Low Housing Inventory meets Thousands of Eager Buyers.

The new year is in full swing, and the inventory crunch has not gotten much better for Westside Home Buyers. With many homes being snatched off the market in a week or less, some Buyer's are feeling frustration.

An enormous portion of the homes I have seen in the last three months have sold with multiple offers, some receiving dozens of offers per day!With interest rates so low, and the prices seemingly on the rise, many Buyers are hoping to get in while the getting is good, and are finding this is much easier said than done.

We are seeing many Buyer having to wait significantly longer than they did even 6 months ago to find a home, and as such as much more willing to really fight to get it when it comes available. We are seeing the result of this in the prices, as a large amount of homes as selling well over asking.

This article in the LA Times shows some of the trending. They also note that while rates are low- bank criteria is still incredibly stringent and only the Buyers who are absolutely prepared and ready can close in 45 days. This means that if your lender or mortgage broker asks you for something- make it your first priority to get it back to him/her. I generally like to give my clients the Three-Hour rule. If you can get the loan officer or lender the documents they have requested within 3 hours- they can often complete the task that day. If you wait longer, you risk pushing back that part of the process and that could lead to a delay in Escrow.

Today's Tip- Clean out under your sinks. We all know that nice, large area under our sinks can become cluttered with cleaning materials, grocery bags and odds and ends. Take some time to clean it out this week! If you need to do an emergency repair to your sink, or lose something down the drain- the extra accessibility will be so appreciated!

Also-we're hitting record low temperatures in LA, and while our cold is nothing compared to many places across the country... our heaters and fireplaces are in full swing. Practice caution and make sure to keep everything flammable away from those areas!

LA Times talks Home Sales

The Los Angeles Times featured as it's top story this weekend a commentary on the current housing market in Los Angeles. Citing the Census Bureau, Redfin, the National Association of Realtors and several others, writer Alejando Lazo brings to light what every agent and anyone currently in the market is experiencing: we are in a very unique time in the housing market.

Buyers are enjoying the benefits of record-low interest rates and prices well below they saw during the peak, and Sellers are seeing an extreme lack of inventory which is, in many cases, leading to multiple offers (on the Westside we have seen many properties with over 15 offers, and a few properties with over 30!!).

So if you are a Buyer- please expect to see a LOT of people at every open house you attend, and understand that you must be ready to move quickly if the right property comes along! All cash is usually best to a Seller, if you can swing it, but if you need to go with financing- interest rates are at an all-time low so make sure to get PreApproved (not PreQualified) to put yourself in the best position possible for the Sellers to consider you a serious Buyer!

Tip of the Week: Get a duster, a rag and/or some polish and get to work cleaning those banisters! If you do not have banisters in your house- you definitely have window sills and I bet they'd love a nice scrub before they are opened all summer long! Consider using a homemade formula of vinegar and water, or something natural you find in the grocery store like Nellie's brand products to keep toxins out of your house! Feel free to take a look at these Great Options!

Almost June!

It's almost June and we are ready to welcome Summer with some exciting news for homebuyers, and homeowners looking to refinance their homes! According to Zunaira Zaki of the Yahoo News team, mortgage rates are reaching new record lows! Most astoundingly, a 15 year mortgage rate is being offered at 2.97%!!

Of course it can be difficult to find or obtain these loans, and near perfect credit is a must, but they are out there! If that isn't a good reason to pack up and 

This week I'd also like to talk about the importance of a good Escrow Officer. California handles the Escrow process differently than many other states in that we employ an independent company we call an Escrow Company to act as liaison between Buyer and Seller in the transfer of documents, funds, etc. (For a very lengthy and in-depth look at Escrow Companies check out this Department of Real Estate resource HERE).

As you run around this summer looking for houses, or just enjoying your time outside- make sure to continuously apply sunscreen!  Consumer Report issued a statement recently on the best and worst sunscreens to keep an eye out for.

BEST BUYS:

• No-Ad lotion with aloe &vitamin E, SPF 45, $.59/ounce
• Walgreens continuous spray sport, SPF 50, $1.30/ounce
• Coppertone oil-free foaming spray, SPF 75+, $1.67/ounce

WORST CHOICES:

• Alba Botanical natural very emollient sunblock sport, SPF 45
• Banana Boat Kids tear-free, sting-free, SPF 50+