News of the HomeFront

A look at the trends for September's real estate market in the East South area of the San Fernando Valley (Studio City, Toluca Lake, North Hollywood, Valley Village.

Alhough seasonal adjustment (back to school, holidays) is expected in September, the total number of listings is ways down compared to last year at this time. The ratio of failed escrows to opened escrows is still 1:3. The time from listing until the average seller gets to move/gets a check is 135 days. If a seller is pricing his property under market as the banks do for their REO's, they might beat that as the ratio of sales to listings is 21%. I am betting that 21% that did get into escrow were priced very well to appeal to today's very savvy buyer looking for the kind of purchase that he can make, with some assurance, that next year he won't regret it.

Tip to Buyers and Sellers:

BuildFax.com! This website looks like it is going to become a reference for buyers negotiating and current owners who may be trying to refinance, purchase insurance, decide on an addition.

This site will tell a prospective insurer, appraiser, purchaser, just what is permitted and what is not. It navigates thru 4000+ cities and counties, 72 million+ structures,  to obtain the permit records. If you currently own property you should check to see if everything on record is as you believe it should be. One of my clients, who does tax assessing in LA County, says that there is no warranty of the tax assessors  information. They get information, and  put it in the right place. They do not investigate. Their flag to get involved comes from outside.

There is a tri-monthly charge for BuildFax. It is $89.95. Current owners should start with tax and title records to verify their accuracy.That will correct anything BuildFax has to offer on your property. I can help you with title/tax assessor requests for data.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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