westwood homes open house december 8th, 2013
DESCRIPTION
This buyer tour booklet lists all the homes open in Westwood on Sunday December 8th, 2013.TRANSCRIPT
Cloud CMA
Buyer Tour
PREPARED FOR
Westwood Homes Open House December 8th,2013
DECEMBER 8, 2013
LISTINGSCloud CMA
Map of All Listings
MLS # Status Address Price
1 13685881 Active 10401 WYTON DR, Los Angeles $4,495,000
2 13673727 Active 850 THAYER AVE, Los Angeles $2,495,000
3 13687993 Active 10844 ROCHESTER AVE, Los Angeles $2,395,000
4 13721419 Active 1337 THAYER AVE, Los Angeles $1,789,000
5 13719065 Active 10658 ASHTON AVE, Los Angeles $1,725,000
6 13721673 Active 341 S BENTLEY AVE, Los Angeles $1,549,000
MLS#13685881
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Property Details
$4,495,00010401 WYTON DR, Los Angeles
Courtesy of Rodeo Realty - Beverly HillsLISTING INFORMATION
MLS#: 13685881 Beds: 9 Sq Ft: 7,371 List Date: Jul 15, 2013
Status: Active Baths: 6.00 Year Built: 1934 DOM: 146
FEATURES
Status details: Active; Appliances: Garbage Disposal; Kitchen: Pantry; Floors: Carpet,Hardwood; Cooling:Central A/C; Heating: Central Furnace; View: Hills View; TB map code: 632C1; Zoning: LAR1; Pool:Private Pool; Patio: Covered Porch; CDOM: 413; Number of units: 1; Lotsize: 21215;
REMARKS
Majestic estate in Little Holmby. The home is set back from the street on a beautiful knoll. It has a dramaticsweeping circular driveway, grand formal foyer and staircase. Living room. Family Room with Fireplace. MediaRoom with vaulted beamed ceiling. Formal dining room. Den/Office. Nine bedrooms. Six full baths, two powderbaths .Two master suites one with a sitting room, and the other with spa bathrooms. Very private garden and pool.Multiple patio and terrace spaces. Roof deck with amazing views.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13685881
How do you rate this property?
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Buyer Comments
$4,495,00010401 WYTON DR, Los Angeles
Courtesy of Rodeo Realty - Beverly HillsLISTING INFORMATION
MLS#: 13685881 Beds: 9 Sq Ft: 7,371 List Date: Jul 15, 2013
Status: Active Baths: 6.00 Year Built: 1934 DOM: 146
Comments:
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13685881
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Listing Photos
$4,495,00010401 WYTON DR, Los Angeles
MLS#13685881
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$4,495,00010401 WYTON DR, Los Angeles
COMMUNITY
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Area Schools
$4,495,00010401 WYTON DR, Los Angeles
School Type Phone Distance
Warner Avenue Elementary School Public/K-5 (310) 475-5893 0.25 mi
Sinai Akiba Academy Private/K-8 (310) 475-6401 0.57 mi
Marymount High School Los Angeles Private/9-12 (310) 472-1205 0.91 mi
Fairburn Avenue Elementary School Public/K-5 (310) 470-1344 0.96 mi
Harvard-Westlake School - Middle School Private/PK, K-12 (310) 274-7281 1.04 mi
El Rodeo Elementary School Public/K-8 (310) 229-3670 1.29 mi
St Paul The Apostle School Private/K-8 (310) 474-1588 1.33 mi
Ralph Waldo Emerson Middle School Public/6-8 (310) 234-3100 1.42 mi
Moreno High (Continuation) High School Alt./9-12 (310) 551-5100 1.54 mi
Beverly Hills High School Public/9-12 (310) 229-3685 1.65 mi
See more information on Los Angeles schools from Education.com.©Education.com, Inc. 2010. Use is subject to Terms of Service.
MLS#13673727
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Property Details
$2,495,000850 THAYER AVE, Los Angeles
Courtesy of Sotheby's International RealtyLISTING INFORMATION
MLS#: 13673727 Beds: 5 Sq Ft: 0 List Date: May 20, 2013
Status: Active Baths: 4.00 Year Built: 1940 DOM: 202
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Garbage Disposal,Refrigerator,Washer; Interior: Bar;Kitchen: Pantry; Floors: Hardwood; Cooling: None; Heating: Central Furnace; View: City Lights View; TBmap code: 632C2; Zoning: LAR1; Patio: Patio Open; CDOM: 202; Number of units: 1; Lotsize: 7497;
REMARKS
Stunning traditional two story in prime little Holmby. Completely remodeled with all todays modern conveniences.This beautiful home features 5 bedrooms including bonus room with 4 baths (square footage does not include thebonus room). The spacious formal living room with fireplace floors seemingly into the dinning room with Frenchdoors leading to a large deck that overlooks the grounds and views. Master suite has front facing terrace withfabulous walk-in closet with modern redone bath. The grounds are beautifully and meticulously landscaped and offera perfect setting for outdoor entertaining.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13673727
How do you rate this property?
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Buyer Comments
$2,495,000850 THAYER AVE, Los Angeles
Courtesy of Sotheby's International RealtyLISTING INFORMATION
MLS#: 13673727 Beds: 5 Sq Ft: 0 List Date: May 20, 2013
Status: Active Baths: 4.00 Year Built: 1940 DOM: 202
Comments:
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13673727
Cloud CMA
Listing Photos
$2,495,000850 THAYER AVE, Los Angeles
MLS#13673727
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$2,495,000850 THAYER AVE, Los Angeles
COMMUNITY
Data provided by
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Area Schools
$2,495,000850 THAYER AVE, Los Angeles
School Type Phone Distance
Warner Avenue Elementary School Public/K-5 (310) 475-5893 0.31 mi
Sinai Akiba Academy Private/K-8 (310) 475-6401 0.38 mi
Fairburn Avenue Elementary School Public/K-5 (310) 470-1344 0.49 mi
St Paul The Apostle School Private/K-8 (310) 474-1588 0.77 mi
Ralph Waldo Emerson Middle School Public/6-8 (310) 234-3100 0.87 mi
Marymount High School Los Angeles Private/9-12 (310) 472-1205 0.97 mi
Global Montessori School Of WestwoodPrivate, Montessori/
PK,K1.2 mi
Westwood Elementary School Charter/K-5 (310) 474-7788 1.29 mi
El Rodeo Elementary School Public/K-8 (310) 229-3670 1.39 mi
Moreno High (Continuation) High School Alt./9-12 (310) 551-5100 1.54 mi
See more information on Los Angeles schools from Education.com.©Education.com, Inc. 2010. Use is subject to Terms of Service.
MLS#13687993
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Property Details
$2,395,00010844 ROCHESTER AVE, Los Angeles
Courtesy of Nelson Shelton & AssociatesLISTING INFORMATION
MLS#: 13687993 Beds: 5 Sq Ft: 3,400 List Date: Jul 12, 2013
Status: Active Baths: 4.00 Year Built: DOM: 149
FEATURES
Status details: Active; Appliances: Dishwasher,Freezer,Garbage Disposal,Refrigerator; Floors: Hardwood;Cooling: Air Conditioning,Central A/C; Heating: Central Furnace,Fireplace; View: Other View; TB map code:632B3; Zoning: LAR1; CDOM: 149; Number of units: 1; Lotsize: 6305;
REMARKS
Buyer was not able to obtain the loan.so this would be your opportunity to be WELCOMED TO THISMASTERFULLY REBUILT 2 STORY CONTEMPORARY HOME LOCATED IN THE HEART OFWESTWOOD.THIS EXQUISITE PROPERTY IS BUILT WITH UTMOST QUALITY MATERIALS ANDWORKMANSHIP.LOCATED SOUTH OF WILSHIRE AND EAST OF WESTWOOD BLVD.ON A PRIMECORNER LOT ONLY BLOCKS FROM UCLA AND WESTWOOD VILLAGE.THIS IS AN EXCEPTIONALLYLUMINESCENT HOME WITH AN OPEN FLOOR PLAN, HIGH CEILINGS AND OVERSIZED FRONTENTRY.A FEW MORE ADDED BONUSES ARE TWO FIREPLACES,TOP OF THE LINE APPLIANCES IN ASTUNNING KITCHEN,WOOD FLOORS THROUGH OUT THE HOME AND AN OFFICE WHICH CANSERVE AS A FIFTH BEDROOM. ENJOY THE EXCITEMENT OF WESTWOOD WITH THE COMFORT OFMODERN LIVING. CERTIFICATE OF OCCUPANCY HAS BEEN ISSUED 07-18-2013.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13687993
How do you rate this property?
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Buyer Comments
$2,395,00010844 ROCHESTER AVE, Los Angeles
Courtesy of Nelson Shelton & AssociatesLISTING INFORMATION
MLS#: 13687993 Beds: 5 Sq Ft: 3,400 List Date: Jul 12, 2013
Status: Active Baths: 4.00 Year Built: DOM: 149
Comments:
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13687993
Cloud CMA
Listing Photos
$2,395,00010844 ROCHESTER AVE, Los Angeles
MLS#13687993
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$2,395,00010844 ROCHESTER AVE, Los Angeles
COMMUNITY
Data provided by
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Area Schools
$2,395,00010844 ROCHESTER AVE, Los Angeles
School Type Phone Distance
St Paul The Apostle School Private/K-8 (310) 474-1588 0.29 mi
Ralph Waldo Emerson Middle School Public/6-8 (310) 234-3100 0.4 mi
Global Montessori School Of WestwoodPrivate, Montessori/
PK,K0.61 mi
Fairburn Avenue Elementary School Public/K-5 (310) 470-1344 0.7 mi
Westwood Elementary School Charter/K-5 (310) 474-7788 0.92 mi
New Horizon School Westside Private/PK,K-5 (310) 231-6092 0.99 mi
Nora Sterry Elementary School Public/K-5 (310) 473-2172 1.0 mi
Sinai Akiba Academy Private/K-8 (310) 475-6401 1.02 mi
Warner Avenue Elementary School Public/K-5 (310) 475-5893 1.06 mi
St Sebastian School Private/1-8 (310) 473-3337 1.23 mi
See more information on Los Angeles schools from Education.com.©Education.com, Inc. 2010. Use is subject to Terms of Service.
MLS#13721419
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Property Details
$1,789,0001337 THAYER AVE, Los Angeles
Courtesy of Coldwell Banker-BrentwoodLISTING INFORMATION
MLS#: 13721419 Beds: 3 Sq Ft: 2,337 List Date: Nov 27, 2013
Status: Active Baths: 3/0 Year Built: 1931 DOM: 11
FEATURES
Status details: Active; Appliances: Dishwasher,Freezer,Garbage Disposal,Refrigerator; Floors: Hardwood,Tile(N); Cooling: Air Conditioning,Zoned A/C; Heating: Central Furnace,Zoned; View: No View; TB map code:632C3; Zoning: LAR1; Patio: Covered Porch,Patio Open; CDOM: 11; Water: In Street; Lotsize: 6854;
REMARKS
A newly restored 1931 courtyard Spanish in prime Westwood. A private, elevated & enclosed courtyard invitesromantic dinners & parties, as well as a great space for everyday outdoor living. A spacious entry w/an originalstained glass window opens w/arches to a hand painted & wood beamed ceiling in the living rm w/huge picturewindow & arched built-in bookcases. A large formal dining rm w/custom iron doors for the wine closet. Updatedkitchen w/professional grade appliances, tile floor & charming tiled breakfast room. Original carved doors, hardwareand lighting . There is a large Master & new bath remodeled w/hand painted tiles. The other 2 bdrms also haveremodeled baths. A new roof, new copper plumbing, new tankless water heater, refinished hardwood floors & newfront & backyard landscaping are some of the recent improvements.Great schools and walking to shops, restaurants& movies...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13721419
How do you rate this property?
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Buyer Comments
$1,789,0001337 THAYER AVE, Los Angeles
Courtesy of Coldwell Banker-BrentwoodLISTING INFORMATION
MLS#: 13721419 Beds: 3 Sq Ft: 2,337 List Date: Nov 27, 2013
Status: Active Baths: 3/0 Year Built: 1931 DOM: 11
Comments:
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13721419
Cloud CMA
Listing Photos
$1,789,0001337 THAYER AVE, Los Angeles
MLS#13721419
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$1,789,0001337 THAYER AVE, Los Angeles
COMMUNITY
Data provided by
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Area Schools
$1,789,0001337 THAYER AVE, Los Angeles
School Type Phone Distance
Fairburn Avenue Elementary School Public/K-5 (310) 470-1344 0.1 mi
Sinai Akiba Academy Private/K-8 (310) 475-6401 0.35 mi
St Paul The Apostle School Private/K-8 (310) 474-1588 0.62 mi
Ralph Waldo Emerson Middle School Public/6-8 (310) 234-3100 0.66 mi
Warner Avenue Elementary School Public/K-5 (310) 475-5893 0.7 mi
Westwood Elementary School Charter/K-5 (310) 474-7788 0.91 mi
Global Montessori School Of WestwoodPrivate, Montessori/
PK,K0.97 mi
El Rodeo Elementary School Public/K-8 (310) 229-3670 1.16 mi
Moreno High (Continuation) High School Alt./9-12 (310) 551-5100 1.23 mi
St Timothy School Private/PK,K-8 (310) 474-1811 1.32 mi
See more information on Los Angeles schools from Education.com.©Education.com, Inc. 2010. Use is subject to Terms of Service.
COMMUNITYCloud CMA
Area Restaurants
$1,789,0001337 THAYER AVE, Los Angeles
Name Type Distance Rating
RockSugar Pan Asian Kitchen Asian Fusion, Indian, Thai 0.65 mi1112 reviews
Craft American (New) 0.88 mi1024 reviews
Totoraku Japanese 1.3 mi155 reviews
Da Pasquale Restaurant Italian, Pizza 1.37 mi232 reviews
Urasawa Japanese 1.75 mi351 reviews
South Beverly Grill American (New) 1.82 mi225 reviews
Spago American (New), Asian Fusion, Japanese 1.92 mi914 reviews
The Bazaar Spanish, Basque, Lounges 3.13 mi2088 reviews
Melisse French, Seafood 4.31 mi633 reviews
Genwa Korean Bbq Korean, Barbeque 5.09 mi1279 reviews
Providence American (New), Seafood, Food Delivery Services 5.94 mi1505 reviews
Soowon Galbi KBBQ Restaurant Korean, Barbeque 7.94 mi1352 reviews
MLS#13719065
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Property Details
$1,725,00010658 ASHTON AVE, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertLISTING INFORMATION
MLS#: 13719065 Beds: 3 Sq Ft: 1,985 List Date: Nov 14, 2013
Status: Active Baths: 3.00 Year Built: 1933 DOM: 24
FEATURES
Status details: Active; Appliances: Dishwasher,Dryer,Freezer,Garbage Disposal,Refrigerator,Washer; Floors:Hardwood; Cooling: Central A/C; Heating: Central Furnace; View: No View; TB map code: 632C3; Zoning:LAR1; Pool: No Pool; CDOM: 24; Number of units: 1; Lotsize: 6501;
REMARKS
THIS CHARMING AND AUTHENTIC SPANISH GEM WITH MODERN TOUCHES EXUDES CHARACTERWHILE MAINTAINING A GREAT LIVING FLOW. LOCATED IN AN IDEAL PART OF WESTWOOD, THISHOME BOASTS THREE BEDROOMS AND THREE BATHS, WHICH DOESN'T INCLUDE A BONUS AREAPERFECT FOR AN OFFICE. IT HAS A CARPORT AND A TWO CAR DETACHED GARAGE, WHICHCREATES ALL SORTS OF CREATIVE POSSIBILITIES.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13719065
How do you rate this property?
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Buyer Comments
$1,725,00010658 ASHTON AVE, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertLISTING INFORMATION
MLS#: 13719065 Beds: 3 Sq Ft: 1,985 List Date: Nov 14, 2013
Status: Active Baths: 3.00 Year Built: 1933 DOM: 24
Comments:
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13719065
Cloud CMA
Listing Photos
$1,725,00010658 ASHTON AVE, Los Angeles
COMMUNITY
Data provided by
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Area Schools
$1,725,00010658 ASHTON AVE, Los Angeles
School Type Phone Distance
Fairburn Avenue Elementary School Public/K-5 (310) 470-1344 0.25 mi
St Paul The Apostle School Private/K-8 (310) 474-1588 0.38 mi
Ralph Waldo Emerson Middle School Public/6-8 (310) 234-3100 0.47 mi
Sinai Akiba Academy Private/K-8 (310) 475-6401 0.55 mi
Warner Avenue Elementary School Public/K-5 (310) 475-5893 0.71 mi
Global Montessori School Of WestwoodPrivate, Montessori/
PK,K0.8 mi
Westwood Elementary School Charter/K-5 (310) 474-7788 0.9 mi
Marymount High School Los Angeles Private/9-12 (310) 472-1205 1.27 mi
New Horizon School Westside Private/PK,K-5 (310) 231-6092 1.39 mi
Nora Sterry Elementary School Public/K-5 (310) 473-2172 1.42 mi
See more information on Los Angeles schools from Education.com.©Education.com, Inc. 2010. Use is subject to Terms of Service.
MLS#13721673
Cloud CMA
Property Details
$1,549,000341 S BENTLEY AVE, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertLISTING INFORMATION
MLS#: 13721673 Beds: 4 Sq Ft: 2,347 List Date: Nov 29, 2013
Status: Active Baths: 3/0 Year Built: 1937 DOM: 9
FEATURES
Status details: Active; Appliances: Refrigerator; Floors: Carpet,Hardwood; Mello Roos: No; Cooling:Central A/C; Heating: Central Furnace; View: No View; TB map code: 631J2; Zoning: LAR1; Pool: NoPool; Spa: None; Patio: Covered Porch,Enclosed; CDOM: 9; Water: In Street; Cross streets: SUNSET;Number of units: 1; Lotsize: 8024;
REMARKS
Beautiful and exquisite traditional home on one of the most desirable and highly sought after quite streets in primeWestwood location. First time on the market in over 50 years from original owner. 4 bed 3 bath home with bonus/office. Large formal dining and living rooms perfect for entertaining. Superbly preserved with all of its originalcharm and elegance. Authentic original detail including, gleaming wood floors. moldings and pitched beamed walnutceilings. Enclosed sun room leads to outdoor private backyard with stoned BBQ, grassy area and mature trees,including front original majestic giant magnolia. Short walking distance (in seconds) to Montana bus stop,centralized walking location to the village, UCLA, nearby shops and restaurants. Spectacular original condition withall the characteristics that one always dreams of. Warner elementary school district. 2 car direct access ...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13721673
How do you rate this property?
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Buyer Comments
$1,549,000341 S BENTLEY AVE, Los Angeles
Courtesy of Berkshire Hathaway HomeServices California PropertLISTING INFORMATION
MLS#: 13721673 Beds: 4 Sq Ft: 2,347 List Date: Nov 29, 2013
Status: Active Baths: 3/0 Year Built: 1937 DOM: 9
Comments:
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
MLS#13721673
Cloud CMA
Listing Photos
$1,549,000341 S BENTLEY AVE, Los Angeles
MLS#13721673
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$1,549,000341 S BENTLEY AVE, Los Angeles
COMMUNITY
Data provided by
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Area Schools
$1,549,000341 S BENTLEY AVE, Los Angeles
School Type Phone Distance
Brentwood School Private/K-12 (310) 476-9633 0.78 mi
Community Magnet Charter Elementary School Charter/K-5 (310) 476-2281 0.85 mi
Archer School For Girls Private/6-12 (310) 873-7000 0.89 mi
Marymount High School Los Angeles Private/9-12 (310) 472-1205 1.05 mi
St Martin Of Tours Elementary School Private/K-8 (310) 472-7419 1.12 mi
John Thomas Dye School Private/K-6 (310) 476-2811 1.28 mi
St Sebastian School Private/1-8 (310) 473-3337 1.62 mi
University Senior High School Public/8-12 (310) 914-3500 1.66 mi
Indian Springs Continuation Alt./9-12 (310) 914-3600 1.7 mi
Brentwood Science Elementary School Magnet/K-5 (310) 826-5631 1.7 mi
See more information on Los Angeles schools from Education.com.©Education.com, Inc. 2010. Use is subject to Terms of Service.
INFOCloud CMA
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
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.
INFOCloud CMA
How to Decide Which Home to Buy
Buying a home is a long-term commitment. The home you buy should be affordable, yet offer the size, features andamenities you and your family want.
Affordability
Your monthly payments should be comfortable for you to handle, in relationship to your total obligations, about 28%of gross monthly income. Your house payment and your debts should not exceed 36% of your income, includingrevolving credit, student loans, and child support. You should also be in the correct loan for your needs. A fixed rate ismore expensive, but offers more protection than an adjustable rate mortgage that can reset to a higher amount, makingyour monthly payments higher.
Also, consider the monthly operating costs of the home including utilities, HOA fees, landscaping, commuting, andother costs.
Location
Location is about convenience, and you’ll pay a premium to be closer to work centers, parks, shopping andtransportation. You can buy a smaller home, or you can buy a home in need of updates to get closer to where you needto be. Think about your commutes to frequent destinations, including jobs, schools, family and friends. To get “morehouse,” you may have to move further away from core city centers.
Features
Make a list of must-have features so you can narrow your home search. A front porch, a two-car garage, hardwood floors,and eat-in kitchen can all add to the enjoyment of your home. Just as important is how your home is designed. Thenumber of bedrooms and baths should suit your household members, and the layout should suit your lifestyle. If youlike to entertain, you should have plenty of dining space and storage for dishes and cookware. If you frequently work athome, you’ll need a home office or at least a quiet designated workspace. Just make sure the home you choose allowsroom for your family to grow.
Talk to your lender and see what you can qualify to buy, then talk with your real estate professional about the home youhave in mind. With professional guidance, you should be able to find and buy the home of your dreams, where you’ll behappy for a long time to come.
INFOCloud CMA
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.
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Scott McIntoshColdwell Banker
BRE number 01759826
Mobile 310-500-6107
Web www.scott-mcintosh.com
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Address 11999 San Vicente Blvd. Suite 100, LACA 90049
Office 310-979-3942
Cloud CMA
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