California Insurance Claim Guidelines for Dealing With Insurance and Wildfire Disaster, One Year Moratorium

Homeowners,

Insurance often becomes top of mind during crises like these, and understanding your rights and resources can make all the difference. Here is essential information for you at this time. Please just use this as a guide when deciding about your claim.

Preparing and Filing an Insurance Claim

Items to Have Ready:

    Home Policy Information: Include your policy number and the insurer’s contact details. Many carriers also allow online filing.

    List Damaged or Lost Items: Document personal items lost or damaged. Photos, videos, descriptions, and estimated replacement costs are helpful. Receipts and detailed records can expedite the process but aren’t always required.

    Temporary Living Expenses: Track all expenses like hotel stays, meals, and transportation incurred while displaced.

    Fire Department Report: Request an official report confirming the fire’s cause and scope.

    Evacuation Notices: Retain any official notices that verify your evacuation.

    Notes of Conversations: Record every interaction with your insurance provider, including dates, representative names, and discussion summaries.

    Organizing Your Claim: Create a physical or digital folder for all claim-related documents, receipts, and communications.

Caution: Public adjusters will likely contact you, offering to handle your claim. While they can be helpful in complex cases, they take a percentage of your payout. Take a few days to assess whether their services are necessary before signing anything.

Key California Insurance Claim Rules

    In California, insurers are legally bound to specific practices, especially during declared emergencies. These rules provide leverage to ensure fair and prompt claim resolution.

Temporary Living Expenses (ALE):

    Advance Payments: Insurers must provide at least four months of ALE benefits for total losses in declared emergencies. ([CA Ins. Code 2061(a)(1)])

    Extended Coverage: If civil authority restricts access, ALE is covered for at least two weeks, with extensions as needed. ([CA Ins. Code 2060(c)])

Rebuilding or Relocating

 

    Use full replacement benefits for rebuilding at the same or a new location or buying a replacement home. Insurers cannot deduct land value from payments. ([CA Ins. Code 2051.5(c)])

 

Personal Property Coverage:

    Insurers must offer at least 30% of your Dwelling limit for personal property in total losses. ([CA Ins. Code 10103.7])

    Inventory Requirements: Accept simplified itemization like “15 books” rather than detailed lists. ([CA Ins. Code 2061(a)(2)(3)])

 

Debris Removal:

    Insurers should coordinate and fund debris removal efforts when included in a group program.

Claim Handling Timelines

 

    Acknowledgment of Claim: Within 15 days of notice. ([10 CCR 2695.5(e)])

    Investigation: Begin within 15 days of claim receipt.

    Communication: Reply to inquiries within 15 days. ([10 CCR 2695.5(b)])

    Policy Copy Requests: Must be fulfilled within 30 days. ([Cal Ins. Code 2071; 2084])

    Claim Decision: Insurers must accept or reject claims within 40 days of proof of claim receipt. ([10 CCR 2695.7(b)])

    Payments: Claims must be paid within 30 days of acceptance.

    If you encounter multiple adjusters, request a primary contact to simplify communication. ([Cal Ins. Code 14047]).

Homeowners may be approached by people to handle your claim, please be cautious in who you choose to deal with.

Department of Insurance

 

    Last but not least, consult with Dept of Insurance for further assistance.  There is a one-year moratorium for cancellations and non-renewals, check to see if your zip code is in the moratorium area.

#Eatonfire

#PacificPalisadesfire

#Californiawildfires

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

California Fire Assistance Resources For All

 Homeowners, Renters and Business Owners are in need of resources and assistance. Please review the following list, rather lengthy, but you may find financial and residential help here.

DISASTER RESOURCES

General Resources 

• LA County Emergency Management: https://lacounty.gov/emergency/
• California disaster: "major disaster declaration" which allows for immediate cash assistance for parties affected for food, prescriptions and other necessary costs like baby formula. Federal disaster assistance is available for those who have been impacted by the wildfires in Southern California.  People can contact disasterassistance.gov or call 1 (800) 621-3362. Also increasing coverage from 75% to 100% for 180 days for things like debris and hazardous materials removal, temporary shelter and 1st responder salaries.
• Watch Duty app
• LAist has compiled a list of resources
• Mutual Aid LA Network has put together an extensive list of resources for fire evacuees and folks who want to help

 

Housing/Shelter

• 211 LA is partnering with Airbnb to offer free temporary shelter for people displaced from their homes by fire. Start by filling out this form
• YMCA of Metropolitan Los Angeles is opening its locations that aren't affected by the fires for temporary shelter, showers, basic amenities, and mental health support. They are also providing childcare services (5 years and up) for first responders and families affected by the fires

Evacuation centers

• Arcadia Community Center – 375 Campus Drive, Arcadia, CA 91007
• Ritchie Valens Recreation Center – 10736 Laurel Canyon Blvd., Pacoima, CA 91331
• Pan Pacific Recreational Center – 7600 Beverly Blvd., Los Angeles, CA 90036
• Westwood Recreation Center – 1350 Sepulveda Blvd., Los Angeles, CA 90025 (accepts small animals)
• El Camino Real Charter High School – 5440 Valley Circle Blvd, Woodland Hills, CA 91367
• Pasadena Civic Center – 300 East Green Street, Pasadena, CA 91101 (Pasadena Convention Center is currently no longer accepting donations of food, water, emergency supplies or donations of any kind because they have had an overwhelmingly generous response.)
• Pomona Fairplex – 1101 W McKinley Ave, Pomona, CA 91768 · Pierce College: 6201 Winnetka Ave., Woodland Hills (accepts large animals)

Food & Supplies The Los Angeles Food Policy Council says it is currently working with Food Recovery Organizations in the region to connect them to active food distribution sites for delivery. The organization is coordinating volunteers and sending them to food distribution sites. Please let them know if you need or have volunteers to help coordinate volunteer sites.

 

EMERGENCY FUNDS & HOUSING SUPPORT

LA County Emergency
Up to date information on local hazards and evacuation assistance, including quick links to Road Closures, Animal Shelters and Health Alerts.

Apply for FEMA Disaster Relief Funds
Apply for federal assistance by calling toll-free to (800) 621-FEMA (3362).  Disaster victims may register by calling this number. You do not have to wait to go to a disaster assistance center. The number for speech and hearing impaired individuals is (800) 462-7585. Federal disaster assistance available for residents and businesses in the affected counties includes temporary housing assistance, disaster loans and other needs assistance grants.

Salvation Army of Southern California
These locations serve as all-purpose stops for people looking for financial assistance, government documents, and information about how they can rebuild following a disaster.

Fannie Mae's Disaster Response Network
A comprehensive case-management service for disaster-affected homeowners whose mortgage loans are backed by the company. The program provides homeowners broader personalized support to address safety and basic needs, property repairs, employment, and financial recovery—all of which affect a borrower's ability to meet their mortgage obligations.

U.S. Small Business Administration
Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters.

State of California, Employment Development Department
The California Employment Development Department (EDD) provides a variety of services to individuals and businesses affected by disasters in California.

Los Angeles County Assessor
Taxpayers whose properties have either been destroyed or sustained a minimum of $10,000 in damage may file a Misfortune and Calamity (M&C) claim for property tax relief.  Assessor's Disaster Relief Hotline (213) 974-8658  See https://assessor.lacounty.gov/tax-relief/disaster-relief

Airbnb
Offering free home stays for those in need of emergency housing.

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MEDICAL AID

HealthNet
Health Net is helping ensure that members who have lost their homes, or have been evacuated, due to wildfire activity in California have access to essential prescription medications, critical Health Net information and other healthcare services to help them cope with grief, loss, stress or trauma.

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RECOVER & REBUILD

CARe
Provides free disaster recovery help, information and guidance.

California Wildfires Statewide Recovery Resources
Local assistance, record replacement, debris removal, and temporary housing. 

American Red Cross
Assistance to support long-term recovery efforts.

Community Partners
From Chaos to Community - A Guide to Helping Friends and Neighbors Recover and Rebuild After a Major Disaster
A resource guide that aims to inspire individuals and citizen groups to act in organized, effective ways to help communities hit by disasters to reclaim their future.

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LEGAL & FINANCIAL ASSISTANCE

National Disaster Legal Aid Resource Center Quick Guide

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INSURANCE - RELATED ISSUES

California Department of Insurance Wildfire Information
DOI can be contacted for general information and guidance about insurance claims by calling (800) 927-HELP (4357).

Farmers Catastrophe Response Team

United Policyholders 
Through their Roadmap to Recovery programs you will find support, guidance and trustworthy help navigating the process of returning to a wildfire damaged area, repairing and replacing damaged and destroyed property, and collecting all available insurance funds.
 

#EatonFire

#PacificPalisadesFire

#Californiafires

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Real Estate Laws for the New Year - 2025

Some have already been mentioned, but here's an overall review of major California real estate laws either in effect now, or effective in 2025:  

1.  ADUs - Do you have an ADU built before 2020?  AB 2533 extends the Accessory Dwelling Unit  amnesty law to unpermitted ADUs and junior accessory dwelling units built before 2020.  Cities and counties must provide a clear process for homeowners to obtain permits for their unpermitted ADUs.

2.  If your property is a multifamily unit of 3 or more units, you have until January 1, 2026 to have balconies and other wooden structures that extend beyond the building inspected. Condo project inspection due date is January 1, 2025.

3.  Buyer Broker agreements were required by a legal settlement with Realtors effective last August 17, and beginning January 1, 2025, a new California law also requires all licensed agents to form a buyer broker agreement no later than submission of a purchase offer, on the following property types (excluding leases and rental agreements):

    Real property improved with 1 to 4 dwelling units including a unit in a stock cooperative, condominium     or planned unit development.

    Multiunit residential property with more than four dwelling units

    Commercial real property

    Vacant land

    A ground lease coupled with improvements, and 

    A manufactured home or a mobilehome when offered for sale or sold through an agent pursuant to the         authority contained in Section 10131.6 of the Business and Professions Code.

4.  If you are using a "handyman" --The contractors licensing law, previously affecting work valued over $500, has been increased to $1000.  It does not apply when the total contract price for labor, materials, and all other items on a work on one project is less than $1000 and does not involve a building permit or employing another person.

5.  Fair Housing Laws (Unruh Act) is expanded to include discrimination against such race traits as protective hairstyles, including braids, locs and twists.

6.  Foreclosures - There is a 45-day postponement of foreclosure after a listing is taken, and a 45-day postponement after an accepted purchase agreement, and the trustee is prohibited from selling the property at the initial trustee’s sale for less than 67% of the amount of the fair market value of the property.

7. There are several new owner/tenant laws regarding changing of locks, the charging of application fees, tenant's positive credit reporting regarding rental payments, extra fee charges, unlawful detainers, timeline requirements for certain notices, and requirement of landlords to take movein/moveout photos of the rental property.  Please contact me if you would like more specific information about these new requirements. 

8.  Assets may be distributed outside of probate for small estates valued up to $750,000. This may not work well for multiple heir situations, advice of an attorney should be obtained.

9.  Pool and spa features regarding the status, condition and labeling of drowning prevention equipment must be noted in a physical inspection report. 

If you would like more specific information on any of these topics, please contact me for a printout. 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

What Will 2025 Bring For the Housing Market?

A Merry Christmas Santa

Predictions don't always work out, so in the meantime, please enjoy your December holidays, however you  celebrate them!

2025 will possibly bring:

California median home price of $909,000, a 4.6% upward growth in price.

Statewide higher sales volume than the previous 2 years at 304,000 (but that's 100,000 lower than 2016 sales).

A continued housing affordability index of only 16%, compared to 31% in 2016.

A 30-year fixed rate mortgage of 5.9% (watch for Fed's meetings December 17 and 18).

Insurance costs are still rising along with stock market volatility.

Housing inventory has been increasing (as seen in higher sales volume figure) so that means it may be easier to make a move than in the last 2 years. When sellers can sell, more buyers are able to enter the housing market.

Election outcomes? **If capital gains exemption (some Congressional efforts have been made in the last 2 sessions) is doubled as hoped, that will be another big step for many sellers to move forward. An increase from a $500,000 exemption to $1,000,000 will be a huge help for the California markets. **Will state and local income tax (SALT) deductions increase for California? **Will tax cuts and tariffs help or hinder inflation--because some economists suggest that tax cuts will hinder a decline in mortgage rates. **And, the controversy of deportations may also suggest that deporting immigrants with no documentation is not likely to affect the housing inventory crisis at all: it's actually the millennial generation which has driven the increase in numbers of new households, while only 4.8% of U.S. households have immigrants here illegally. Housing shortages are also a result of land cost, construction costs, and housing programs that need to  be fixed. Read the link at Stateline for more on this issue.

Home insurance will probably continue to rise for some owners, depending also on location. Owners with newer roofing and updated electrical (a problem in some property sales) will fare better with their insurance companies. Contact your insurance agent to find out what you can do to avoid a premium increase as much as possible, and visit the CA Department of Insurance website for more information.  This is important, because 31% of homebuyers in 2024 had problems obtaining home insurance on their new purchase, and a buyer cannot close escrow unless the lender sees proof of obtaining insurance.

Long Beach Market, November:

In November, a single family average price for the city was $1,183,570, an increase of +3.2%.

The average price for a condominium was $580,235. 

The average price for a duplex was $1,151,280, an increase of 0.8%. Living in one and renting out the other could be a great option for some buyers.

If you would like to know more about your property value, just contact me.

And have a Happy New Year!

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

New California Law Grants Foreclosure Extensions of Time When Listing and Selling a Property

 

Most of the time, banks or other holders of mortgage in default would rather work with the property owner to get a property sold, rather than go to further expense to take the property back on their books and then put it back on market.  But, there have been instances when the mortgage servicer proceeded strictly within the foreclosure guidelines in the law, and foreclosed anyway, even if the seller was still actively on the market and ready to take offers. This caused a lot of people a lot of pain, and the owners lost whatever net return they might have been able to get from any possible equity in their property. But now, there is a new California law that addresses a new timeline, after both the mortgage servicer and property owner have followed procedures as contained in the bill:

Back in September, 2024, the Governor signed a bill which would prohibit a foreclosure sale for another 45 days after a listing agreement is signed, and also prohibit a foreclosure for another 45 days after a purchase agreement with a buyer is executed. This is stating the issue simply, and as stated already, certain other guidelines must be followed. Several things must be done by the mortgage servicer, including:

"The mortgage servicer shall provide a means for the borrower to contact it in a timely manner, including a toll-free telephone number that will provide access to a live representative during business hours.

"(5) The mortgage servicer has posted a prominent link on the home page of its internet website, if any, to the following information:

(A) Options that may be available to borrowers who are unable to afford their mortgage payments and who wish to avoid foreclosure, and instructions to borrowers advising them on steps to take to explore those options.

(B) A list of financial documents borrowers should collect and be prepared to present to the mortgage servicer when discussing options for avoiding foreclosure.

(C) A toll-free telephone number for borrowers who wish to discuss options for avoiding foreclosure with their mortgage servicer.

(D) The toll-free telephone number made available by HUD to find a HUD-certified housing counseling agency.

As a borrower, you should make sure your contact information is completely current with your lender, so that if they need to contact you, you are available and are properly notified.

In Long Beach right now, there are about 203 residential and commercial properties in some stage of foreclosure, according to the property tax records; only 10 of these properties is on the market or in escrow. If you are one of these owners who are not on the market, and you haven't engaged your lender in any type of conversation, or you've received some type of notice in the mail but you haven't acted on it, you should not waste any time in contacting your lender, especially if you are interested in remaining in your home or otherwise keeping your property. Because if you don't act, you could lose your property and the equity with it.

If you are thinking of selling, you still need to be in touch with your lender, but you should also take action now in finding out what your market value is by contacting a REALTOR who can work with you on your selling requirements.  

For more information on the new required timelines and procedure affecting both the mortgage servicer and the property owner, see the link below for the new law.

 See the new law at AB2424  If you have any questions about what to do, please feel free to contact me and see how I can help you.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Do You Have a Retirement Account?

Maybe you don't, because you're doing your best to keep up with monthly expenses.  But consider it anyway.  It doesn't have to be a large amount, some credit cards connected with investment or banking firms have a program to put accrued points into an IRA.  Or just try a savings account, or a money market account.  Why?  Because it's a way to build wealth as early as possible in your life.

The gap between homeowners and renters is ever widening, "The median net worth of a homeowner is about $400,000. A renter’s is just about $10,000", according to the Aspen Institute, just one of many financial sources concerning data on wealth. Home equity is one of the ways to build wealth, people with more income also have investments.  Many younger people have benefited from family money funneled into down payment, or parents who take money out of their home equity and lend or give to their child. This becomes more and more important as the market price of a home gets higher.  Some people don't have family money, but don't think that you can't ever buy-- first of all, you have to realize that most people don't start at the top, they start where they can reach their goal of homeownership, which can lead them to their next goal of another home.  

Homeownership creates stability, and creates a stronger community for everyone. I have worked with buyers who were not able to buy until well into their 40s. There's not an age limit for getting a mortgage (although that may be true in other countries), and there are various loan programs and down payment program available.

Find a REALTOR who can provide a buyer orientation, explain the process of mortgage and introduce you to a financial person, and explain the financial responsibilities of homeownership, whether it's a house or a condominium.  

For more information to investigate on your own, go to https://www.hud.gov/counseling for information on buying, obtaining a reverse mortgage, or avoiding foreclosure.  For more information on owning, buying, selling, renting, plus more, go to https://myhome.freddiemac.com and in particular, learn about credit management at https://myhome.freddiemac.com/resources/creditsmart.

Often times, a client does not want to tell their REALTOR indepth information about their financial circumstances (although certain things a REALTOR must know about about, such as down payment amount), but a client does go through much more financial disclosure with their lender.  So by going to the links above, a buyer (also a seller who will become a buyer after closing escrow), will be more prepared for discussion, and planning for their future.  

As a professional REALTOR for the last 30 years, I am acquainted with clients' stories, and what they have sometimes been through before buying. Please feel free to contact me with questions, I have access to a lot of information that can help you.

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

What Are Reasons to Buy, No Matter Whether Interest Rates are Unpredictable?

View towards San Pedro

 One of my most popular posts was on the cost of waiting to buy, posted several years ago. 

And it's still an important reason to make a move -- 

Renting vs. Buying. Waiting for better interest rates can result in long term higher costs. Renting has zero equity growth and offers no tax benefits of homeownership.

It's important to watch the shifts in the local market, and stay ahead of the changes, not behind them where you're playing catch-up.

There's been talk of when the interest rates will drop -- but look at the local market--in spite of interest rates dropping and then rising again, the local single family market and condo market has still risen when comparing October 2023 to October 2024.  The demand is still strong, and that's helping the overall upward surge in prices. Here's a scenario from my post back in 2009, you can substitute in current asking prices and slightly higher interest rate, but the point is still the same:

Let's make an assumption that the prices may still decline 5% more before they start appreciating again. If while a buyer was waiting for the price on a $250,000 to go down 5% to $237,500, and the interest rate goes up one percent from 5.25% to 6.25%, which is entirely possible, the buyer's monthly payments will increase almost $79 per month.

If you're a first time buyer (meaning you haven't owned property in the last years), look into the buyer programs offered through various banks.

If you're holding back because you think interest rates will drop again, or again, just think about how you could be gaining equity, and saving on  tax deductions.  Not every home that's come on the market is selling, and reasons vary, but think again about your goals towards homeownership.

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

What To Expect From Your REALTOR® if You're Buying or Selling An HOA Property

Downtown Long Beach street view

Real estate professionals should encourage prospective home buyers to carefully consider what they’re buying into when they purchase a home in an HOA community. Both condominiums and single family homes/townhouses may be part of an HOA. Many buyers who would like a single family home may find that in the same area, an HOA property may be more affordable for them, so the following should be considered.

Fact: California is one of three states with the most homes under HOAs, 37% of all homes in the state are in HOAs. The other two are Florida (45%) and Texas (20%). Nationally, HOAs represent about 30% of the U.S. housing stock, or over 75 million owners.

REALTORs® Must Disclose:  Sellers, listing agents and buyer agents should disclose if a home is in an HOA community, as this is considered a “material fact” under the REALTOR® Code of Ethics. Agents who are REALTORS® must ensure that buyers and sellers are aware of any facts that could affect their decision to buy, sell or lease, says Deanne Rymarowicz, senior counsel of legal affairs at the National Association of REALTORS®. During the due diligence period of a real estate transaction, if not before, real estate professionals should advise their buyer clients about the existence of a homeowners association and stress the importance of obtaining and reviewing HOA governing documents, she adds. Listing agents should ask their sellers if an HOA exists in their community, as certain information, like monthly or annual fees, special assessments and shared amenities, can be included in the MLS.

Many times a client expects their agent to review and interpret the HOA governing documents, but that would be considered an “unauthorized practice of law,” which violates Article 13 of the REALTOR® Code of Ethics. For example, agents should not interpret an HOA’s CC&Rs, bylaws or budget, Rymarowicz cautions. Instead, agents should advise their clients to consult an attorney with any questions.

An Information source: Real estate professionals can help clients gather HOA documentation and facilitate answers to their questions from sellers, the HOA board or HOA management company. It should be noted that many property management companies respond only to requests from the seller/property owner/Board of Directors, in accordance with contract terms, so that buyers should submit information requests through their own agent, not directly contact the seller or management company. Also, agents should make sure that HOA disclosures and information packets are delivered and received in a timely fashion (in California they are usually provided to the escrow officer for distribution) as some states, such as California, allow buyers to terminate a purchase contract within a certain period. “It’s incumbent on agents to make sure the buyer is aware of any deadline to review information packets so they can make the right determination for them,” Rymarowicz says.

There are many more consideratons about buying into an HOA, including rules about landscaping, monthly fee amounts, security, pets, parking, rental restrictions, insurance, financing, are just some of the features that should be reviewed when considering an HOA purchase. In  California the buyer has a 17-day investigation period in the standard contract to receive and review the governing documents.

 More Information about HOAs:  https://www.doorloop.com/blog/hoa-statistics   - There are now over 363,000 HOAs in the United States, there were about 10,000 in the 1970s.

I have listed and sold many HOA properties, and would be happy to answer your questions, or provide you with additional information about selling or purchasing in an HOA.  Just let me know!

From "Navigating HOA Rules: Considerations for Real Estate Agents, Buyers and Sellers" by Melissa Dittman Tracey, National Association of REALTORS

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Los Angeles Area Cost vs Value for 2024 Remodeling Jobs

Tired of this? Consider some upgrades

The annual report for Cost vs Value for the Los Angeles area is out. This is always a good resource for checking what certain projects might be for resale value.  Bear in mind that such returns are based on area, local supply costs, and local selling market for those improvements.

• One of the highest return items is the installation of a new steel entry door cost approximately $2400 with a resale value, according to this source, of $7210, or 300%. This item has been on the list for a few years as a good investment. 
• Manufactured stone veneer costing $12,000 brings a resale value of over $26,000, or a 220% return.
• Garage door replacement, another key trend for several years, with a cost of $4300 is listed with a resale value of over $12,000, or over 293%. 
• A minor kitchen remodel costing about $28,000 is listed with a resale value of $39,000, or almost 140% increase.
• A composite deck addition costing over $24,000 brings a return of about over 86%, but a wood deck addition cost a few thousand less has an increased resale of over 120%. Maybe people just like wood, but it's susceptible to termite damage.
• Another good investment, in my opinion, are window replacements, and depending on which type you use, wood or vinyl, you may see a value increase between 83-90%.
• Primary suite additions are among the most expense on the list, and the returns are in the 44-61% range.
  

As above, keep in mind that certain improvements may not bring the resale value stated in this report, because the more properties in your area that feature certain improvements, the more they become the standard for the area--your reward may be in a faster offer and a quicker sale depending on the local demand for a particular feature.

To get detailed information on each of the 23 key trends used in this report, go to https://www.remodeling.hw.net to download the report.  

For more resources on job cost, go to my resource page at https://www.abodes.realestate/free--mostly--resources-for-you

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Long Beach Real Estate Market, October 2024

Long Beach Sales October 2024

 In October, the average sales price of a single family increased by 1.1% since one year ago, to $1,089,651.

The median SFR price for October was $940,000, an increase of 4.2% from one year ago.

For condos, both the median and average prices also increased, by 1.5% and 1.6% respectively, $559,000 and $619,000 respectively. 

 

The inventory of homes for sale increased also, an encouraging sign for buyers, by 3.1%, but at a total of 270 homes for the entire city, that's not such a very large number compared to other cities in some states. 

Note the small print at the bottom, that the sales price showing does not account for down payment assistance or seller concessions.  Many people may not know this, but seller concessions, i.e., repairs, seller contribution to buyer costs, are noted in the MLS separately when the property closes.  So an appraiser notes these concessions and subtracts that figure for the net amount of the sale price of the property.  And, broker compensation has always been calculated into final sales figures, so knowing that amount is of significance to all parties as well.

In the coming 2025 year, increased inventory, lower interest rates and a strong economy will create a more viable real estate market.  Supply and demand are always the key driving factors, so greater supply helps both buyers and sellers.

If you would like to know your home value, even if you're not sure about selling, but perhaps for insurance purposes, or any other reason, just  contact me or use the property search on my website to review the market in your area.  Go to https://www.abodes.realestate/mls-property-search

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996