0 Year Built: 1936 DOM: 9
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Refrigerator,Washer,Water Filter; Floors: Mixed (N);Cooling: Other; Heating: Central Furnace; View: Tree Top View; TB map code: 632C5; Zoning: LAR1;Patio: Covered Porch,Patio Open; CDOM: 9; Lotsize: 6759;
REMARKS
Lovely gated 4 bedrooms, 3 baths traditional home conveniently located within blocks of prestigious WestwoodCharter School! Additional detached studio with bathroom and private entry in backyard! 2,095 square foot mainhouse with 4 bedrooms including two master suites. French doors off kitchen opens to covered patio area and largebackyard, perfect for BBQs and entertaining. Rare attached 2-car garage with ample driveway parking. Well cared forwith new paint, sprinkler system, and landscaping. Move-in ready, a must see!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14753927
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$1,350,0002151 GLENDON AVE, Los Angeles
MLS#14753927
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$1,350,0002151 GLENDON AVE, Los Angeles
MLS#14756993
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$1,349,0001945 S BENTLEY AVE, Los Angeles
Courtesy of Keller Williams Rlty-Marina/LALISTING INFORMATION
MLS#: 14756993 Beds: 3 Sq Ft: 1,670 List Date: 5/1/14
Status: Active Baths: 3/0 Year Built: 1931 DOM: 2
FEATURES
Status details: Active; Appliances: Dishwasher; Floors: Hardwood,Tile (N); Cooling: Central A/C; Heating:Central Furnace; View: Other View; TB map code: 632B5; Zoning: LAR1; CDOM: 2; Lotsize: 4923;
REMARKS
Come see this Dramatic Westwood Mediterranean remodeled to perfection! This stunning home has 3 bedrooms & 3bathrooms with a very modern, & expansive living & dining area opening to an entertainers kitchen. High qualityupgrades & attention to detail throughout include hickory hard wood floors, wood beamed ceilings, originalfireplace, & contemporary hardware & lighting. Large chef's kitchen with top of the line appliances from Bertazzoni& Jenn-Air, center island & breakfast bar. Amazing master suite offering spa bath with skylight, large walk-in shower,claw foot tub, custom white oak dual vanity, Italian tile, & walk-in closet with built-ins. Charming outdoor spacesinclude a front courtyard with a 5 spout fountain, a back deck off the master & a back yard lounge surrounding afire pit. Finished garage with French Doors opening to lushly landscaped yard. New roof, copper plumbing,...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14756993
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$1,349,0001945 S BENTLEY AVE, Los Angeles
MLS#14756993
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$1,349,0001945 S BENTLEY AVE, Los Angeles
MLS#14755101
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$1,275,0002144 MIDVALE AVE, Los Angeles
Courtesy of Teles Properties, Inc.LISTING INFORMATION
MLS#: 14755101 Beds: 4 Sq Ft: 2,319 List Date: 4/24/14
Status: Active Baths: 2/1 Year Built: 1926 DOM: 9
FEATURES
Status details: Active; Appliances: Dishwasher; Floors: Hardwood,Slate; Cooling: Central A/C; Heating:Central Furnace; View: No View; TB map code: 632C5; Zoning: LAR1; Patio: Patio Open; CDOM: 61;Lotsize: 6750;
REMARKS
Updated 4 bed/2.5 bath Country English with spacious 2,319sf floor plan. Filled with natural light & ideal indoor/outdoor flow with french doors throughout. Enter front patio to living room w/ picture window, barrel ceiling &fireplace. Formal dining room w/ soffit ceiling & french doors opening to front patio, great for entertaining.Remodeled kitchen w/ granite countertops, slate-tiled flooring, stainless steel appliances leading to laundry room w/side yard access. Incredibly spacious master suite w/ vaulted ceiling, large walk-in closet & french doors to rear deck &privately landscaped yard w/ mature lemon tree. Master bathroom w/ marble finishes, dual sinks, separate shower &spa tub. Additional features include 3rd bedrm w/ french doors to deck, remodeled 2nd full bath & powder room,central a/c/heat, alarm system, freshly painted interior. Gated driveway w/ porte cochere & d...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14755101
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$1,275,0002144 MIDVALE AVE, Los Angeles
MLS#14755101
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$1,275,0002144 MIDVALE AVE, Los Angeles
MLS#14754891
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$1,198,9662361 PELHAM AVE, Los Angeles
Courtesy of Citiwide BrokerageLISTING INFORMATION
MLS#: 14754891 Beds: 3 Sq Ft: 1,960 List Date: 4/23/14
Status: Active Baths: 1/0 Year Built: 1947 DOM: 10
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Refrigerator,Washer; Interior: Furnished; Kitchen:Gourmet Kitchen (N),Island,Open to Family Room,Pantry,Remodeled (N); Floors: Bamboo,Concrete Slab; Roof:Asphalt Shingle; Cooling: Air Conditioning,Ceiling Fan(s),Central A/C; Heating: Central Furnace,Forced Air;View: Courtyard View; TB map code: 632D5; Zoning: LAR1; Patio: Concrete Slab; CDOM: 10; Water:Public Hook-Up Available; Lotsize: 6730;
REMARKS
Real Estate's Best Address! One of the most contemporary residence with extreme free flowing floor plan withwarmth and character to accommodate any style and demand with combination of concrete & bamboo flooring withsimplified lines and color pallets. Its beautifully updated kitchen with center island is a great place for entertainment.This home is equipped to handle the heat or the cold by having dual paned windows as well as central air/heat. Thedetached garage can be utilized as an office or a recreation room due to the fact that there are skylights, doors andwindows with a vaulted ceiling. There is also a rendering of a proposed two story home. One of the only residencesin the area to accommodate parking over seven automobiles above ground!! There is an allocated space for thepotential of an additional full size bathroom inside the current floor plan with pre- existing do...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#14754891
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$1,198,9662361 PELHAM AVE, Los Angeles
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$1,198,9662361 PELHAM AVE, Los Angeles
INFOCloud CMA
What Are Your Homebuying Goals?
With the dramatic rise and fall of housing prices over the last decade, consumers have new respect for homes asinvestments. But the flip side, is that your investment is still a home, one you’re likely to occupy for several years ormore.
Ownership
According to the annual Profile of Home Buyers and Sellers, compiled by the National Association of REALTORS®, theprimary reason buyers cite for purchasing a home is simply the desire to own, followed closely by the desire for morespace, and a change in the family situation.
For most people, buying a home is more about giving household members more comfortable living arrangements andputting them closer to jobs, favorite activities, other family and friends. What are your goals for buying a home? Youmight want a better home and neighborhood. You might want a different kind of living experience, such as moving froman apartment to a single-family home with a private garage and yard. Your family may be growing, so you have to thinkabout school districts and proximity to parks and other recreation.
If you’re not certain, you might think about what would change about your situation if you became a homeowner. You’lldefinitely be more established. If you’re like most homebuyers, you expect to stay in your new home about 10 years.
Equity
You’ll also build equity for yourself, instead of for someone else. Every payment you make, plus the rules of inflation willeventually allow you to recoup most if not all of your investment, or make a profit when you sell. Affordability may alsobe an important factor for you. The combination of low interest rates and low prices allows you to buy more home forthe money. Rents are rising, making ownership more affordable than renting in many areas, especially when you factorin tax incentives such as mortgage interest deductions and property taxes allowable as deductions against your income.
When you buy, make your goals long-term. Choose the home you think will serve your household’s needs the best for thelongest period of time, as it’s been proven that the longer you own a home, the more equity you’ll build. Today’s marketconditions and affordability, make it more likely that you will reach your homebuying goals, no matter what they are.
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The Homebuying Process
Follow These Steps
Get prequalified - Your lender will look at your income, credit scores, revolving debts, obligations such as child supportas well as the type of loan you choose. Other factors that impact how much home you can buy is the down payment;smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustablerate) will determine what you can afford in monthly payments.
Make your wish list - Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle -condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, butmuch more exterior and yard maintenance.
Hire a real estate professional - Your real estate professional should be expert in the area where you want to live andfamiliar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood andcan offer the best advice on homes in your range.
Select your home - No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suitsthe activities and needs of your household now and in the years ahead? Don’t buy more than you need or cancomfortably afford.
Make an offer - Your offer depends on the current market. If a home has been on the market a long time, you can askthe seller for a price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your realestate professional for advice.
Get an inspection - A home inspection is a professional third-party opinion of the home’s condition. The inspector willpoint out the age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the nextowner.
Get an appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, thebank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move towardclosing.
Go to closing - Once final negotiations are complete, the parties to the transaction meet at the escrow office. This couldbe a title company, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties.The lender pays the seller, minus any liens against the home such as the seller’s mortgage. Once all the disbursementshave been made, you get the keys to your new home, according to your agreement. Congratulations! You’re ready tomove into your new home
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Making an Offer
Before you submit an offer, have your agent pull up the most recent sold comparables (CMA) within a reasonable radiusof the home, so you can compare the home fairly in terms of location, size, features, and amenities. Next, ask your agentabout market conditions, so you can choose a strategy.
Strategy
In a buyer’s market, discounts are common because there are fewer buyers, more properties for sale, and home prices aresoft or falling. In a seller’s market, homes sell quickly for full price or higher because there are plenty of buyers and fewhomes for sale. Whether you are in a buyer’s market or a seller’s market, your goal is to buy the home at a fair price. Ifyou were the seller, what is the lowest possible price you’d accept?
Risk
Low-balling the seller is risky. If the seller feels insulted by your offer, you’ve lost the opportunity to negotiate. On theother hand, some sellers are simply unrealistic about their home’s value. Maybe your offer will be their wake-up call. Ifthe seller’s home is offered at a reasonable price, pay asking price or close to it. A home priced to sell will sell quickly.
Is there a way to sweeten your offer with a quick closing or an all-cash sale? To show the seller you’re serious, include acopy of your lender’s pre-approval letter, along with a cover letter summarizing your strengths as a buyer in terms ofcreditworthiness, flexibility in closing, and why you love this home. Include a copy of your comparables to show whyyou feel your offer is a fair price for the property. If your offer is conditional, such as your need to sell another homebefore closing on the seller’s, you’ll have to find a way to sweeten the deal, such as a full-price offer. Few sellers wouldaccept a discount and a contingency at the same time.
Reward
Your real estate professional will help you draft the offer with a price, estimated closing date, and terms, includingearnest money (a guarantee that you’ll perform as a buyer in good faith), final approval by your lender, and your right tohave an inspection. Once your offer is negotiated and accepted, your earnest money will be sent to the escrow agent'soffice. Now the inspections occur, and this is where the contract negotiations can break down. During the inspectionprocess, the inspector will tell you about the condition of appliances, heat and cooling systems, roofs, electrical andplumbing systems, etc, and if your future home is up to current city codes. You should only renegotiate a repair when itwasn’t obvious before, or when a system is unsafe or not functioning. Once the seller has agreed, your offer is now abinding contract, and you’ll proceed to closing.
INTRO
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Scott McIntoshColdwell Banker
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