Long Beach/Southern California Real Estate

12/28/2023

What’s Happening in the Long Beach Area Housing Market? Speeding Ahead?

Boat in Marine Stadium

It’s probably not a shock that the real estate market is softening. After a period of low-interest record rates, we’ve seen a significant increase in the average mortgage after multiple subsequent rate point hikes from the Fed as it tackles inflation. This has hampered both buyers and sellers.

This creates a lock-in effect. Homeowners like you probably hold a low-interest rate mortgage and are reluctant to sell in an environment with rising rates. Buyers also don’t want a high-interest rate, but buyers are still in the market. Mortgage companies offer alternatives to a 30-year fixed loan along with many ways the buyer and seller can work to buy down the loan to make the payments more palatable.

There are fewer listings on the market, and active buyers are still looking for the perfect home at the right price. Some homes are still selling within weeks, about 30% nationally. What’s the secret? Being ready for occupancy and pricing properties based on condition and comparable sales.

An excellent REALTOR can work with you to do the right things to make your home attractive to potential buyers. If you’re not interested in selling right now, you can sit tight because you’ve built equity in your home, and even in this unsteady market, that equity will likely not erode.

I’m always here to answer questions about the property value of your home and specific neighborhood comparables. Please use your favorite form of communication to reach out!

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #0118899

12/15/2023

What is the Value of a REALTOR?

A REALTOR is a member of the National Association of REALTORS, and in California, a member of the California Association of REALTORS and a local Board of REALTORS. Being a REALTOR member, among other things, means there is a Code of Ethics required of all members as set forth by the national Association and enforced at the state and local levels. When a seller or buyer hires a REALTOR agent, he/she hires an individual (who may also be part of a team) to help them through a very large financial and personal event of selling or buying a new home. Sometimes, even though the client may view a presentation, the full duties and obligations of the REALTOR may not be fully expressed at the time. But in fact, there are upwards of 160 things a REALTOR does in most transactions, all as part of their agreed upon commission:

1. Pre-listing activities which include valuation, property analysis, research other relevant properties in tax record and MLS, answering preliminary questions from seller, setting up appointment, prepare listing presentation, and more.

2.Listing Appointment Presentation which includes market condition and projections, review agent's profile and credentials, power of MLS and web marketing, explain agency, review and explain all listing contract documents, net sheet, selling conditions in a tenant occupied property, staging, included property, and other possible factors.

3. When property is under Listing Agreement, there are multiple documents for review by and seller signature, required by state law and/or broker practice, repairs (which can also come up much earlier in the process), obtaining of keys, showings, to name just a few.

To continue on, each of the following categories also involves many detailed steps: 4. Entering Property in Multiple Listing Service Database, 5. Marketing The Listing, 6. The Offer and Contract, 7. Tracking the Loan Process, 8. Home Inspection, 9. The Appraisal, 10. Closing Preparations and Duties, and 11. Follow Up After Closing.

Additionally, there are sometimes unexpected challenges that may occur which a REALTOR may have to spend additional time on - probate properties which require specific handling and working with the estate's attorney, or challenges to the buyer's loan due to sudden interest rate increases, additional negotiations to solve these problems, or property conditions discovered during the buyer's inspection. No two transactions are ever the same.

So if you as a seller or buyer are wondering about your transaction, ask your agent, it's important for the client to know and understand as much as possible!

And for a COMPLETE list of what happens, please feel free to contact me, because I have always found that the more prepared a client is in the beginning, the greater the communication and hopefully, satisfaction, will be.