Time to Update Your Home Appliances for Water Conservation

Jan. 1 2019 deadline

Do you live in a condo, or own a multi-family property built before 1994? Or are you improving or remodeling a property?  It's now time to make changes as of January 1, 2019.

Beginning in 2017, all single family homes were required in California to install water conserving plumbing fixtures, i.e., most commonly faucets, showerheads and toilets.

And what exactly are the requirements? SB407 puts it this way, so look for toilets (really, they've been on the market for a long time now) that are not more than 1.6 gpf, and so on:

“Noncompliant plumbing fixture” means any of the following:

(1) Any toilet manufactured to use more than 1.6 gallons of water per flush.

(2) Any urinal manufactured to use more than one gallon of water per flush.

(3) Any showerhead manufactured to have a flow capacity of more than 2.5 gallons of water per minute.

(4) Any interior faucet that emits more than 2.2 gallons of water per minute."

Here is the link to the law on plumbing fixtures replacement as passed in 2009 which set the deadlines and requirements for California properties:  SB 407

But what if you sell your condo or house and you haven't complied with the law yet? Just be aware that the seller must disclose to the best of his/her knowledge if such fixtures have or have not been installed.  The lack of such fixtures is not a condition of sale according to the law, but you will still be in violation of the law, and the buyer may really wish for the seller to take care of this before the close of escrow, it all  depends.

But considering years of water drought, and the necessity of cutting back on water usage throughout the state, it's really best to comply with the law--everyone has been given 10 years!!

Also, cities may have stricter standards than what the state requires, so check your local municipality, such as Los Angeles, San Francisco, and San Diego, which do have point of sale requirements.

At this point I'm not aware that Long Beach has more stringent requirements than the state.  The City is, however, offering a rebate if you give up your 1.6 gpf toilet and get a .8 gpf toilet http://www.lbwater.org/Rebates -- see a list to download on approved fixtures.  More information on the City's water program is currently on their website: http://www.lbwater.org/Residential%20Conservation

 See prior post:  2017 post on low-flow toilets

Lastly, for more complete information, I will be happy to share a complete up-to-date posting from California Association of Attorneys legal section about this law, to clarify any questions about how to negotiate with your buyer on this subject, and more.  Just call or email me with your specific question and contact information. If it turns out I think you're a non-California property owner in China, I'm probably not going to respond.☺

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

Orange County, 2018 Year in Review

OC Single Family Homes 2018

This chart is only for single family homes in Orange County, no condominiums are included. 

This is the overall picture from December 2017 to December 2018; the market in the OC had higher peaks during the summer and fall.  Overall, however, the lower number of pending sales, meaning fewer properties are in escrow, is much less than one year ago and has been on a steady decline since a peak month in May, 2018.
Sales prices overall have not changed significantly, and it's still a good time for sellers to put their properties on the market.

For a confidential valuation of your property, please contact me.  I make it easy for you to get decisive information about putting your property on the market.


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

Los Angeles County, 2018 Year in Review

2018 Year in Review for LA County

This chart for 2018 is for single family homes only, it does not include condos.

Los Angeles County prices continue upward, albeit at a slower pace, while sales volume continues down.

The gap between original list price and sales price is widening a little to about 3% on a county wide basis.

Please contact me for confidential help on selling your property!


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

Average Sales Prices Mostly UP in Selected Long Beach Areas, Signal Hill and Lakewood for 2018

Lately, the internet is full of stories about softening prices, but it turns out to not be all true.  It depends on the city and overall region.  But take a look at these stats, taken directly from the CRMLS, which happens to be the largest MLS in the country with 96,000 subscribers and another 143,000 agents in participating MLS's.

Below are the average sales prices for single family homes, with the sales count for that period in parentheses (  ).  It was a little different than I expected--I chose these areas in Long Beach as representative of single family homes for different points in the city, and then chose Lakewood and Signal Hill as entire cities.

As you will see below, in most cases, for 2018, both average sales price and sales volume increased in the second 5 months of the year, compared to the first 6 months--not what I expected to see, especially in the highest price area of the city where properties are spending more time on the market.

Long Beach

Area 1 - Naples, Belmont Shore/Park, Marina Pacifica, Bay Harbor - UP
1/1 - 6/1 --   $1,220,951    (71)
6/2 - 12/1 -- $1,588,024    (90)

Area 2 - Belmont Heights, Alamitos Heights, Bluff Park - UP
1/1 - 6/1 --   $996,377       (44)
6/2 - 12/1 -- $1,106,803    (63)

Area 5 - Wrigley Area - UP
1/1/ - 6/1 --   $538,908      (50)
6/2 - 12/1 --  $574,446      (63)

Area 6 - Bixby, Bixby Knolls, Los Cerritos, California Hts - MIXED
1/1 - 6/2 --   $760,435        (101)
6/2 - 12/1 -- $749,131        (107)

Area 7 - North Long Beach - UP
1/1/ - 6/1 --  $447,282         (100)
6/2 - 12/1 -- $464,851         (165)

Areas 31,32,33,34 - Los Altos, Conant, Ranchos, Plaza, Stratford Square - UP
1/1/ - 6/1 --  $696,026         (187)
6/2 - 12/1 -- $716,253         (252)

City of Signal Hill - UP
1/1/ - 6/1 --  $747,303         (27)
6/2 - 12/1 -- $872,874         (23)

City of Lakewood - UP
1/1/ - 6/1 --  $589,653         (314)
6/2 - 12/1 -- $612,165         (401)

If you are interested in selling for 2019, or would just like some idea at this point of your market value, please contact me directly via text, phone or email.


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

California Conforming Loan Limits Increased

Fannie Mae and Freddie Mac have increased the 2019 conforming loan limits, to match the increasing market which is higher than the national average.
Mortgage loan limits on loans acquired by Fannie Mae and Freddie Mac are increased  to $484,350 on one-unit properties and a cap of $726,525 in high-cost areas. The previous loan limits were $453,100 and $679,650, respectively.

Not all California counties will have the same upper loan limit, however, Los Angeles, Alameda, Orange, and other Bay Area counties such as San Francisco County will have the highest cap of $726,525 for one unit, and  up to $1,397,400 for 4 unit residential properties.  See California county loan limits.
 

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

What's Ahead for the California Real Estate Market in 2019?

The annual California Association of Realtors Trade Show was held earlier in October, and it's always the time for the next year's market prediction.  So the main points are:

Calif Market Outlook 2019

• There will be modest decline in sales volume to 3.3% for 2019 for single family homes, or a total of 396,800 units, down from the projected 2018 sales figure of 410,460. The 2018 figure is 3.2 percent lower compared with the 424,100 pace of homes sold in 2017. In other words, 2019 will be about 7% lower in sales volume from 2017.
• The California median home price is forecast to increase 3.1 percent to $593,450 in 2019, following a projected 7.0 percent increase in 2018 to $575,800.  
• Fixed mortgage rates to rise to 5.2%.
• “The surge in home prices over the past few years due to the housing supply shortage has finally taken a toll on the market,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Despite an improvement in supply conditions, there is a high level of uncertainty about the direction of the market that is affecting homebuying decisions. This psychological effect is creating a mismatch in price expectations between buyers and sellers and will limit price growth in the upcoming year.”  
• Outmigration, from the home county or from the state, is a concern, in 2018, 28 percent of homebuyers moved out of the county in which they previously resided. 29 percent of sellers moving out of California, up 10 percent from 2013.
• New housing supply, big issue.
• Affordability: Move to Lassen County or Kern County for lowest prices in U.S.,  least affordable areas in U.S. are Los Angeles, San Diego, San Jose, Oxnard, San Francisco 
• California is home to largest number of homeless. 
• New York and California have lowest rate of homeownership, Michigan and West Virginia have the highest.
• In 2017, cities with lower renter rates (under 50%) ,were Lakewood, Menifee, Temecula, Whittier, Yorba Linda, while over 50% cities are Long Beach, Bellflower, Alhambra, Costa Mesa, Pasadena, to name a few. 
• 
  
• So now could be the time for buyers to get moving before rates go any higher, maintain good credit (or improve your score now), and find the best loan out there.
• Please contact me for any help to buy or sell: Sellers, prices are very favorable for you and will continue to be, so contact me for your moving plans!
 

 

 

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

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Local Counties, August 2018

Currently on Long Beach market for $474,999

All these prices are for the month of August, 2018, based on data from CRMLS Infosparks:

Average prices for single family homes in Orange County are $1,098,542, while Los Angeles County as a whole is now at $997,845, and San Bernardino County's average is at $371,677.

Average single family home prices vary according to area, and here's what they look like locally:

August, 2018

Long Beach
$759,955 | +10.7%

Lakewood
$609,570 | +5.2%

Cerritos
$825,082 | +6.6%

Los Angeles County
$977,845 | +7.7%

San Bernardino County
$381,677 | +6.7%

Orange County
$1,098,542 | +7.6%

These statistics show a mix of pricing, with Long Beach at an average days on market at 18 days, Lakewood at 18 days on market, and Cerritos at 22 days on the market on average.  Inventory time on market has increased in the three cities compared to April, up to 3 months (standard is 6 months), and closing prices still continue within 1.5% over or under the original price.  In other words, since the last analysis in April 2018, houses are still selling within 2% of original list price, with a lower time on the market, and a slightly higher  housing inventory from which to choose.   

Condos

Briefly, Long Beach condo average price is $437,911, about the same as in March, 2018. The condo average for Los Angeles County is $602,193, a slight decrease from last month. Other local city condo prices: Cerritos: $414,000 (increase from April);  Monterey Park, $559,875; Pasadena, $632,182 (decrease from April); Whittier, $352,089 (small decrease from April).

 It’s a somewhat looser market right now!

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! It pays to keep an eye on things.

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

Just Listed, Single Family in Long Beach for $474,999

 This house has room to grow, nice size rear yard.  It may look modest on the outside, but it has just recently been upgraded with a new kitchen and bath remodel, plus new dual paned windows, new vinyl flooring, and new paint inside and out. Dishwasher and gas stove are included.  Half block to Dooley School and walking distance to middle school.  Also close to public transportation.  List price $474,999, MLS PW 18214312.  Really nice opportunity to just move right in. There's plenty of driveway parking, and a brick patio area in the rear yard for entertaining. Garage has been converted to workshop area (buyer to investigate permits), with a 2nd bathroom (also permits unknown) with a large shower, electricity in garage and finished walls with tiled floor (try investigating if it will work for a conversion to a legal Accessory Dwelling Unit).  Three bedrooms and dining area with a lovely chandelier separate from the kitchen make this a really nice cozy opportunity.
Call me for more information! or go to this link on MLSTouch for more information:
https://bit.ly/2MI5JLX

Update:  Sold, for $470,000, November 21, 2018.

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

Long Beach Housing Inventory

 We're hearing more talk about market slowing, a little early for this time of year.

There's still far less than the traditional months of inventory on the market, i.e., 6 months meaning how long it would take to sell what's currently for sale.  In Long Beach, it's almost the same for both single family homes and for condos:  2.4-2.7 months of inventory. 

And yet, the number of sales compared to June of last year is down about 28%, while the average sales price for houses and condos are UP!  This is also true on the state level, according to California Association of Realtors: "June marked the fifth consecutive month that prices increased by more than 8 percent annually, indicating that price appreciation remains robust and is not showing any signs of leveling off."  But Orange County experienced one of the biggest declines in number of sales, all counties experienced a decline however, possibly due to buyer fatigue at rising prices.

Many younger buyers are able to get some financial help from families who may aid with down payments, which is a great help for them. One surprising fact is that single women over 55 are a growing segment of buyers, citing rising rent costs as a reason, not for the purpose of purchasing multigenerational housing.

Interest rates are remaining the same for right now, but a possible increase is hinted at in September. The mortgage lenders and banks, however, usually anticipate an increase in advance and build it into their scenarios in advance, but other global market effects come into play also, and there can even be a decrease in rates!

Currently, the average days on market for all 228 Long Beach single family homes currently in escrow is 45 days. It's a very good time to sell and find a new home.

For more information about selling, please contact me!


Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996, representing buyers and sellers since 1994.

Luxury Homes in Signal Hill

Crescent Square Homes have room for everyone, 4 bedroom homes--3.5 baths--designed for multigenerational living.They are three stories, with an option for an elevator.  There's room for 3 cars. Fully equipped kitchens include a kitchen island, but there's a formal dining room too! The upper level even has a kitchenette in Model 2.

In keeping with the City of Signal Hill's past, the exteriors blend with Spanish, Craftsman, Colonial or Monterey styles of architecture.

Currently, there are still several homes available ranging from approximately $941,000 to $1,028,647 (the average price of a single family home in last 90 days is $911,718). More features include large walk-in closet, outdoor covered balconies, tankless water heater, private master suites. Located adjacent to Long Beach, a new homeowner can take advantage of local Signal Hill shopping and restaurants (including Costco and Mother's Kitchen), but also a quick drive to the beach, classes at Cal State Long Beach, or dining in Belmont Shore.

To take advantage of this new home opportunity please contact me right away!

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