Thursday, June 17, 2021 / by Vic Markarian
I’d like to celebrate this Father’s Day by giving you (and those you know), TWO very special gifts! Yes, TWO gifts.
Gift #1 is my lifetime home sale guarantee. Your Home Sold, Guaranteed, at Your Price or I’ll Buy It* Yes, this is the guarantee I am most famous for. And you will know that whether it’s a super awesome real estate market or a housing recession, I have not wavered from this guarantee. The peace of mind from a guarantee like this is a fantastic gift. I can think of none better.
My team and I are committed to results. In fact, INTEGRITY is one of our core values. For more than 30 years people have been coming to us when they want their home sold, at their price and with the least hassle. We look forward to the next 30 years of Guaranteed Results for area homeowners.
Donations to Feed the Children on Your behalf. In last month’s letter, I updated you on our goal of raising $10 ...
Friday, June 11, 2021 / by Vic Markarian
Longer days and sunny weather mean summer is upon us, and what better conditions than right now to upgrade to the home of your dreams?
If your needs have changed, it’s a great time to upgrade – there’s likely high demand for your current house, and today’s low mortgage rates can help you afford your dream home.
If you’re ready to upgrade to a home that matches your changing needs, let’s connect today.
Call Vic Markarian at 818-248-8668 today, for your home buying and selling needs.
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Thursday, June 10, 2021 / by Vic Markarian
During the Great Recession, just over a decade ago, the financial systems the world depended on started to collapse. It created a panic that drove some large companies out of business (ex. Lehman Brothers) and many more into bankruptcy.
The financial crisis that accompanied the current pandemic caused hardship to certain industries and hurt many small businesses. However, it hasn’t rattled the world economy. It seems that a year later, things are slowly getting back to normal for many companies.
Why is there a drastic difference between 2008 and now?
In a post from RealtyTrac, they explain:
“We changed the rules. We told banks they needed more reserves and that they could no longer underwrite toxic mortgages. It turns out that regulation — properly done — can help us navigate financial minefields.”
Here are the results of that regulation, captured in a graph depicting the number of failed banks since 2007.
What was different t ...
Wednesday, June 9, 2021 / by Vic Markarian
Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared to how many people want to buy that item. As a result, the strong year-over-year home price appreciation is simple to explain. The demand for housing is up while the supply of homes for sale hovers at historic lows.
Let’s use three maps to show how this theory continues to affect the residential real estate market.
Map #1 – State-by-state price appreciation reported by the Federal Housing Finance Agency (FHFA) for the first quarter of 2021 compared to the first quarter of 2020:As the map shows, certain states (colored in red) have appreciated well above the national average of 12.6%.
Map #2 – The change in state-by-state inventory levels year-over-year reported by realtor.com:Comparing the two maps shows a correlation between change in listin ...
Tuesday, June 8, 2021 / by Vic Markarian
For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking.
Today is different.
The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.
According to Lawrence Yun, Chief Economist at the National Association of Rea ...