Showing posts with label For Sellers. Show all posts
Showing posts with label For Sellers. Show all posts

11/07/2023

Long Beach Year-to-Date for Single Family Homes as of September 2023 (and LA County Information)

Year to Date Stats September 2024

 

 Long Beach Market, September year to date:  

  • Existing home sales total 796 (down almost 30%)
  • Monthly average of active listings total 94 (down over 26%)
  • Active listings with reduced prices total 31.4%  

Sales to list price is 100% with the median price of $900,000.  There's still competition out there and at the same time sellers need to be realistic on pricing and offers for their local market.

As of 11/7/2023: there are 153 active listings of single family homes in Long Beach, with a median of 32 days on the market (yes, at this time of year timing is usually slower).

September Los Angeles County Inventory Report showing city prices and market information:


 

Contact me for your real estate needs!

 

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

9/19/2023

Things to Know About Open Houses in California


Did you know that California agents must observe certain protocols or rules about holding open a property?

For instance, usually the person you meet on the open house property is a licensed agent, but on occasion there may be an unlicensed assistant there who may greet the public, hand you a flyer or brochure or schedule a appointment with the real estate agent. But only a licensed agent may show the property, discuss terms and condition of a sale or the features of the property, location of schools or amenities, or engage in other conduct which could induce the open house attendee into signing a contract. Unlicensed assistants may not engage in any solicitation or negotiation with visitors to the open house.

The open house visitor should see the licensee's license number on advertising flyers and brochures with the agent's name, and on open house signs which bear the agent's name and brokerage name.  But license numbers are not required on generic style signs which only say "for rent" "open house", "for lease" which do not bear an agent name or brokerage name.

Licensees cannot discriminate on the basis of a protected class, including have children. Unless it's a Senior Housing community which is for those aged 55 years and older where anyone younger would not be allowed to own.

And, the Department of Real Estate strongly advises against a licensee leaving an open house unattended, so if you see a note when you arrive stating an invitation to come inside, but the agent leaves a note they'll be back shortly, you may want to return when the agent is there.  An unattended home might be an invitation to a problem.

If you are thinking of selling and want an experienced Realtor's advice before you put your home on the market, please call, text or email me! I'll be glad to answer your questions.

 

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

8/08/2023

Closed Sales Volume in California, Southern California and Long Beach

May, June and July of 2023 down 18% in Southern California sales volume for single family homes, better than last December's volume which was down 46% (see the orange bar for Southern California).


Home sales volume bar graph statewide

Southern California home sales volume has been "below the line" for over two years, along with all areas of the state.

High homes prices and unfavorable rates continue to have influence for buyers, of which 41% believe prices will continue to climb. Those who believe it's a good time to sell continues at the rate of 64%, so inventory not loosening up much on the sell side. 

Although there's been a crunch on obtaining purchase home insurance in certain areas, the local market is still seeing buyers successfully closing their escrows.

In the last 30 days, 97 single family homes (average price $1,136,577) and 69 condominiums (average price $592,000) sold in Long Beach.

If you would like to find out more about selling, doing a 1031 exchange, or just find out more about the market in your area, please contact me via phone, email or text.  And please feel free to do a property search on my website.

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

7/31/2023

Insurance - California Homeowner Policies - Tips on Finding and Keeping

Insurance is the Key!

Several companies have stated they are not issuing new policies to new customers, and some existing customers are receiving cancellations.  Below are some advisory tips whether you are in escrow and need insurance for a new purchase, or you're in an existing home and have received a notice.

 If an insurance company is not going to renew your policy, you must receive notice 45 days before the expiration date. If you didn't receive the property notice, the California Dept. of Insurance may be contacted at 1-800-927-HELP or online at www.insurance.ca.gov. Look for renewal provisions in your policy to see what you might qualify for under certain conditions.

Contact your insurance company immediately to see if there are fire-hardening steps you may  take to change the company's decision about non-renewal.

If you don't have an insurance agent, check online with the Department of Insurance in the Consumers Section to help you find an agent, and check if the agent works exclusively with one company or has access to multiple carriers. 

 Check the Residential Insurance Contact List on the DOI website for a list of admitted insurance companies.

Ask questions of the insurance agent: Does it cover current cost of rebuilding per current construction codes? Does it cover replacement cost value? Will the policy cover cost of rebuilding to pre-loss condition? Cover demolition and debris removal? Coverage on temporary rent and expenses while home is being rebuilt? What loss causes are not covered? 

Non-admitted carriers, i.e., surplus lines, do not have CIGA protection, but may be a solution for you. Investigate financial strength of a non-admitted carrier at A.M. Best.

As a last option, try the California FAIR Plan, which only covers fire and smoke. However, if you currently can find no other carrier, this Plan will provide you with coverage required by most mortgage company to keep your loan, or get a new one. It was designed to be a temporary option only, but this may be gap coverage until you are able to obtain a policy with more coverage. 1-800-339-4099. A Differences in Condition policy can be obtained separately to cover theft and liability.

IF YOU ARE IN ESCROW OR ABOUT TO BE:  Do not delay the search for home insurance. Begin immediately. Some insurance companies are using a monthly pool amount to issue policies, so if you qualify and are told you will get insurance, your transaction must close on the date you give to the insurance company, or otherwise if it's delayed in closing, you will lost your place in line, get rolled over to the next month where you start over again--the seller may not go along with this unless it was agreed upon in writing, and given the competitive nature of the housing market, there may be another buyer in line with an offer.  So do nothing to delay your closing date if this is how you are advised you're getting insurance coverage.  

Thanks for California Association of Realtors for the above information.

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

6/01/2023

What Could the Potential Loss of Insurance Mean for a California Home Transaction?

View from Signal Hill Home on Bluff

The news about State Farm not writing new policies is part of a larger story.  

It's not news that premiums have increased and that areas of wild fires have seen a pullback from insurance companies. The refusal by insurance companies is not just in climate zones, many  types of properties are now affected, including areas that are low risk of fire and flood.

If you're a buyer or seller and currently in a transaction, be aware that the buyer contingency in a standard California Association of Realtors contract allows for investigation of the property, including insurance issues that may prevent coverage.  This is very important that the buyer understand their contracts, and follow up completely on insurance coverage.  Under standard timelines, the buyer contingencies are removed assuming the buyer is satisfied with various areas of investigation. However, since lenders offering a mortgage want to see proof of insurance coverage prior to close of escrow, buyers are strongly advised to obtain an insurance binder or evidence of commitment to insurance coverage as soon as possible in the escrow period (the 1st day it opens), and not remove their buyer contingency until they know they will have insurance policy on that property. Otherwise, they may risk losing their buyer deposit under the terms of their contact with the seller.

Homeowner associations are seeing increases in their master policy premiums, changes in coverage limits, or a refusal to renew policies.  If an HOA master policy isn't renewed, then the mortgages of the condominiums owners are also at risk, since lenders want proof of that policy coverage for the common areas. Or, in the case of some associations, the increase in premium may be so huge it causes a special assessment: one HOA reported in the San Diego Union Tribune ended up with an $8,000 per unit cost for master policy insurance coverage.

If you're a homeowner with current coverage, do not let it lapse, because it may not be renewed.  The California Fair Plan may be an option for some residents and businesses; it protects the home for fire risk and will satisfy a mortgage company's insurance requirement, but it does not cover theft, flood, earthquake, hail, vandalism or personal liability (only special earthquake policy provides coverage for that). 

Insurance brokers are reporting challenging coverage searches for their clients, and are not always successful.  The one area of insurance so far not reporting a problem is renters insurance, which does not cover fire risk.  

If you are not currently represented by a Realtor in a transaction and are interested in finding out what the buyer contingencies are in a purchase transaction, please contact me via phone, text or email.

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

2/20/2023

What To Do With All Your Stuff, Whether You're Selling or Not

The Art and Necessity of Decluttering

 

Barcelona Chair - 1929
Did you ever hear of Mies Van Der Rohe?  Perhaps not, unless you have an interest in architecture.  (He also designed the “Barcelona Chair” around 1929 .) Mies Van Der Rohe died in 1969, a German architect who did many works in the U.S., and often aspired to the ideal of “less is more”, a saying about the ideal of creating something so beautiful it cannot be further reduced.

 

Opinions may differ, but there are many people who would say that the type of stuff in the next photo could be reduced – quite a bit.  “Decluttering” is the word most familiar to people.  

Whether you’re moving, or just wanting to move your stuff, decluttering can bring improvements to your daily life, and most probably to your outlook in general.

All you have to do is watch the TV series about hoarders to view the extreme situations.  Most people are not this extreme, but neither were the people in the TV show at one time.  But whether you’re at the low end or the high middle of the distribution curve on junk,  the process can take a lot of work, because that stuff may have meaning to you, or you think it does.

Garage tools piled on top of each other

If you do put your home on the market, having too much stuff in your house or condo can detract from the buyer’s ability to see and focus on the property, and in the end could hurt you financially.

There are people, such as Marie Kondo, who specialize in decluttering, but really most people can tackle this themselves if they keep in mind:

  1. There’s a financial advantage in keeping only what you use.

      2.   That breaking down the clean out process into smaller tasks can lighten the load.

3.            3. That selling, donating or sharing are three primary ways to lighten your inventory—sell to consignment shops, Facebook groups, estate sale specialists, or donate to a halfway house, charity groups, neighborhood yard sales.  1-800-GOTJUNK is a resource for taking away stuff that cannot be donated, or, pick a self-storage site for later attention.

Decluttering may also mean a transformational growth process, which can lead to establishing more effective daily routines, simplifying meals and grocery shopping, and quieting the noise in your life.  More resources on simplification are found here.

If cleaning out is a task you would like to leave to a professional, the national hourly rate for a member of the National Association of Professional Organizers , for example, would be between $50 to $100 an hour. It might be worth a consultation to help you get started and actually speed up the process.

The key is, don’t try to downsize in a month. You may give up something you wish you’d kept (but thinking you need everything doesn’t work either).  It’s essential to start developing the habit of reviewing your possessions and think of when the last time was you wore an item of clothing, or used a tool or appliance, or are you keeping items you inherited that may only be taking up space.

Your home should be seen as beautiful in the eye of the beholder. Get started on your plan, your goal is reachable!

Mies Van Der Rohe

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

6/03/2022

Profile of Home Sellers in 2021 - How Did They Sell a Home?

The 2021 Profile of Homebuyers and Sellers is the 40th anniversary of the first National Association of Realtors report. The 2021 report is unusual because it is the first full year in which buyers and sellers purchased or sold during the COVID-19 pandemic, in what turned out to be a record setting year.

Long Beach Spanish bungalow

As discussed in the buyer post, this was based on a survey of homesellers' experience.

The median stay in a home in 1985 was just five years, in 2021 the tenure in a home decreased to eight years (from previous year high of ten years).  (This is based on national data, some areas such as Southern California have been more than 8 and 10 years).  Tightened inventory saw sellers getting 100% of their asking price (and more) in one week or less.  Nationally, the median home equity at time of sale was $85,000 in 2021, compared to $66,000 in 2020, a significant increase.

  • The typical homeseller age was 56.
  • Of all homes sold, 69 percent did not have children under 18 residing in the home. 
  • Eight-nine percent of sellers identified as White or Caucasian, 
  • The share of first time homesellers was 32 percent, and only 6 percent of all sellers did not plan to sell the previous home.
  • Thirty-eight percent of the homes sold in 2021 were located in the South region, 24 percent were in the Midwest region, 22 percent were in the West region, and 15 percent were
    in the Northeast.
  • The majority of homes sold were single family homes (78 percent).
  • Forty-six percent of sellers traded up to a larger size home, and a majority of sellers purchased a home in the same state.
  • The over 65 age range downsized to a home 100 square feet smaller.
  • Buyers (former sellers) in the 35-44 age group bought the most expensive trade-ups by an increase of $101,000.
  • Sellers said they wanted to move closer to family, especially those who moved the greatest distance.
  • Time on Market - Sales vs. List Price
    Ninety percent of all sellers worked with a real estate agent, while FSBO sales were below the historic norm at 7 percent.
  • Less than 1 percent of sellers used an iBuyer program to sell their home.
  • Ninety-six percent of sellers working with an agent did not know the buyer.
  • Across all regions, the final sales price was a median 100 percent of the final listing price, the highest recorded median since 2002.
  • Sellers in home 21+ years had 162 percent equity.
  • Client referrals and repeat business were the ways seller found their real estate agent.

For a more extensive review of selling and marketing your home, please contact me -- I'm a broker with more than 25 years in the real estate business of helping buyers and sellers.

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

4/30/2022

If You Are Over 55, Don't Forget About the California Proposition 19 Tax Transfer Benefits

Long Beach bungalow house

Are you a possible candidate for a Proposition 19 tax transfer?  California's Proposition 19 was passed in November of 2020 and made changes to property tax benefits for families, seniors, severely disabled persons, and victims of natural disaster throughout the state starting in 2021.  For a general summary of this tool, and examples of how homeowners can save, please go to Your Local Realtor Can Help You Save When Moving With a Prop 19 Tax Break. These current changes allow a homeowner who is over 55 years of age, severely and permanently disabled or whose home has been substantially damaged by wildfire or natural disaster to transfer the taxable value of their primary residence to:  

  • A replacement primary residence
  • Anywhere in the state
  • Regardless of the value of the replacement primary residence (with adjustments if "greater" in value)
  • Within two years of the sale
  • Up to three times (but without limitation for those whose houses were destroyed by fire) 

As with many pieces of legislation, this bill in its original form needed clarification in order for County Assessors to properly implement it, a process that is still continuing.  While prior Propositions 60 and 90 (intracounty and intercounty legislation) had certain limitations which the new Proposition 19 has expanded upon, Prop. 19 has also had some restrictions in place that didn't exist before, and it's important for owners to understand how it will work for them.

In general though, this bill is very useful, especially considering the overall cost of living in California in residential real estate prices, in allowing property tax base transfer reductions for homeowners over age 55, and other applicable owner categories, which will save money on the property tax of the new home purchase.  And, it may be applied up to three times for standard 55+ owners, but has no such transfer limitation where homes were destroyed by fire.

If you are considering moving now or in the future, please obtain more information from your Realtor professional and/or tax person about this tax transfer process.  Be aware also that at this time many County Assessors offices are dealing with many applications and homeowners are having to be patient.  If you are in Los Angeles County, go to assessor.lacounty.gov/prop19 for more direct information, and a forms tab to submit for your application. 

I am available by phone, text or email -- if you would like additional more specific information in a Q&A format, please contact me about this or any other aspect of selling a home.

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

3/29/2022

Long Beach Condominium Market--More Affordable for Many Buyers

 

Currently there are 62 active condo listings in across Long Beach, with the overall average price being $562,469 per MLS data.  This is a lower number than the 90 current house listings, however, SFR average price for the entire city of Long Beach is $1,226,196, significantly higher than the condo average.  While condo prices range from $1,500,000 down to $270,000, the median and average prices are well below $600,000.  

555 Maine Ave

There are currently 131 condos in escrow with an average of 29 days on market, while there are 100 single family homes in escrow with similar days on market, and of course at a much higher average price than the condominiums.  

Condominiums are located throughout almost all areas of Long Beach and provide an avenue to homeownership in a neighborhood which may otherwise be totally unaffordable to the buyer. Older HOAs may not offer enough parking for all owners because the building requirements before the 1980s were different, but later developments were required to offer a parking space per the number of bedrooms in a unit.  And, older developments were most commonly built with community laundry rooms, while later ones offer inside laundries and central air and heat.  Many older buildings, however, feature more interior square footage and seem more spacious. Condominiums may have more rules to meet for lender approval on a buyer loan, because the lender looks not only at the unit, but also at the common area maintenance and condition, so buyers searching for a condo home should keep this in mind.  Rules and regulations of HOAs are part of the buyer's new homeownership--living in a condo is a certain way of living that is different than a single family home, but in today's market, especially, it offers ownership opportunity.

Long Beach also has some lower priced stock cooperatives and own-your-own properties which appear to be condos but are not, which are also affordable buyer opportunities, but do have some different mortgage requirements. If you find such a property on the market and want to find out more, please contact me.  To find condos on the market in Long Beach, go to my condo search .

If you're a seller thinking of making a change and you want to put your condo on the market, please contact me for important information about selling your condo. I have 25 plus years of experience and have sold numerous condominium units.


Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

3/24/2022

Who Wants to Buy a House? Millennials Do Too.

If you watched 60 Minutes on March 20th, you probably saw the segment with Lesley Stahl about the rental market, specifically the corporate rental market.  While Gary Berman of Tricon, whom she interviewed, stated that the corporate landlord represented only about 2% of the total national rental market, it is a powerful segment.  Because their homes are turnkey in a rising market, their rents may be up 30% or more compared to a previous year: examples were 35% higher rents in New York, 39% higher in Portland, 10% higher in Los Angeles, but surprisingly down in Kansas City.  There has always been part of the population which by choice prefers to rent--such renters actively do not want the responsibility of maintaining property.  And then there is the segment of the population which may have good income, but is cash poor, or has credit ratings below the mortgage approval guidelines.  But increasingly are those young renters who would like to buy their first home, have excellent qualifications to get a mortgage but may not have enough cash to compete in over-list-price multiple bid offers or enough to obtain a 20% down loan, perhaps 5% down is the best they can do.  

 View from porch of home

But one thing that I don't believe is true are the younger buyers--typically in the under-40 millennial age group--who have been characterized in multiple media sources in the last few years as being uninterested in owning a home.  This was made clear by the young couple spotlighted in the 60 Minutes show, who directly contradicted the statement made by Mr. Berman that millennials "don't desire to own a home" because their main emphasis is living in a turnkey space and thus fit the profile of "You can rent the American dream" as opposed to owning it, which young couple made it clear they wanted to be able to buy a home, but competing in the current buyer/seller market was extremely tough for them.

In my experience, adults of all ages would prefer to live in a turnkey home, not just younger adults: and if not turnkey then a home purchase that presents a clean, relatively updated condition.   The view that younger adults don't care about owning a home is a misrepresentation that can ultimately deny them the opportunity to own, thereby gaining housing and community equity.

The current trend in asking buyers to remove standard contract contingencies can be a direct pathway to housing disaster for  a number of reasons--yet this is what many younger (and older) adults encounter in the home offer process, and is indeed discouraging, and just influences their continuing status of being a renter when they would like to be an owner.  The upward price climb is staying in motion, but other things do not have to, and should not.  Sellers should be advised of the risks involved.

See the 60 Minutes video .  

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

1/05/2022

The Shape of the Housing Market to Come

According to Tian Liu, Chief Economist at Enact, remote work is still driving the housing market buyer preferances.  COVID-19 has shaped the choices and home desires, and will continue to do so well into the future.  Homes are the complete center of people's lives as they assume the roles of work center, recreation center as well as family living center. According to a recent survey of 1000 Americans, 44% want to work from home without venturing elsewhere. Rental homes fall into the same category:  "According to Invitation Homes, a major single-family rental company, rents for new leases grew by 13.8% year over year in second-quarter 2021, while rents for renewals grew by 5.8% year over year. These figures represent significant increases in the value that people place on single-family homes." 

For younger buyers, when to buy is a timely question--for each of the past five years, 5.5 million people reach their 33rd birthday--peak homebuying years. Historically low interest rates have helped to push many of these people into the buyers market, rising last year from 2.65% to 3%. The higher rates anticipated this year may bring a correction to prices, or at least a slowing. 

Rapid home price growth has also been fueled by the lag in new home construction. Many homes for which permits have been issued are anticipated to be completed in 2022, growing the inventory significantly and impacting the sellers market into a more balanced one.  Buyers are cautioned to be realistic in their home appreciation expectations if they buy now--historically homes have provided modest appreciation in value.  Like many other investments, they should look to the long term.

Key Points in Pandemic Housing
https://www.scotsmanguide.com/browse/content/the-pandemic-continues-to-shape-the-housing-market


Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

11/15/2021

November Active Listings Report in Five So Cal Counties

No housing market crash for 2022, at least not in terms of price (believe it or not!).

But there is a huge continuing problem between supply and demand-- very limited supply and huge demand brought on by very low interest rates. In beginning of 2019 there were the most homes (40,000 homes) on market since 2012, but lowered interest rates that year started off low inventory in 2020 (29,000 homes) with a big dip after the pandemic, and then the lowest inventory in years in 2021 (17,000 homes), and will continue this way into 2022.  We should have more than double the inventory we have right now, per last year's inventory levels.  The five counties in Southern California are all down in total home inventory between 3% and 5%, with Orange County at its lowest inventory ever (just over 1700 homes on market right now--on (l1/12/221)**

(Julia's Update Note:  Active listings in the MLS on 11/15/21:  San Bernardino County:  2515 single family homes; San Diego: 1550 single family homes; Orange County: 1182 homes; Los Angeles County: 5000+ homes; Riverside County: 2856 homes.)

Interest rates will probably stay under 3.5%, and it will still be a seller's market.  As long as rates stay low, the market will favor sellers, a trend that may well continue all through 2022.  Home values will continue to rise. And see the CAR 2022 Market Report Summary, an upward increase of 5.2% is predicted with total downward trend in number of sales for next year.

Calif Assoc of Realtors 2022 Market Report
 

** Information thanks to Steven Thomas and his weekly Facebook streaming Market Report every Friday)

 

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

8/10/2021

Mid-Year Forecast for California's Housing Market - 2021

Home in Alamitos Heights

In his July 28, 2021 Report, California Association of Realtors economist Jordan Levine recapped what's going on the real estate market so far this year:

1. The share of first time buyers is the highest in 10 years, fueled by low, low interest rates--two of every five homes was sold to first time buyers--while there are fewer repeat buyers in the market because fewer current homeowners are selling.

2. First time buyers are also more affluent:  33% of these buyers have 20 percent down payments, or higher, while only 10% are using zero down loans.

3. Vacation and second home sales are highest in four years.

4. The first half of 2020 ended with a 33% increase in home sales, and a 37% decrease in inventory, making a very competitive market for buyers.

5.  Statewide, 71% of home sales closed over asking price.

6. Despite COVID, 20 California cities grew by 40% last year, with Big Bear, Malibu, and Montecito being the top 3.

7. And 30 cities almost doubled in sales growth in 2021 compared to 2020:  Palos Verdes Estates (148%), Signal Hill (109%), South Pasadena (116%), to name several.

8.  The fastest growing sales were in San Francisco area and Southern California as of June 2021.

9. In May 2021, condo sales rebounded almost 160% by June 2021.

However, housing supply and overall affordability continue to be issues, and the need for more housing is still urgent.  Sales are expected to slow, there may be more inventory (which overall is still low) but the median price is not predicted to go down for the remainder of 2021. 

If you're a local homeowner thinking about selling, please contact me for an evaluation of your home, units or condo.

 

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

8/07/2021

The Issue of Buyer "Love Letters"

 
In a highly competitive market, what serious buyer doesn't want his/her/their offer accepted?  A growing practice starting on an occasional basis, say, in the 1990s, to an almost constant basis in the more recent market, was for the buyer to accompany an offer with a personal description of themselves, their motivations, possibly their family, which sometimes included photos, all in the effort to obtain the seller's favor over another offer, because the most preferred neighborhood is, for example, the one where the park in the photo is located--there's a great school there, they have friends or family there, any number of reasons.  But this practice, which locally became the norm with offers, gave sellers additional information about the prospective buyer not available just from reviewing an offer alone, along with the issue of  possible unintended bias.  It finally came to the attention of REALTOR professional associations, and ultimately resulted, in California, in an advisory form published in October of 2020, given to both the buyer and the seller, concerning state and federal laws on fair housing and discrimination.  Because how would a buyer really know, especially after viewing photos and other personal history, on what basis a seller was choosing an offer? Sellers are human, and they sometimes have a preference for who they would like to see move into their home. It may not be based on race, it could be based on preferring someone with children, or not.  Personally, I've never liked this practice and never asked my buyers to use it.  The practice is not currently forbidden, but it is officially heavily discouraged in the profession, and I advise my clients to not submit such a "cover letter".  Offers need to stand on their own merits.  There are already enough challenges in the current market, i.e., a buyer needing financing vs. a buyer who can pay all cash.

The Fair Housing and Discrimination Advisory, published by the California Association of Realtors, is a two page form outlining state and federal housing laws, including the protected classes, a reference to the National Association of Realtors applicable Code of Ethics article, and examples of improper housing conduct which violates a protected class or characteristic.  The form also includes examples of positive practices.  These state and federal laws have long been in effect, for years/decades, and are included in a real estate agent's training on a regular basis, but the need to remind all parties involved in a real estate transaction became evident. Additionally, some appraisals have been questioned for similar reasons, read the story about the Oakland homeowner and an appraiser in that area.

If you would like a sample copy of this form, please contact me for more information.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

7/30/2021

Long Beach Market Update for July, 2021

As of July 1st-30th, the number of single family homes sold in Long Beach totaled 192, price ranging from $375,000 to $6,600,000.  The MLS shows that 39 sold under list price, all others sold at or higher than original list price, some times significantly higher--in all price ranges.  

For instance, 420 Monrovia Ave., in Alamitos Heights area of Long Beach, was listed at $2,299,000, on 6/18, then increased in price to $2,499,000, then sold on 7/26/2021 at $2,400,000.  It went into escrow the same day it became active in the MLS.

3817 Albury was listed at $549,900, and closed at $605,000, after 2 days on the market. 

Similar stories of a  sold price of $50,000 increase over list price are not unusual. 

The median Long Beach sale price for July was $705,000, where median list price was $705,000 and the median sale price was $738, 750.  The Long Beach average list price was $696,293, average close price was $714,770 with an average of 13 days on the market.

Yes, there are some properties that have been on the market for quite a while, still waiting for a buyer.  The longest is 346 days for a multimillion asking price in the Naples area, but another one listed for $799,000 has been waiting for a buyer for 114 days as of July 30th.  Park Estate, Belmont Heights, Carson Park, all have a few listings that are waiting for a buyer, so not absolutely everything is selling in less than a week, although buyers should be prepared for moving quickly on most properties.

There were 113 condos that sold in the same time frame, with the majority selling over list price also. But the median price is $436,500, median sell price is $445,500, days on market 12.

If you are thinking of selling, or would like to evaluate your possible sell price at this time, please contact me via phone or email.  I look forward to hearing from you!

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

5/22/2021

California April Sales and Prices, Higher Than Ever

 Inventory, Inventory, Inventory. There's less of it, and yet.... not everything is selling within 7 days. If you are interested in selling or buying and would like more in depth information about the current market in Southern California for residential properties, just contact me via phone or text. 

Why there are fewer homes on the market has more than one possible answer, but this shortage has grown since 2012, back when 6 months inventory was more the norm, not 1.6 months. 

Last September, Long Beach had 2 months supply of homes on the market, in April 2021 it was 1.1 months.  And this is the time of year when we traditionally see much higher inventory.  In the last 7 days, 79 homes and condos came on the market, but 77 closed in the same period, and 120 went into escrow.  So the new listings are not keeping up with the overall sold volume.  

To help the situation for some reluctant sellers, the passage of Proposition 19 can assist for certain age 55-and-over sellers, or disabled, or natural disaster victims, who want to minimize a change in their property taxes if they choose to move.   Or, if you plan on relocating, study in advance the areas that may be economic advantage to move to. And for certain sellers, a purchase with a reverse mortgage can be an option.  Selling first before buying is the most optimal for sellers, but if you  can't, you want to make sure that finding a new property is a #contingency in the contract with the buyer.

Buyers who are willing to accept a property that needs some work that fits in their budget may actually be able to find the right home.  Some of those properties have been sitting on the market for a while longer and without the fierce competition of multiple bids.  And feel free to use the property search tool on the site below.

 For more market information about your area of interest, please contact me via phone, text or email.

 Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996


4/15/2021

A Strong Percentage of Homes Are Selling Above Asking Price

In January, 2021, over 56% of homes statewide sold over the asking price.  This is according to a Southern California April presentation by a California Association of Realtors economist as shown in the slides to the right.

The over-asking statistics may vary in areas, so for example, in a combined look at 180 sales of condos and houses between 4/8 and 4/15 in the 10 cities of Bellflower, Cypress, Harbor City, Long Beach, Carson, Torrance, Lakewood, Lomita, San Pedro, and Signal Hill*:

71% (approx.) or 127 homes out of 180 sold over asking.  

7% (approx.) or 12 homes sold at original list price.

19% (approx.) or 35 homes sold under original list price.

In lower prices starting at $300,000, the increase may be $900 to $15,000; in the $500,000 range the increase in closing price grew in some cases to over $50,000 higher, and in the $1,000,000+ category it may $150,000 higher.  However, one single family home listed in Long Beach for $595,000 recently closed at $700,000. 

For sellers such overbids may help them more easily into their next purchase, but for the huge number of first time buyers looking for opportunity with very low interest rates, there is much frustration. On many properties, multiple offers abound, often 15-20 offers from which the seller may pick, sometimes outright, sometimes countering back to a select group of buyers.

In a March 2021 Google Consumer poll, 64% of sellers thought it was a good time to  sell, while 28% of buyers thought it was a good time to buy. In 2020 however, 44% of buyers had more than a 20% down payment, and obviously many of them have the ability to bid some much higher prices to beat out the competition.  This leads to another issue:  appraisals.  Not all overbid prices are appraising, leading buyers to come up with more money, and how some are doing this is detailed in this article about the appraisal gap.

Who's not buying so much? Rental property investors, as COVID issues came to the frontline.

What will make the situation easier in the future?  Rising interest rates, more housing inventory, and an ongoing improving economy.
 

*as reported in CRMLS 

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

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