Hollywood Hills Real Estate Guide
Hollywood Hills FAIR MARKET VALUE
When you buy Hollywood Hills real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"—recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home.
Hollywood Hills Real Estate Contract Options
Less common types of agreements include what is known as a “One Time Show,” and “Exclusive Agency,” and an “Open Listing” agreement. The One -Time Show and the Open Listing are similar and are often used by homeowners who wish to sell their Hollywood Hills real estate on their own but will agree to pay a commission to an agent who brings a qualified buyer for the home. A Hollywood Hills homeowner may agree to an Open Listing with several agents and also agree to a One-Time Show to any agent who has an interested buyer.
Hollywood Hills: Art and Science
Buying a piece of Hollywood Hills real estate is a science but buying your Hollywood Hills home is an art. The science part involves getting the legal and financial parts down while the art is finding the Hollywood Hills property that you’ll be happy with.
The total universe of possibilities within the universe of Hollywood Hills real estate is quite diverse but narrowing your search ahead of time will help keep things in perspective.
In general there are two phases to any Hollywood Hills real estate search. In the first phase, you get a feel for the different areas and an idea of what is being offered at what price. In the second phase, you search for the Hollywood Hills real estate that meets all or most of your specifications.
The Benefits of Selling Hollywood Hills
As you know, you are allowed to sell your Hollywood Hills principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it.
What Makes Hollywood Hills Sell?
Books have been written about this topic but to be concise, successful sale depends on six factors: Price; Terms; Location; The Home’s Condition; The Home’s Accessibility and the Marketing exposure the Hollywood Hills receives.
Price is what a willing seller and a willing buyer agree on. Price is determined by the current market, which fluctuates causing home values and prices to fluctuate. Often Hollywood Hills that does not sell is over-priced for the current market. Terms can vary as well. Some owners want payment in full, some are willing to carry a second.
Location is a major consideration in pricing and desirability for Hollywood Hills. Has the neighborhood gone to pot or does it look like a street at Disneyland? Are there open spaces nearby or is the home located in the middle of commercial district?
What Makes Hollywood Hills Sell?
The Condition affects its salability and possibly price. Hollywood Hills that is in move-in condition will usually sell for a higher price than a home that suffers from deferred maintenance.
The Home’s Accessibility refers to just that. Is the Hollywood Hills accessible to shopping and local transportation? For some this would be a necessity and for others, the more remote the better.
Marketing Exposure refers to how Hollywood Hills is advertised. Today the Internet is a fantastic way to market a home but it is still true that the best service a listing agent can do for sellers is to promote the home heavily with local brokers and agents. The Internet and other advertising certainly help, but it is still true that in most cases it is the agent that sells the home by making sure the right buyers know about it.
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