- Chernov Team

Our Real Estate Blog

Mortgage Rates Hit New Record Low, but it Won’t Last Long

We have written quite a bit about mortgage rates over the last few months, noting how low they were. Recently, the mortgage rates have been fluctuating in a rather unpredictable manner; yesterday they (on average) set a new record low at 2.94%.; .3% lower than Friday of last week. This article will briefly discuss why the mortgage rates have been fluctuating so significantly.   Briefly, mortgage rates have been fluctuating as a direct result of the increased number of refinance applications; these refinance applications, in turn, werRead Full Post »

Just Follow Your Agent’s Nose

An overlooked truth about the nature of being in human is that smells are often tied to pleasant, or unpleasant, memories. More to the point, smells elicit pleasant or unpleasant emotions. Moreover, smells can clue us in that problems are afoot (that smell from the fridge, the air coming out of our vents when the air conditioner is blowing, etc.,). In the era of COVID-19, many people are accepting that virtual tours are an acceptable proxy for visiting the houses themselves, this is ok as an initial visit but should not be your only viewing of a home before you write an offer. Thus, it is essential that you ask your agent to keep a nose out for worrisome odorsRead Full Post »

More Good News for Home Sellers This Summer

Last week, we noted that economic indicators suggest that Summer will be a strong season for the housing market, despite being weaker than other years. This article will further bolster that point by looking at the decreasing unemployment rate.  In May 2020, the unemployment rate dropped to 13.3% from 14.7% in April 2020. This is reflecting the reality that many cities and states are reopening, and furloughed workers are returning to their offices (this is also good for the well-being of state economies, since they are reducing the amount of unemployment being paid out). While these numbers are not even close to idealRead Full Post »

Brace Yourself, A Good Summer is Coming

As you are likely aware, the arrival of COVID-19 effectively brought the housing market to a standstill, but the data is suggesting that the housing market will make a serious comeback during the Summer of 2020. Specifically, the housing market appears to have bottomed out in the middle of April 2020, but there is a lot of data indicating a strong summer market.  Comparing inventory between 2019 and 2020, April 2020 saw a 44.1% decrease, May saw a 29.4% decrease, and the last week of May saw a 20% decrease; the trend cannot be ignored. If this trajectory is consistent, we should be out of the slump very soon. This perRead Full Post »

Murder She Nope: How Public Perception Impacts Property Value

As homeowners, sometimes we forget how much impact extraneous factors can have on the value of our homes. There are some extraneous factors that we are obligated to disclose to prospective buyers; whether or not a murder occurred on the property within the last 3 years is an example of something we must disclose. This article will briefly discuss the infamous Pyrenese Castle. Early in 2019 Phil Spector placed his Alhambra manor (referred to as the “Pyrenese Castle”) on the market for a whopping $5.5M; if you don’t know who Phil SpectorRead Full Post »

COVID-19 and HOA Fees: You Still Need to Pay Them

Living in a community with a homeowner’s association (“HOA”) has a lot of perks (gym, maintained property, security, pool, etc.,) and a lot of extra costs in the form of HOA fees, which pay for those perks. COVID-19 has forced many of these perks to be put on hiatus for the safety of the residents. Naturally, people wonder “I’m getting less than what I’m paying for with my HOA fees, shouldn’t my HOA fees be reduced?” The answer is a resounding no.  Read Full Post »

Pet-Friendly Home Improvements: A Smart Investment

We’ve been talking about COVID-19 a lot lately, and we think it’s time to talk about something a little more pleasant; pets. Our furry friends make our lives better and we do our best to make their lives better in return. This becomes even more apparent when people with pets look for homes.  According to a Realtor.com survey, 95% of those asked stated that they considered their pets when picking the right home. Here’s a fun fact, approximately 82% of those surveyed were pet owners, 61% owned dogs, 45% owned cats, 12% owned fish, and 9% owned birds. If you’re looking at those numbers and thinking, “hey, thoseRead Full Post »

Housing Market Will Take Off in 2021: Consider Buying Investment Properties While Prices Are Low

For the last few weeks, we have been saying that the market appears to be picking up in affluent areas like Studio City, Sherman Oaks, Encino, and Tarzana. It appears Forbes believes the entire housing market will see a boom once the brunt of COVID-19 passes. The Forbes article premises this prediction on historical data, which shows Read Full Post »

Tips for Veterans When Buying a Home

It’s Memorial Day, the housing market and the weather are heating up, and we thought today’s article should be directed to our men and women in uniform. Today’s topic? VA Loans. First, and foremost, you want an agent who is familiar with VA loans and the VA system. There are nuances to how theese loans work. Specifically, VA loans require that the property meet their specification; they will send a VA loan appraiser to the property with those requirements in mind. A skilled agent can navigate these complex waters and having your own personal expert will result in you saving real world dollars. The agents at the CRead Full Post »

Bidding Wars: Coming to a Neighborhood Near You

As you may recall, we discussed the extreme interest in homes which are located in affluent neighborhoods like Studio City, Sherman Oaks, Tarzana, and Encino in our last blog post. This position is being echoed in numerous other media outlets, noting an uptick in the market in recent weeks. It appears that the Spring selling season has a few aces up its sleeves, in the form of bidding wars.  It’s not difficult to imagine how we got here. COVID-19 landed on our shores, and both the supply and demand side of the housing market were plunged into chaos. Specifically, the number of active listings dropped by 25% comparedRead Full Post »

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