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Wednesday, Sept 18, 2024
Home Insurance:
DID YOU GET DUMPED?
As climate change escalates, homeowners across the country are facing an increasingly difficult choice: shoulder the burden of skyrocketing insurance premiums or risk going without coverage altogether. With extreme weather events becoming more frequent and severe, major insurers like State Farm and Allstate are pulling out of high-risk areas, including wildfire-prone California and hurricane-battered Florida. This has left many homeowners scrambling to find affordable alternatives—often with little success.
Insurance companies are leaving California high-risk areas but also bailing on areas that are low risk.
I’ve been a State Farm customer for over 12 years. They hold the insurance on our primary residence and all of our investment properties. I received notice a few months ago that they would not be renewing the policies on our 4-plexes and triplex. Our duplex and primary residence insurance are safe for now. All of our properties are in the city of LA.Wildfire is not a danger and none of the properties is in a flood zone. All have upgraded foundations and are kept in good repair. Yet State Farm is pulling out.
In fact, State Farm
is canceling 72,000
policies across
California.
Its March 20 statement reads: "This decision was not made lightly and only after careful analysis of State Farm General’s financial health, which continues to be impacted by inflation, catastrophe exposure, reinsurance costs, and the limitations of working within decades-old insurance regulations,"
State Farm is not the only insurer pulling out of California. Another six of California’s largest property insurers, Allstate, Farmers, USAA, Travelers, Nationwide and Chubb recently limited new homeowners policies in the Golden State. These 7 major providers provided just under 35% of California’s home insurance market in 2023.
Yikes! So why is this happening
and what’s next?
Neither question is easy to answer. The “why” can be attributed to a combination of several factors all pretty neatly laid out in State Farm’s statement:
Proposition 103 was passed in 1988 to protect policyholders from unjust insurance rate hikes. Any rate hike of over 7% has to be approved by the California department of insurance. Getting those approvals has been challenging and it has led to insurers holding policies that are below market and “unsustainable”.
Climate Change puts millions of homes at risk of disaster in California. Floods and fires are becoming more frequent. Over 2 million homes are considered high risk in CA and amazingly, fire season has expanded from a few months to over half the year.
Inflation. Everything is getting more expensive, including housing repair and replacement costs. That means settling claims gets more costly.
Believe it or not, insurance companies have insurance! It’s called reinsurance and it keeps insurance companies from becoming insolvent when and if a catastrophic event like a wildfire occurs and lots of claims are filed at once. The cost of reinsurance has risen dramatically which increases insurance company’s costs.
Unfortunately, as premiums rise, more and more homeowners are choosing—or being forced—to go without insurance. A recent study by the Consumer Federation of America found that around 7.4% of U.S. homeowners, approximately 6 million people, are now uninsured.
The decision to forgo insurance can have devastating consequences. Without coverage, homeowners are left vulnerable to the full financial impact of damage or destruction of their homes. The Consumer Federation of America estimates that $1.6 trillion in property is now at risk due to the growing number of uninsured homes. This lack of coverage not only jeopardizes individual financial stability but also contributes to broader economic inequality, as it disproportionately affects disadvantaged communities.
Experts warn that while going without insurance might seem like a way to save money in the short term, it’s a dangerous gamble. The cost of repairing or rebuilding a home after a disaster without insurance can be crippling. For those who remain uninsured, one catastrophic event could wipe out years of savings and financial security.
But for homeowners finding themselves out of a policy,
what can you do?!
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It’s clear that the market isn’t working and that there need to be changes so the insurance market can stabilize. Insurance commissioner Ricardo Lara is working hard to pass a series of proposals to help the market and Gavin Newsom is trying to relax the red tape of Proposition 103. We will likely see meaningful changes sooner rather than later.
Make lots of phone calls. Lots of insurance companies are still issuing policies in California. I was able to find replacement insurance through AAA but had several other quotes in hand.
The California Department of Insurance has a website allowing consumers to search for companies that are still offering insurance in their zip codes. (Look here)
If you’re still stuck, you can try the FAIR plan. The FAIR plan is a last resort home insurance option for homeowners in high risk areas who are locked out of the private market. (See if you qualify)
And keep an eye on the news! Policymakers are motivated to help the market. Hopefully they can create ways to make it appealing for some of these insurers to rejoin the California market.
Buying a house in LA now takes more experience and dedication than ever before. Working with a seasoned agent who has experience with these challenging issues will help you across the finish line on your future purchase. If you have questions about this or any aspect of buying or selling real estate, reach out and I am happy to walk you through it.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Wednesday, Aug 21, 2024
Real Estate & Elections
The presidential election approaches and emotions are running high! It’s a roller coaster of stress and excitement. If you’re entering the housing market, either as a buyer or a seller, you’re likely wondering what impacts an election can have on the housing market. Will election uncertainty cause hesitation among sellers and homebuyers? I crunched some numbers to take a closer look.
Historical data* reveals a surprising trend. Outside of 2008 during the stock market crash, home prices have consistently increased in election years. These statistics show that the housing market tends to not only be resilient but actually thrives during election years. Take a look...
Election Year Home Price Appreciation
1987 1992 1996 2000 2004 2008 2012 2016 2020
7.22% 0.82% 2.43% 9.29% 13.64% -12.00% 6.44% 5.31% 10.43%
It seems that the volatility of election seasons does not overly impact the housing market. As much as we may feel exuberant or that the sky is falling (often in the same day), the market itself fortunately seems less prone to swings of emotion.
More good news is that interest rates are down and signs point to an additional rate drop by the FED in September. This will lead to a stronger housing market later in 2024.
KEEP IN MIND THAT EVERY 1% THE RATE COMES DOWN, 5 MILLION BUYERS ENTER THE MARKET.
When this happens, prices will shoot up, competition will increase. It can take 4-8 weeks to prepare a home for sale. If you are thinking about selling, you will want to do the prep work now and be ready to list come fall. If you are looking to buy, it’s a great time. Jump in now when prices and competition are relatively low then refinance when the rates come down.
Ultimately, those considering buying or selling a home should be optimistic! Historical data and trends show that the housing market remains robust during election years.
It should be an exciting end of year for real estate.
I'm here to help guide you through it regardless of what side of the market you are on.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Thursday, July 18, 2024
WHY NOW IS
The Right
Time To Buy
I invest in real estate because I believe in its potential to create lasting wealth and financial security. In my opinion, it’s always a good time to buy if you’re buying a property that helps you meet your goals. Why? Because real estate is a tangible asset that can appreciate over time, provide tax advantages and generate rental income.
Trying to time the market perfectly is nearly impossible. Market fluctuations are inevitable, and instead of focusing on timing, it's more important to keep the bigger picture in mind. What are your personal goals when buying real estate and how can you meet them.
There are many reasons why someone might consider buying a house and everyone's situation is unique.
You’re sick of paying rent to someone else and are ready to put your money into building equity and net worth.
You’re an investor looking to rent or flip
You’ve outgrown your current home and buying your second or third home.
Regardless of your reasons for buying and the timing of your purchase, the key is to find the right house at the right price.
There are
advantages and
challenges to
buying right now.
Current interest rates are higher than in the recent past, which means higher monthly payments. However, because of this there are fewer buyers in the market. This means less competition and prices aren’t being driven into the stratosphere like we saw when interest rates were at their lows. There are deals to be had that weren’t there a few years ago and may not be there a few years from now.
Getting into a property now generally means a lower purchase price and a higher monthly payment. But interest rates will change and when they come back down, you can refinance. People often refinance many times during the ownership of a home.
Every 1% the rate
comes down, 5 million
buyers enter the market
When those buyers come back into the market, prices will be driven back up. If you’ve bought your house and can refinance, you’ve got the best of both worlds. Lower rate and a great purchase price!
Buying property in Los Angeles can be challenging! That’s why I’ve developed a guide to help you from beginning to end.
Tons of insights and experience rolled up into a free Buyer’s Guide. All you have to do is follow the link in bio and I’ll e-mail you a copy today. Even if you’ve bought properties before, this guide is worth a read.
Buying a house is a significant decision, but with the right approach and mindset, it can be a rewarding investment. Whether you're looking for a place to call home or an opportunity to build wealth, focusing on your priorities and understanding the market's dynamics will guide you to make informed choices. My experience and insights into real estate can help you navigate this journey and achieve your real estate goals.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Tuesday, June 18, 2024
Restoring
Historic
Properties:
HOW THE RIGHT AGENT CAN HELP
In the world of real estate, the terms "renovation" and "restoration" are often used interchangeably, but they entail very different processes. Renovation involves updating or improving a property; this may include modernizing sections of the interiors, adding new features, or upgrading systems. In contrast, restoration focuses on returning a property to its original state and preserving its historical and architectural integrity.
Restoration requires a stricter attention to detail and an appreciation of the property's original design and materials.
There are many reasons you might choose to restore instead of renovate. The main driver is that returning a historical home to its peak condition can add a huge amount of value to the property. Other reasons may be that there are regulations requiring you to do so or perhaps you just love the history of the house and want to see that brought back to life.
For me personally, although my restorations did start as an opportunity to make money, I found the most gratification in ripping away decades of ill-use and embracing what original features these homes still had. And when there was little that was original or available, to do my best to find quality replacements.
What It Takes to
Restore a Property
Correctly
Restoring a property correctly requires an understanding of historical construction techniques, materials, and design principles. Short of that, you have to have people on speed dial who do know those things.
There are few buyers who can afford to have a restoration take years. Either they are restoring the home to sell it or to live in it.
Either way, there needs to be a strong element of planning and execution, including:
Compliance: If necessary, adhering to local regulations and guidelines for historical properties.
Authentic Materials: Sourcing period-appropriate materials.
Attention to Detail: Ensuring the details, from moldings to fixtures, align with the property's original style. Obviously, when restoring a home, you want to introduce modern conveniences—but to do so while keeping to an esthetic design.
Research: Understanding the property's history and original design elements.
Skillful Craftsmanship: Using artisans skilled in traditional methods.
As a real estate agent with a deep understanding of restoration and historic designations and the specific regulations within HPOZs, I offer significant benefits to my clients. I can provide:
Realistic assessments of restoration costs
Potential property value
And my knowledge and experience helps buyers and sellers make informed decisions, avoiding properties with hidden issues.
I have also worked directly with dozens of skilled craftsmen in Los Angeles.
I’m happy to share these contacts with my clients.
Choosing a real estate agent who understands restoration can be a game-changer in your property journey. Whether you're looking to flip a property, invest in a historic home, or simply appreciate the beauty of preserved architecture, my experience ensures that you achieve the best results with minimal stress and expense. Let’s work together to bring out the best in your property, preserving its history while enhancing its future value.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Tuesday, June 04, 2024
HOW REMOTE WORK
Changed
Everything
Before I became a real estate agent I spent a few decades working in television. Some of that time was spent in the field creating content, but most of the time I worked out of an office.
When I switched careers, that changed and most of my work hours are now spent working from home.
Any work environment can be distracting but home perhaps most of all. I quickly learned that I needed to spend some time creating work space to make sure I could be as productive as possible.
In 2020, Covid caused a drastic change in the way people work and many more people started working from home. In California, remote work increased from 6.3% in 2019 to 21.4% in 2021. And by 2025, an estimated 32.6 million Americans will be working remotely—a whopping 385% increase from pre-pandemic days.* This trend is a game-changer for homebuyers, allowing them to broaden their search without worrying about long commutes or the high cost of housing near the office.
Here is what I’ve learned is most important when working from home.
Embracing Remote Work:
MUST-HAVE FEATURES FOR YOUR NEW HOME
When working from home, certain features become essential to boost both your productivity and quality of life. Here are a few key elements—some because I have them, some because I want them:
A home office: Having a dedicated, quiet space for work is crucial. Look for homes with large offices or bonus rooms that can be transformed into your perfect workspace. An ADU or guesthouse could be ideal. An office could include built-in shelves, plenty of natural light, and enough room for a free standing desk.
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Fitness and wellness spaces: Working from home gives you the flexibility to integrate fitness into your daily routine. Look for homes with space that can be turned into a home gym or yoga studio. Or, perhaps a property with a large backyard where you can install a spa or meditation garden.
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Proximity to great local spots: Even though you’re working from home, it’s nice to have excellent local restaurants and cafes nearby. Consider neighborhoods with vibrant dining scenes for a change of scenery or a quick bite. Living a short walk or bike ride away from artisan coffee shops, farmers markets, and trendy eateries is a huge plus. This can also be a great way to support local businesses and stay connected to your community.
Intelligentsia coffee bar- Silverlake
Exploring New
Neighborhoods
With the flexibility of remote work, we can explore a variety of neighborhoods that were previously out of reach due to commuting constraints. Here are some areas you might find interesting:
IN LOS ANGELES
GLENDALE
LA CRESCENTA
This neighborhood is gaining attention and still has some great deals. It offers easy access to the 110 freeway and the vibrant atmosphere of Highland Park. El Sereno has a rich cultural history, a strong sense of community, and a growing number of trendy cafes and shops. It's an excellent choice for those looking for a blend of urban and suburban living.
Eagle Rock offers a mix of historic homes and modern architecture. It's a great spot for creatives and professionals who enjoy eclectic shops and a strong sense of local pride. The area also boasts excellent schools and a welcoming atmosphere.
Outdoor comforts: Fancy taking a refreshing swim during lunch or enjoying a BBQ during the summer after a long day? Homes with pools or well-kept gardens can significantly enhance your work-life balance. You might also consider a home with a large patio or deck where you can set up an outdoor office, complete with comfortable seating, shade, and maybe even a hammock for those much-needed afternoon naps.
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While La Cañada is popular, La Crescenta offers a highly ranked school system and more affordable housing options. It's a peaceful, community-oriented area with beautiful mountain views, hiking trails, and parks. The small-town feel combined with easy access to Pasadena and Glendale makes it an attractive option.
Often underappreciated, Glendale is centrally located and avoids some of the problems faced by other parts of LA. It offers a mix of suburban tranquility and urban conveniences, with great parks, shopping centers, and a diverse dining scene. Plus, it's known for its excellent schools and family-friendly environment.
EL SERENO
EAGLE ROCK
The shift to remote work has changed how we search for homes. With this newfound flexibility, we can explore a wider range of options that fit your lifestyle and budget.
I’m here to help you navigate this exciting journey. With my expertise, we can find the perfect home that fulfills all your remote work needs and meets your personal wants and needs. Let’s turn the new dynamics of work into an opportunity to find your dream home. Reach out today, and let’s start exploring the possibilities together.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Tuesday, May 21, 2024
FLIPS!
WHAT YOU SHOULD KNOW
Some of the most popular reality shows on TV document it. We make heroes of the personalities that do it. Many of us have been involved personally in it, either by buying a flipped house or by dreaming of flipping one ourselves.
House Flipping! We are all familiar with the term.
I’ve been on both sides of it and I’m happy to share a few things I’ve learned along the way...
SELLING A FLIP
House Flipping is when an investor purchases a property with the intention of improving it and selling it rather than using it. Using that metric, I’ve flipped four houses. The houses I bought were of a distinct architectural design and I spent a lot of time and money improving the houses the right way with an eye towards their history.
I prefer to call the work I did a “restoration” and I take a lot of pride in the upgrades we did for each one. No corner was cut on systems, materials or quality of craftsmen for each of the projects and the inspections and permits bear that out.
Here’s what I would warn you about if you think that sounds fun and profitable.
Every project I did came in way over budget.
There are always more problems with an old house than you realize at the start, and many of the plans you have for improvements are derailed by issues that cause delays, frustrations and re-designs.
I purchased the properties I did because I could get them at a low enough price to absorb extra expenses and, in the end, it all worked out. But it’s risky! There are companies out there now with warehouses full of bulk-cost materials and full-time employees and they flip houses according to a plan.
They can project their costs almost to the dollar and, because they flip in bulk, they don’t need much of a margin to call it a win. As a small time flipper (or a restorer), it’s hard to compete with those companies when you’re making an offer. The larger your projected margin, the safer the investment. You’re hoping for a property that falls through the cracks or doesn’t appeal to the big companies for some reason.
Risks of flipping:
Without experience, hard to plan a budget and hard to stay on budget
It can take a lot longer than planned if it’s hard to find labor and / or are working with the city on permits.
BUYING A FLIP
I’ve also been on the buying side of a flip. We bought a triplex in 2014 that had been flipped by a company out of Long Beach. Lots of companies will slap on some paint, put in a few cheap kitchen cabinets and get a property back on the market ASAP.
This property was obviously one of those flips. It was awful. Cheap cabinets, jenky kitchen and bathroom hardware. Bad tile. But we also had confidence in our ability to fix it and make it appealing.
It was vacant and cheap enough we could afford to put a bit more money in. Which we did. What we didn’t account for was all the corners they had cut with their work. Several of the windows leaked and we had to physically remove them and reinstall them to get them to be watertight. There was a smell in one kitchen we couldn’t get rid of.
On a hunch I opened up a wall and found that the flippers had removed the washer and dryer hook ups but left the dryer vent uncapped!
A $3 cap was all it took to do the job right and they botched it.
If you’re buying a flipped home, try to avoid a flip where the flippers are faceless behind an LLC. You want to know them to get a sense of the quality of the job they’ve done.
They know the types of things an inspector will flag and they’ve become very good at hiding any issues. And if the issues are well hidden, it can take a year or two of living there before you realize there is an issue that’s going to cost a lot to fix.
If it’s a quality flip job, they should be proud of it and talk to you about it.
Risks of buying a flip:
Quick turnarounds leads to cut corners
Emphasis on making the most money, not doing the best job
Rush jobs often don’t get the proper permits and aren’t remodeled to code
Possibility of hidden issues
Staging designed to hide flaws. Look under the rugs!
If you want to learn more about either side of the flipping process, DM me and we can talk!
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Friday, May 10, 2024
Invest Smarter
What is RUBS?
One of the things that I became obsessed with when we started investing in real estate was crunching numbers. I’m not generally a numbers guy but with real estate, the numbers tell all. How much are we paying for this property and how long will we be paying it? How much can we make with this property and how long can we make it? Figure those things out and you can quickly determine if a property is a good investment.
Real estate has historically been a very stable investment.
Typically, you can project what type of returns you can expect well into the future. The main obstacle to concise projections of real estate returns is variable costs. These costs don’t fit cleanly into calculations because they can change.
For example, an adjustable rate mortgage is a big variable expense as it can change several times during the length of ownership.
I try to limit the variable expenses in our investment properties as I don’t want any surprises in the expected return.
Typically, each unit in a multi-unit or commercial property has its own electric and gas meter, but there is a shared water meter for the building. This leads to the owner of the building often paying the full water bill every month.
Ratio Utility Billing System, or RUBS, is a great option for property owners to help manage their expenses by proportionately sharing utility costs with their residents in a fair and reasonable manner.
Enter RUBS
It's like splitting the bill at dinner, but for utilities.
The occupant count allocation formula is based upon the number of residents in a unit as a percentage of total residents on the property, with less weight given to each resident beyond the first in each unit.
An added benefit is that because residents take on the financial responsibility for their usage, they tend to conserve more. There are several companies that make setting up RUBS billing super easy. I’ve always done our RUBS billing myself, but recently I switched to a platform called Utility Ranger and it’s made everything even easier.
It might sound complicated, but it is actually pretty easy to put into place. Feel free to reach out with any questions and I can explain further and even help you get set up.
So what does this mean for you?
RUBS keeps your cash flow predictable. RUBS shifts your Net Operating Expense to Net Operating Income.
RUBS actually boosts your property's value by increasing your revenue and in turn, also increases your net worth.
Looking for your next investment property? I have helped dozens find the correct properties with numbers that make sense. Reach out and I would be happy to start the search with you.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Thursday, May 2, 2024
What are your Non Negotiables
I go to a lot of open houses. It’s my job as a realtor to have a sense of what is on the market in the neighborhoods I am most active in. Some weekends I pack the whole family in the car and we go look at houses that appeal to us as buyers.We love our house and we love our neighborhood but there are a few things we feel are missing.
There are a few must-haves we need to see in a home for it to be a good fit for us. My wife works in design, so for her the house needs to inspire her. That doesn’t mean it needs to be in good shape, she just needs to see the potential.
“I want it to be away from major streets and have good outdoor space. I would love a pool, or space for a pool, and trees. We both work from home, so we need office space or a bonus space to work from. We have two kids, so we need space for them both inside and outside to thrive”.
Also a good school district is very important and at this stage of our lives, one of our primary non-negotiables.
This is a long list of must-haves and it makes us really picky buyers. When one of our must-haves is missing, it really makes it difficult for us to see how a property can work for us.
Becoming clear on your must-haves or non negotiables will help you to be clear when trying to decide if a house works for you. Here are a few common ones below.
What are your must-haves?
HOME SIZE
A big non-negotiable item for any family is the size of the home, which will vary based on your specific needs. To determine just how large a home you need at a minimum, consider the space you can’t live without. How many bedrooms does your family need? Will you need extra rooms for guests and extended family? How about a home office?
Square footage is always worth considering but probably should not be a deal breaker. There are some very small houses that have a lot of bedrooms. And there are many large homes with terrible layouts. It’s not always how much space you have, but how it is used.
COMMUTE
One of the most important must-haves! Where you live in relation to your place of work is incredibly important. If your dream home is hours away from the office, the effect on your quality of life can be severe. That said, if you are only in the office one or two days a week, maybe you can tolerate a home that is farther away.
NEIGHOBORHOOD
Think about what you and your family want to be close to. If your kids love their school, then you may want to limit the search to that school district.
If you have a gym, restaurants, coffee shops, or galleries that contribute to your quality of life, then don’t look for a home that makes those places out of reach.
Also, if your kids are on sports teams or in clubs that are important to them, you’ll want to stay within driving distance. Depriving your family of some of their favorite things can cause frustration and anxiety that can make assimilating into a new house that much more challenging.
How will you will be using outdoor space in your day-to-day life. Do you need a pool or a deck or patio? Do you entertain or just need space for the dog to run around? These factors will determine just how much outdoor space you need.
OUTDOOR SPACE
LARGE PRIMARY BEDROOM AND BATH
For lots of buyers, a luxurious main bedroom/bathroom is an important must-have. A bathroom can always be renovated but it’s difficult and expensive to make a bedroom bigger. Take some time to think about how you use your current space. Some people prefer a large closet to a large bathroom, and that’s fine! It’s all about what matters to you.
It’s important to take the time to consider what things might be a deal-breaker for you or your family, and add it to the list. Deal-breakers are what will immediately take a property out of consideration.
A lot of buyers don’t have the time or money for a renovation and are only shopping for a turn-key home. If a house hasn’t been updated for decades, that can be a deal-breaker. Maybe you need distance from major roads or freeways and privacy from neighbors. Considering what you don’t want when looking at homes is almost as important as being clear on what you do want.
What are your DEAL-BREAKERS?
When you’re ready to start the process, reach out and we can work on your list together. I’ve helped dozens of buyers find their dream home and I can help you find yours as well.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Thursday, April 25, 2024
Do you need a Buyers Agent?
There has been a lot of talk recently about the value of buying agents and the role they play in real estate transactions. With buyers having access to websites like Redfin and Zillow to help search for properties, how important are buying agents really? Let’s dive in.
FIRST AND FOREMOST...
Buying a house is likely the biggest and most important investment a buyer will make in their lifetime. It has led to greater net worth, safety and security for millions of Americans and it will do the same for most people buying now. An experienced agent makes the process seem easy but there are over 150 things that have to happen on the buyer’s side over the course of one transaction. Your agent and their team will track and complete all of them looking out for your best interests.
The most important thing to remember is that a buying agent has a fiduciary responsibility to the buyer. A listing agent writing for the buyer does not. A listing agent has signed a contract to be a fiduciary for the seller. If a buyer chooses to use the listing agent to write an offer on a property, no one is looking after the buyer’s interests.
“... He was knowledgeable, helpful, and communicative. He helped guide me through the process with ease, and I got into a home that I love! I HIGHLY recommend working with Craig!”
- Kait G
Here's what you can expect if you buy with me:
1. Tailored Property Selection:
Every buyer has unique requirements and preferences - I curate and screen a selection of properties that align with your criteria and ensure that you only view homes that meet your needs, saving you time and effort.
2. Negotiation Expertise
One of the most critical aspects of the home buying process is negotiating the best possible price. With my connections, knowledge, and experience, you can rest assured that you'll secure a fair deal and avoid overpaying for your dream home or investment property.
“...He is obviously incredibly well respected within the industry and it was this personable professionalism that led us to finding a house not just in the neighborhood we love, but at a fair price...”
- Ellie R
3. Thorough Inspections:
Hidden issues in a property can turn a dream home into a nightmare. I know highly regarded inspectors and specialists whose inspections help uncover any potential issues before you commit to a purchase, giving you peace of mind and preventing costly surprises down the line.
4. Trusted Network of Contractors:
Should any issues arise during the inspection process or you choose to upgrade after purchasing your home, my extensive trusted network of contractors can address repairs or renovations promptly, professionally, and in keeping with the integrity of the houses' history.
5. I Make Escrow Easy
With years of experience naviating the escrow process I help make what can be a challenging experience seem easy. I communicate constantly with escrow and your lender and get ahead of any issues that might cause delays.
“He is incredibly knowledgeable about the LA market, especially on the east side/ echo park/ Elysian area where we were looking ... Through a few rounds of offers on different properties, we always felt confident that we were in good hands with Craig!”
- Elena L
Partnering with a seasoned professional like myself offers invaluable support at every step of the process. From tailored property selections to expert negotiation skills, thorough inspections, trusted contractor networks, and local expertise, you can trust that I will help you find the house you are looking for at the right price.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Tuesday, April 16, 2024
My Income Property Journey
Early in our marriage in 2010, my wife and I started discussions about how to invest our money. We had been fortunate in that we had both held down steady work for the last 10 years. Rare in the creative fields we were in! We had already bought our first home and were happily living in the hills of Glendale.
Although the money I was making was fine for the life we were leading, the creative career I was in had no benefits and no help with retirement, either in the form of a 401k or pension.
Neither of us were anywhere near retirement age but we knew we would need to save a good amount of money to help when it did come. We also know that, with a kid on the way, we would have a multitude of expenses, both expected and unexpected.
... but after a lot of research and some stops and starts, we decided to invest in real estate. We purchased our first income property in 2012.
It was daunting…
We had our eye on a property with two houses on a lot in Sunset Junction. It was dicey as the property was falling out of escrow. I had to convince the sellers to sell it to us instead of accepting a backup offer.
It took a few hours and a few glasses of lemonade. I told them I recognized and appreciated their efforts to keep the original details of the house in good shape and we would respect that effort moving forward with any upgrades or remodels.
In effect, we promised that their history would continue to live on in the house. We agreed on a price right there on the porch and we closed for 490k, 20k under list! And we negotiated that it be delivered vacant!
That was the good old days. Reasonably priced homes sold with human connection and conversation. Once we cleaned it up with a light remodel (we have kept the promise to the previous owners), we rented it quickly and easily for far more than we thought we could.
We were hooked. And that purchase, renovation and rental led to several more. Adding that passive rental income to our salaries enabled us to continue to buy income properties.
I left my previous job and became a real estate agent in 2018. We had bought and renovated four muti-unit investment properties and I transitioned to be the listing agent on the third of our four restoration projects. With all our buying and selling, I was already very attuned to the industry and the career change afforded me the freedom to work on my own terms and spend more time in LA with my family.
But most importantly, through this process of buying and investing in real estate, I found I really liked it. I wanted to share my knowledge of what we had accomplished with other people, and help them figure out how real estate can help them on their journey.
Investing in real estate has become trickier in Los Angeles but I still think it’s a great path to increased net worth and financial freedom. I know for certain that our path isn't something that is easy to replicate. A lot has changed since that first purchase in 2012. But deals are still out there. And for me personally, anytime I can get a client into a house they love or into an investment property that pencils out, I feel a huge sense of accomplishment.
Craig Ekedahl
REAL ESTATE AGENT
I became an agent because I saw the potential for real estate to transform people’s lives. It did mine. I have been buying, selling, and restoring homes for 15 years. If you know anyone in the market to buy or sell a home, please give them my number. Your referrals mean a lot to me.
Tuesday, April 9, 2024
Highlighting Historic Neighborhoods in LA
Los Angeles is a city well known for its modern and contemporary architecture. However, some of its earliest homes were built between 1880 and 1930 and are just as worthy of appreciation. Most of them still stand in the city’s historic neighborhoods and are protected by historic preservation societies that make sure the meaningful craftsmanship of these homes is preserved for future generations. Here are a few of my favorite neighborhoods.
Buying and owning a home in one of LA's historic neighborhoods can be a unique experience. As a real estate professional who specializes in historic homes, I'm committed to guiding clients through this more challenging process. Historic homes require buyers to understand more difficult restorative issues. Sellers need agents who understand how to navigate the home’s special needs and market their homes to modern families. When buying or selling a historic home, you need someone who understands them inside and out. I’ve spent years restoring historic homes and all that experience goes to work for you when you hire me to be on your team.
1. Angelino Heights:
Angelino Heights is one of the oldest neighborhoods in Los Angeles and borders Echo Park Lake between Echo Park and Chinatown. Founded in 1886, it features several notable architectural styles. The famous Victorians of Carrol Street and the impressive Craftsman homes along Kensington Rd, reflect local building booms from the 1880s and early 1900s. Maintained through a stringent, and LA’s first official, HPOZ, it's a popular tourist attraction, with many movies and music videos filmed at these iconic homes including Fast & Furious, Micheal Jackson’s Thriller video, and Charmed.
West Adams was once an enclave for the city’s elite with hilltop mansions with ocean and downtown views. Architectural styles range from Craftsman, Colonial Revival, Queen Anne, and Gothic Revival. Home to the largest collection of historic homes West of the Mississippi and some of the most beautiful and unique houses in the Los Angeles area. The property filmed for Six Feet Under is a famous tourist destination.
2. West Adams:
3. Pasadena:
While technically separate from Los Angeles, Pasadena was once the center of the Arts & Crafts movement. It is home to the iconic Greene & Greene Gamble House, the Historic Highlands landmark district known for its large Spanish & Tudor Revival estates & the Craftsman-lined streets of Bungalow Heaven. Pasadena is a treasure trove of architecture with many notable neighborhoods of different historic styles. The many restored homes make Pasadena a highly sought-after area with savvy buyers.
Craig Ekedahl
REAL ESTATE AGENT
