JUST SOLD Just Listed: Long Beach Home at $599,000

 Update:  Sold on 9/3/2021 for $640,000.  CRMLS PW21127965

 

Now available

as of 7/12/2021.

This is a spacious single family home, contemporary style built in the 1960s, which is over 1400 sq ft on a lot about 4700 sq ft (not exact amount), with large 2-car attached garage with direct access into the house.  The interior and exterior have been completely repainted, and new vinyl flooring installed throughout, and other repairs have been made.  MLS PW21127965.

There are 3 bedrooms and 2 baths (each with tub shower), nice living room with large raised hearth fireplace, a kitchen updated with granite counters several years ago (exact date unknown), and a spacious bonus/family room with its own outside entry.  Rear yard is completely fenced, has mature trees.  

This home is a very nice opportunity for the size and space. It's also close to a public park, and within walking distance to public transportation and shopping along Atlantic Ave or Long Beach Blvd.

Please contact me for how to see this property, (and home is occupied), and contact me for further information on this property!

 

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

Appraisals Are a Large Reason for Delayed and Terminated Buyer/Seller Contracts

The National Association of Realtors June 21, 2021, Realtors Confidence Index Survey showed:

Problems encountered for a delay of contract closing were due to:

    1. Issues related to obtaining financing - 21%.

    2. Appraisal issues - 26%.

    3. Home inspection/environmental issues - 8%.

    4. Titling or deed issues - 11%

    5. Contingencies stated in the contract - 6%

    6. Issues in the buying/selling of distressed property - 2%

    7. Other - 26% (???) 

Problems in terminated contracts:

    1. Appraisal issues - 13%

    2. Issues related to obtaining financing - 7%

    3. Buyers lost job - 1%

Note that in both groups, appraisals were the largest issue, not unexpected in the huge and fast rise in home prices in the country as a whole.  Low appraisal values are sometimes overcome by the seller being willing to make an adjustment, the buyer having more money to put in, or a loan adjustment made when the buyer is already making a large down payment, or a switch to a different type of loan, or an increase in value when nearby properties justifying the price have just closed escrow.  If there is enough market data, an inperson appraiser visit may be waived and online data is viewed as satisfactory.  This doesn't always work though, and buyers and sellers must not assume that there won't be a problem with trying to close a price that is $100,000 over list. Agents really have to know their local market pricing to avoid an appraisal issue.

 

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

May Housing Report for California

May 2021 Sales and Price Report

The market up until May has been at a dead heat for the buyers, but has been showing signs of a little cooling as some buyers may be taking a break.  However, as the economy is now reopening, how the market may change is yet to be seen.  

The higher end of the market has surged:

"Robust demand of higher-priced properties contributed to the record-setting statewide median price. With million-dollar home sales surging more than 200 percent from May 2020, its market share is nearly double what it was a year ago when it was at 15.6 percent. More million-dollar properties were sold in the past couple of months than homes priced below $500,000."    

Overall, the Southern California market grew by 33.1% increase in median price (surveyed from 90 California MLS systems) compared to May 2020. This was second only to the San Francisco Bay Area.  The unsold inventory statewide still remains under 2 months supply (meaning it would take only 2 months to sell all properties at the current rate of sale--the traditional normal was 6 months before 2012).   49 out of 51 counties dipped more than 20 percent in the number of active listings  compared to one year ago, however active listings were at the highest level in the last 6 months.

The 30-year mortgage interest rate was under 3% in May compared to 3.23 percent average in May, 2020. 

The Los Angeles metro area median single family home price for May was $725,000, compared to $535,000 in May, 2020.

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

Reopening Guidelines for California Real Estate

 

As of June 15, 0pen house and property showing restrictions are mostly removed--
no physical distancing, no cleanings, no posted rules for entry, and happily, no PEAD forms (required before showing each and every property).  

But unless entrants are fully vaccinated, masks are still required indoors.  Additionally, sellers may impose their rules for property entry if they wish, i.e., require masks for everyone who enters.  

Door knocking and handing out flyers in the neighborhoods are once again permitted (unless of course one sees a sign to the contrary at the property).  See more information at California Dept of Public Health.

 

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