Danny Batsalkin | Los Angeles Real Estate | 310.623.8711

HELLO Mr. Los Angeles Expired Listing ... why do YOU think your home didn't sell?

Ineffective agent and marketing program, price too high, house didn't show well, bad market, ALL of the above?

The truth of the matter is that sometimes good homes, just like yours, don't sell the first time around. Don't be discouraged! There is hope and if you are motivated, your home can and will SELL!

Here are the Top 5 Reasons that cause a home to not sell:

1. It needs more exposure! Simple supply and demand tells us that if something doesn't have enough exposure, it won't sell for the highest price. Let me give you an example. I could build the fastest, shiniest, coolest car but if no one knows about it, I probably won't sell it, or at least not quickly and for top market price. Same applies for homes. More exposure = more demand = higher price and quicker sale. Coincidentally, this is the same reason that FSBO's don't sell for top market price!

2. 40% of Homes Are Sold As a Result of Direct Agent Contact! I bet you thought that all homes sell simply as a result of being put into the MLS. Unfortunately, that's not the case and a large percentage of homes put into the MLS expire or otherwise go unsold. In today's market, many homes sell due to aggressive and active marketing campaigns, including social media, executed by real estate professionals.

3. The Home Must Be In "Showing Condition." If you went to a car dealer and saw a dirty, stinky car with trash inside, would you be inclined to pay top market price? Probably not. Same goes for your home. In order to get top market price, your home needs to look like a "model" home. Do homes that don't look good still sell? Of course, but they always sell for less than top market value. By the way, is it annoying to have your home in showing condition for a long time? You betcha! If you want to limit the amount of time you have to keep your home in this condition, price your home accurately so that it sells fast and for top market price!

4. The Home Must be Strategically Priced. All the marketing and latest technology in the world won't sell a home that's overpriced. In today's market, buyers have choices and, all other things being equal, they're going to buy a less expensive home if possible. Strategic pricing is the difference between receiving multiple offers and selling your home for top market value quickly, and having your home languish on the market for months and months, resulting in price reductions and frustration for you.

5. Buyers Must Be Able To Know About Your Property 24 Hours Per Day, 7 Days Per Week. Like it or not, buyers are now searching for homes online and offline at all times of the day (and night). If they can't get the information they need about your home instantly, they're going to move on to the next home. Find out how we are able to attract 300% to 400% more buyer activity on our listings using one of our unique active marketing methods.

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For the last 7 years, I have specialized in helping people sell their homes when other agents couldn't do it or simply gave up trying. Give me a call at 310.933.4281 or shoot me an e-mail for a complimentary home consultation and evaluation. No strings attached. I promise.

5 Reasons To Price Your Beverly Grove Area Home Right, And How To Do It! (Part 1 of 2)

If you are planning on moving and will need to sell your Beverly Grove, Los Angeles home, the most important aspect of selling your home will be the initial price that you set on your home.

That's right ... the initial price is the most critical aspect of getting your home sold quickly and for top market price.

Here are 5 reasons why ...

1. The INITIAL price is the MOST important because ... according to online statistics, brand new listings get 4 TIMES as many viewings in the initial week as they do afterwards. Serious buyers looking at Beverly Grove homes and other homes in the Los Angeles area are searching online every day and get very excited about a brand new listing. If you blow the initial price, the buyer who may have bought your home if it was priced right will move right along to the next, appropriately priced home, and buy that one.

2. "I want to price high to leave room for negotiation" and "we can always reduce in a few weeks." As a Beverly Grove, Los Angeles area real estate expert, I hear these lines a lot, and they sound reasonable enough, right? Wrong! Buyers are savvy and have plenty of choices in the current market climate. Agents also don't want to waste time driving their clients around and showing them overpriced homes. Remember, there will be no negotiation if your buyer never sees or puts an offer on your home. It is a far better strategy to price accurately and have multiple buyers bidding for your home ... but more on that later!

3. An overpriced home gets fewer showings and less exposure, resulting in longer than necessary time on market and a lower ultimate selling price. First, the longer the home stays on the market, the more money it costs you to hold it (pay your mortgage, property taxes, etc.). Also, the longer a home stays on the market, the more of a discount buyers will seek. Second, the laws of supply and demand tell us that the less exposure your home gets, the lower the demand, and thus the lower the ultimate selling price.

4. Pricing Your Beverly Grove, Los Angeles area home right initially is more likely to lead to multiple offers! Ever heard of eBay? Have you seen an item on eBay get into a bidding war and sell for more than it probably would have if there was only one buyer? The reason this happens is because people get emotional, excited and competitive. Price your home right and watch as multiple buyers put in offers. Price your home too high and watch as no one puts in an offer, resulting in future price reductions.

5. I almost forgot ... having your home on the market for a long time really sucks ... for everyone! Not many people talk about this, but it's very frustrating for you as the owner to have your home on the market for a long time. You have to keep it in "showing condition" at all times and you have strangers looking at your home, in the cabinets, closets, etc. at all times. Aside from the monetary issues discussed above, there is an emotional factor to having your home on the market for a long time, and the results are not good. Wouldn't it be better to price your home accurately and get it sold in just a few days, for top market price?

In my next article, I will discuss how to price your Beverly Grove are home right the first time!

Can't wait? Give me a call at 310.933.4281 or e-mail me for a complimentary, no-strings attached market analysis of your home. I'll tell you exactly what your home will sell for in today's market.

-- Danny

Danny Batsalkin of Boulevard Realty was featured in a story in the Los Angeles Times on Sunday, August 29, 2010 ...

Foreclosures of million-dollar-plus homes on the rise

by Lauren Beale

A small excerpt ...

The number of homes in the $1-million-and-up slice of the market that have become bank owned has tripled during the last three years in Los Angeles County, and the trend has shown little sign of slowing.

Not every REO is owned by a bank. Sometimes the new owner is a private money lender. One such corporate-owned REO in the Beverly Hills Post Office area is an 11,000-square-foot Mediterranean on more than two acres with a tennis court and swimming pool that is priced at $7,999,000.

The original owner had purchased the property in the 1990s, but after borrowing against the property for a business that didn't survive the economic downturn, he couldn't support the payments, said listing agent Danny Batsalkin of L.A.-based Boulevard Realty. Unlike the bank-owned competition, the house comes with an offer of financing — 20% down at a 5.99% interest rate and three years of interest-only payments. "This does make it more attractive," Batsalkin said. Changes in banking requiring full-documentation loans have altered the financing picture in the upper end of the market, Goldman said. "In 2006, you could borrow 70% to 80% on a $10-million house," he said. "Today you might need 50% down."

Want to buy a PROBATE Property in Los Angeles, CA? Here are 5 THINGS you should know!

Purchasing a probate property in Los Angeles, CA or any other area is not for the faint of heart.

Can you get a "good deal"? Maybe.

Does purchasing a probate property involve additional risks and issues? You better believe it!

Here are 5 things you should know regarding your purchase of a Probate Property in Los Angeles, CA:

1. A probate purchase in Los Angeles and other areas of California requires the use of a DIFFERENT purchase agreement - the California Probate Purchase Agreement. Although it looks and feels the same as a regular purchase agreement, it's NOT and you should know the differences before submitting an offer.

2. A probate property is usually sold "as-is" with no repairs or credits. Further, some of the closing costs typically paid by sellers in a traditional purchase are usually paid by the buyer in a probate transaction.

3. In a probate purchase, you usually have to deposit 10% of the purchase price (as opposed to 3%) with the attorney for the estate or with the executor or personal representative directly (as opposed to with escrow on a standard transaction).

4. A probate property is usually purchased with NO CONTINGENCIES! That means that if you cannot close the transaction, for any reason, your deposit is subject to forfeiture.

5. A probate transaction that requires court confirmation is subject to overbit at court. This is similar to an auction where other parties can bid higher than your price and purchase the property at court.

In addition to these items, there are many other issues and differences between a traditional transaction and a probate transaction.

If you are interested in purchasing a probate property, it is advisable to use an expert in probate transactions. Here is an overview of the probate and estate sale process.

Daniel D. Batsalkin specializes in probate transactions, for both buyers and executors / personal representatives.

For a complimentary real estate consultation, call me at 310-933-4281 or e-mail me.

Tarzana CA Real Estate for the week of August 9th, 2010

As of August 9th, 2010, the current number of listings in Tarzana CA are 227 listings.

In the last week, there were 16 new properties listed in Tarzana CA, ranging from $150,000 to $999,000, and 9 properties sold in Tarzana CA, ranging from $144,900 to $14,75,999.

For Monday, August 9th, the current national mortgage rate for a 30 year fixed mortgage is 4.56%; the 15 year fixed rate is at 3.96%. For a loan larger than conventional conforming loans, or 'jumbo' loan, the 30 year rate is 5.44%, while the 15 year jumbo rate currently is at 4.95%. You can calculate your mortgage rate with our mortgage calculators.

Price Range of Tarzana Homes

The real estate market in Tarzana is comprised mainly of single-family detached homes in gated and non-gated neighborhoods and within distance from the schools of Los Angeles Unified School District and UCLA. Prices for these homes start at $345,000. Estate properties with spas, swimming pools, multiple fireplaces and scenic canyon views range from the high $700,000s to close to $4 million for beautiful estates with scenic city, hill and mountain views. Condominiums and townhouses range in price from $115,000 to $500,000. A limited number of land and lots are also available for custom real estate development.

Get local info and homes for sale in Tarzana CA. View active real estate listings for different types of properties including new homes, houses for sale, foreclosures in Tarzana, short sales, and price reduced listings. Find information and property resources including prices of recently sold homes in Tarzana, Tarzana neighborhood information, crime stats, home values, and schools in Tarzana to help you find the best home!