Real Estate Today: We Know What We Can’t Do, Here’s What We Can Do

By Fran Flanagan

Home has never been more important than it is now in the middle of the Coronavirus pandemic.

Stay at home orders are giving us all the time to look at our homes in a different way.  Many of us are deciding that we might want something different moving forward.  Do we want to be closer to family?  Do our families want to move closer to us?  Do we need more office space at home?  Do we want something bigger, smaller, with a pool and view?

Whatever you real estate wants or needs are, this is a market where things CAN happen.  Conferring with an experienced realtor in conjunction with your trusted financial advisors can start a plan in process for the future.  

You CAN spend time talking things through with your Realtor and getting advice on where your next home might be.  Where are the communities that offer amenities which you might want or need, moving forward? The pace of our current market will allow the TIME we need to get your home cleaned out and ready for painters and stagers, or at least set a timeline in place.  

An experienced Realtor can help start conversations and make suggestions. 

As part of a tax deferring strategy, your accountant might suggest renting your home for a period of time.  This would allow you to change your home into an investment property and trade it later for other investment properties in a “1031 Exchange.”  This might sound a little complicated, but with experienced guidance, it can be a terrific way to navigate right now.    If possible, you might want to inquire about a refi which would allow you to take advantage of the low interest rates and pull out some equity from your home before you offer it for rent.  The monthly rental income will go a long way to enabling your future security. 

As a buyer, preparing yourself for stepping up as the “stay at home” order lifts, file your 2019 taxes as soon as you can, even though the deadline has been extended.  Another good thing to do now is to work on your credit score to make sure that it is above 700.  If you can get prequalified by a lender, do so.  You may be advised to pay off other debt.   You will stand out as an exemplary buyer when the time comes. 

Opportunity is everywhere.  Where to find it requires skill and preparation – and experienced advisors.  So, stay home, stay safe, stay healthy and start planning your next move. 

Fran Flanagan has been representing buyers and sellers in Pacific Palisades and Brentwood for thirty-eight years.  Her associate, Jill Newhouse Calcaterra, lives in Brentwood and focuses her attention there. 

Related Posts

Pacific Palisades Art Association Needs Your Help: Palisades Today – January, 17, 2021

January 19, 2021

January 19, 2021

Local news and culture in under 5 minutes. * Pacific Palisades Art Association Needs Your Help * LAPD Crack Down...

Pacific Palisades Under Red Flag Warning as Major Wind Event Expected

January 19, 2021

January 19, 2021

Gusts up to 75 MPH forecasted in the Santa Monica Mountains By Sam Catanzaro With wind gusts expected upwards of...

One Killed in Rambla Pacifico Fire Over Weekend

January 18, 2021

January 18, 2021

Fire breaks out early Sunday morning By Sam Catanzaro A Malibu house fire over the weekend killed one person and...

Video: 25K New Housing Units in LA?

January 18, 2021

January 18, 2021

With a massive spike in homelessness forecasted, LA lawmakers want to build 25,000 new housing units. Learn more in this...

Edify TV: 19th-Century Pacific Palisades Property Hits Market

January 18, 2021

January 18, 2021

A 19th-century Pacific Palisades property has hit the market. Learn more in this video made possible by School of Rock.

$50 Million Dollar Doomed Estate of Mohamed Hadid On Market for $8.5M

January 15, 2021

January 15, 2021

Today on Westside Cribz, Check on these top things for a safer home, Mohammed Hadid’s $50M dollar estate on sale...

State Rep. for Palisades Richard Bloom Running Looking to Replace Supervisor Kuehl

January 15, 2021

January 15, 2021

Assemblymember looking to replace Supervisor Sheila Kuehl in 2022 election By Sam Catanzaro With incumbent Supervisor Sheila Kuehl signaling she...

New Short Term Rental Ordinance Takes Effect January 15th in Malibu: Palisades Today – January, 14, 2021

January 15, 2021

January 15, 2021

Local news and culture in under 5 minutes. * Short Term Rental Ordinance Takes Effect January 15th in Malibu *...

Food Review: The Westside’s Insanely Delicious Tijuana Tacos

January 14, 2021

January 14, 2021

Tacos 1986 in Westwood Village stands out amid a crowded taco scene By Kerry Slater In a city filled with...

PPCC Considering Motion to Safely Prioritize Elementary School Reopening

January 13, 2021

January 13, 2021

Pacific Palisades Community Council (PPCC) taking up motion this week By Toi Creel The Pacific Palisades Community Council (PPCC) is...

Edify TV: Westside Kids Compete to Keep Beach Clean

January 13, 2021

January 13, 2021

Westside kids are competing to keep the beach clean! Learn more in this video made possible by Santa Monica College.

Officer Moore Announces Retirement in Latest Palisades Crime Update

January 12, 2021

January 12, 2021

Dear members of the Pacific Palisades Community, Due to my pending retirement, this will be my last crime update. A...

Dr. Monica Gillespie Named Permanent Principal At Saint Matthews Parish School: Palisades Today – January, 11, 2021

January 12, 2021

January 12, 2021

Local news and culture in under 5 minutes. * Dr. Monica Gillespie Named Permanent Principal At Saint Matthews Parish School...

Edify TV: Over 1,700 Units Proposed for Westside Neighborhood

January 11, 2021

January 11, 2021

Over 1,700 apartment units are planned for a few block radius in a Westside neighborhood. Learn more in this video...