So what does $35 million get you in Beverly Hills these days? Well if you are Tom Cruise and Katie Holmes you get a little bit over 10.000 square feet on 1.3 acres, the LA Times reports

The property was not listed. It was built in 1937 and has seven bedrooms and nine bathrooms for Tom, Katie and Suri to enjoy. It also comes with a tennis court and pool.

The cruises have been renting previously but obviously decided to take the plunge and invest some serious cash in the Beverly Hills real estate market.

There are over 1 million licensed real estate agents in the United States. And the truth is that many of them are not good at all.

One of the goals behind Housia is to help home buyers and sellers to get a better experience. And at the center is the choice of the agent handling your transaction.

Do not pick an agent at random or based on “someone that your buddy Dave knows”. Probably one of the most overlooked aspects of picking an agent is to ask for references from her or his most recent clients.

A really good agent should have no problem giving you references from his or her three most recent transactions. Make those calls. Talk to the people that have used the agent before.

If the agent does not want to give you any references… then choose someone else. You will be glad that you did.

Best,
Ola

Anyone who as ever purchased a home knows the feeling… You have a purchase agreement signed. You are about to close in maybe 30 days on your new home. Now you are in touch with your loan officer and get the question: Do you want to lock your rate in or float it?

Suddenly you start looking at 10 year treasuries and wonder what the market will do in the next 30 days. Your loan officer might offer some good or bad advice as well. So what to do?

There is really no way to predict where short-term interest rates will go. To time mortgage rates when you are purchasing your home is just not a good idea. Look at today’s rate and see if you like it… if you do then lock it in. The only time when you can time interest rates is when you are refinancing, not when you are purchasing.

The only exception to the rule is to wait until the afternoon or next day if there is already a repricing in effect by movement in the bond markets.

Many lenders and brokers do offer what is called “free float-downs” after you lock. If rates improve with a quarter of a point or half a point they can let you in on the lower rate. The lenders do build this into the pricing though so you will indirectly pay for the privilege. Ask your loan officer for details.

Good luck!

-Ola Edvardsson

P.S. Don’t forget to visit our mortgage center for free mortgage quotes.