Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, July 2017

 

Prices are still going up, and here's what they look like locally.

For a single family detached home, the average prices in this group range from $586,928 to $1,003,739, which represent increases between 1.3%-13.2% over June prices.

Overall the Los Angeles County average price for single family home is $956,939, an increase from the previous month (the median price is $610,000 for July).

All these prices are for the month of July, 2017, based on data from CRMLS.

Orange County as a whole has slowed to just over 1.3% from last month while Los Angeles County as a whole increased over 11% in July.  The areas with more lower priced homes (relatively speaking) are seeing bigger increases than Orange County, with overall higher priced homes, with a smaller percentage increase.

July 2017

Long Beach
$705,682 | +13.2%

Lakewood
$586,928 | +12.1%

Cerritos
$757,438 | +4.5%

Los Angeles County
$956,939 | +11.0%

San Bernardino County
$355,603 | +3.1%

Orange County
$1,003,739 | +1.3%

How much higher will things go?  Unknown, but as long as the interest rates are lower, and buyers are able to find sources for down payment funds, the end is not in sight according to many market experts.

If a buyer were interested in the average selling price of $350,000 for a house, then San Bernardino County (average at $355,000 in July) and the Inland Empire would be the place to search in Southern California, and Northern California in many counties, excluding the Bay Area, would hold some similar opportunities.

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do it! The future is yours.

Who Is A Coterminous Owner? (Hint: Do You Have Trees on Your Property?)

Property owners are probably most familiar with the understanding that if part of a neighbor's tree branches overhang their property, they have the right to remove those branches back to the property line, and may cut roots also if doing so does not damage the health of the tree.  But there could be more . . .

overhanging branches

An adjoining homeowner wanting to cut back a tree is advised to obtain the services of an arborist (tree professional) beforehand, in order to avoid any trespass issues (the saw goes over the fence line), and/or cutting correctly to avoid the appearance that too much of a branch was cut off (it can curl back) which could result in an award of double or triple damages in court.  And next, coterminous owners of a tree, meaning a tree trunk that straddles both properties so both owners own the tree, are subject to the following:

"Neither coterminous landowner may remove a tree on a property line without the other's consent, nor may either land owner cut away any part that extends onto his or her land if by so doing the landowner injures the common property interest in the tree. Each owner has an interest in the tree identical with the part that is on his or her land and has a right to demand that the owner of the other portion use his or her portion so as to "not unreasonably…injure or destroy the whole." (Scarborough v. Woodill, 7 CA 39 P. 383 (2d Dis. 1907)) (Anderson v. Weiland, 12 CA 2d 730 (1936)."

 Should leaves fall onto the adjoining neighbor's property which are seen as a problem, that owner must prove in court that the tree owner is causing a nuisance.  It might be easier to clean it up yourself.  An overhanging tree that might topple onto a house may also have to be taken to court, so an adjoining owner should first get photos and help from an expert.

Is your tree shading an adjoining neighbor who has solar panels? The 1978 California Solar Shade Control Act put limitations on shading during hours of maximum intensity, and according to California Association of Realtors legal experts, the property owner there first determines who has to cut back their trees or not.

Should an owner of an encroaching tree put his/her property on the market, the appropriate disclosures must be made to the incoming buyer, including any ongoing dispute with a neighbor.  Such a dispute could be a potential obstacle in the sale of the property for some buyers--and make no mistake, if a seller does not disclose the issue before close of escrow, the neighbor most certainly will. 

Some people are really not that upset about tree issues from their neighbor, but just watch Judge Judy and you will hear the exceptions.  Just being a good neighbor and keeping your tree trimmed can alleviate many future problems!

For more information about these disclosures, please contact me, I will be happy to forward the entire article.

 

Home Safety Check - Things Every Homeowner and Renter Should Do

A home security breach is not a pleasant thing to experience, or even just think about.

Besides reviewing your home, condo or renter insurance policy annually for adequate coverage, and taking home videos or photos of possessions for your records, there are several essential things to do if you experience a break-in.

I once knew someone who always rang his home doorbell before entering after being away for a period of time, thinking this would alert someone who might still be in the house, give the burglar a chance to get away and avoid a personal confrontation. This assumes there is a window or back door through which an uninvited visitor could escape. But if it already looks as if a break-in has occurred, call the police first.  If you have prior documentation on what was taken, your job will be much easier.

Protect yourself against being a target, by doing the following:

• Automatic timers on lights and radios, especially when away.
• Always keep your garage door closed
•  Do not leaves notes on the door for anyone or leave newspapers in the driveway (this can be a problem sometimes when newspapers decide to give you a free promotional newspaper while away, so have someone remove your throwaways); keep your landscaping maintained.
• If home is new, change your locks when you move in.
• Insert steel rods into track of sliding doors.
• Install impact-resistant glass for windows
• At a minimum, install deadbolts on all doors (be sure they do not require a key from the inside).
• Arrange for removal of trash receptacles from the street.
• Forward your calls to another number that is answered while you're away--a no-answer call can be a tipoff that no one is home.
• Ask a relative or friend to do a drive by while you're away.
• And, if you're home during the day, keep your doors and windows locked especially when you are at the back of your home. Don't assume you live in a perfectly safe area, because opportunists can be anywhere at any time.

Wire Fraud in Real Estate Is An Unfortunate Fact

Don't be a victim of wire fraud and lose your mortgage money.  This has happened, right here in Southern California, and it can cost everyone involved.  Here is how one article by Colleen Tressler on the FTC website explains it:

"The Federal Trade Commission and the National Association of Realtors® are warning home buyers about an email and money wiring scam. Hackers have been breaking into some consumers’ and real estate professionals’ email accounts to get information about upcoming real estate transactions. After figuring out the closing dates, the hacker sends an email to the buyer, posing as the real estate professional or title company. The bogus email says there has been a last minute change to the wiring instructions, and tells the buyer to wire closing costs to a different account. But it’s the scammer’s account. If the buyer takes the bait, their bank account could be cleared out in a matter of minutes. Often, that’s money the buyer will never see again."

 So, real estate professionals including Realtors and escrow companies are now explaining how NOT to have this happen.  Although I recently attended a talk given by an FBI official who stated Gmail is actually pretty secure, there is also a two-step verification process in Gmail which makes emails much more secure.  And now, escrow companies are not taking or sending out wire instructions via ordinary email but instead using alternate methods to send instructions to clients in escrow.  A general warning to anyone in an escrow is to know who you are dealing with and to not accept emails as described above. Responsible escrow companies are now giving instructions in advance, and Realtors are advising their clients.  Any site that financial information goes through should have a "https" configuration in the browser bar.

IMPORTANT NOTICE: Never trust wiring instructions sent via email. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or via a telephone call to a trusted and verified phone number. Never wire money without double-checking that the wiring instructions are correct.

Any suspicious sources should be reported to the Federal Trade Commission.

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, June 2017

Prices are going up, and here's what they look like locally.  For a single family detached home, the average prices in this group range from $575,786 to $770,826, and for overall comparison to Orange County at over $1 million, they're obviously somewhat lower.  Overall Los Angeles County average price is $918,450 (the median price is $632,000 for June).  All these prices are for the month of June, 2017, based on data from CRMLS

One characteristic to note is that Orange County as a whole has increased just over 4%, Los Angeles County has a whole has increased over 9% in June.  The areas with more lower priced homes (relatively speaking) are seeing bigger increases than Orange County, with overall higher priced homes, with a smaller percentage increase.
How much higher will things go?  Unknown, but as long as the interest rates are lower, and buyers are able to find sources for down payment funds, the end is not in sight according to many market experts. The Federal Reserve, however, is expected to raise rates one more time this year.

"But while interest rates will increase to an estimated 5% by the end of 2018 and 6% by the end of 2019, most economists expect home price growth will also slow to between 2% and 4% once rates begin to rise."

If a buyer were interested in the average selling price of $350,000 for a house, then San Bernardino County and the Inland Empire would be the place to search in Southern California, and Northern California in many counties, excluding the Bay Area, would hold some similar opportunities.

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do something besides stare.

Long Beach and Los Angeles County Selling Markets for June, 2017

It's an ever declining inventory in California.
For all of Los Angeles County in May, the median house price was $600,000, vs. $555,000 in May 2016.  Yet the sales volume decreased by 30% in that time period.

The California statewide median home price continued over $500,000, as the competition for lower priced homes keeps pushing the overall trend upward.  The number of active listings has decreased by over 13% compared to one year ago.

In Long Beach, it's a similar story. New listings are down over 7%, pending sales down almost 40%, and days on market are less than 50% of last year, but median and average sales prices of single family homes are up 5% and 6%.   The inventory is less than 3 months supply. And the list-to-sell ratio is often at 100%, or higher. In the last 30 days, only 211 single family homes sold in Long Beach, and average days on market was 26 days, with an average closing price of $701,000, per the MLS, at a los $275,000 to $3.5 million.

Yet, sellers must be reminded that unless they have an all cash buyer, current financing regulations dictate certain conditions for the borrower, and ultimately for the seller.  And buyers expect a well-prepared property. Favorable for everyone is that fact that mortgage rates continue to be low at this time.

If you're thinking of selling, please contact me for a competent estimate of market value of your home! Or go to www.juliahuntsman.com for a quick automated estate give to you online.

Long Beach Concerts and Summer Places to Go

The Long Beach Municipal is in its 108th season; Long Beach is one of the few cities which has its own municipal band!

Concerts
June 27 - August 4. Concerts begin at 6:30 p.m. Free. No concert July 4.
Tuesdays: June 27 & July 11 @ Whaley Park, July 18 & 25 @ Bluff Park, August 1 @ Veterans Park
Wednesday: June 28 - August 2 – Los Cerritos Park
Thursdays: June 29 - August 3 – Marine Stadium
Fridays: June 30 – August 4 – El Dorado Park West

See the concert information for the summer.



Visit the Historic Ranchos:

Based on early adobes located on what were the early land grants from Mexico, these became part of one family's history in the area.  They are now owned by the city of Long Beach. They are great family places to visit, with docent tours, children activities and arts programs.

Rancho Los Alamitos
Rancho Los Cerritos


Visit Aquarium of the Pacific  - In downtown Long Beach for family fun -- tours, animal encounters, and educational activities of all types for everyone.


Harbor Breeze Cruises - https://www.facebook.com/cadinnercruises/ and https://www.facebook.com/harborbreezecorp/.  Daily boat trips out of Long Beach Harbor that offer many opportunities for marine life watching!

Find more places to visit at http://www.juliahuntsman.com/beach_cities_links.html