Advice from Silver Lake

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My e-mail buddy Brock Harris has provoked much discussion here in the past (he’s the guy set off a small firestorm here when he advised in September, ‘If you love it, Buy it!’).

So I give him the floor, or rather this blog post, for another round of his breezy advice. Here goes, from Silver Lake real estate agent Brock Harris:

‘HERE’S WHAT TO DO IF YOU... (this is why you love me, I actually give advice):

‘…OWN A HOME, NEED TO SELL: For the love of god, drop that price. Do NOT price high, thinking buyers will offer less. They don’t – instead, they’ll move on to the 50 other homes just like yours for sale. Only the best priced, best conditioned places are moving – be that house! Los Angeles has the country’s largest housing inventory, up 21% from last year, and nearly half of all currently listed homes in L.A. have reduced prices.

‘…OWN A HOME, DON’T NEED TO SELL: Well, geez, don’t worry about a thing.

‘…STILL RENT AND DON’T WANT TO MOVE: Enjoy rent control, and don’t freak out when your landlord raises you 5%. As landlords lose the appreciation on your home, they’ll look to rents to make up the difference.

‘…NEED/WANT TO BUY A HOUSE NOW: Where to begin? It’s a great time to be a homebuyer. Stay in strong areas. Shop long and negotiate hard. Get a GREAT agent. Don’t fall into the trap of ‘I’m willing to wait.’ Realtors have a name for people ‘willing to wait for the right house.’ Renters.

‘…OWN INCOME PROPERTY: Refi that sucker into a fixed, 30-yr loan. And pull money out, as much as the rents will cover! You will not be able to tap or leverage the property again, and that war chest will serve you well when it’s time to buy those bank-owned foreclosures.’

Thanks, Brock. Comments? Insights? E-mail story tips to peter.viles@latimes.com
Photo Credit: ‘Across the Reservoir,’ Submitted to Your Scene by David