6/01/2020
The May Real Estate Market for Long Beach and Nearby Cities
5/29/2020
Looking for Home Inspiration? Try These Instagram Authors
With 5.3 million followers, it won’t be long before you understand why so many people get hooked on Inspire Me! Home Décor’s Instagram. You’ll find everything from grand and opulent to whimsy and practical, but you’ll certainly never be bored.
@marieflaniganinteriors
Can’t get enough rustic charm? Then be prepared for serious
design envy when you follow Marie Flanigan. The Houston designer’s posts
are filled with rich woodwork and earthy tones that yield warm spaces.
@myhouseishome
My House Is Home delivers an eclectic mix of contemporary-meets-cozy
living spaces all over the world. Characterized by dramatic flair and
plush décor, you’re more than likely to come across your dream home
here.
Defined by soft lines and contours, French designer Pierre Yovanovitch creates spaces that look as if they’re straight out of an M.C. Escher painting. Materials like wood, stone, marble and metal all come together and result in homes that are minimalist and inviting.
@the_real_houses_of_ig
For a daily dose of downright beautiful living spaces, The Real
Houses is a treasure trove showcasing homes, designers and products
from around the world. You’ll find endless inspiration along with all
the latest trends and styles.
@martynbullard
Celebrity designer and television personality Martyn Lawrence Bullard is
known for his eye-popping colors and patterns. His knack for bold
design has resulted in A-list clientele, from Elton John to Ellen
Pompeo, and you’ll often catch a glimpse into their homes on his
Instagram.
@alyssakapitointeriors
NYC-based designer Alyssa Kapito is a master of creating
elegant spaces that are both timeless and tranquil. Her aesthetic has a
distinctly Upper East Side feel with soft, neutral tones and an
exquisite sense of light and space.
Thanks to Paige Brown of RisMedia for this post.
5/15/2020
The April, 2020 Market in Long Beach, Bellflower, Lakewood and Cerritos
A Sign of the Times--California Property Pictogram and Showing Rules
a |
How to Visit the Property |
- Wear a protective mask
- Wash your hands with soap and water, or hand sanitizer
- Wear gloves
- Practice social distance, 6 feet apart
- Do not touch surfaces, including knobs, faucets, countertops, light switches, etc.
- Discard disposable gloves, asks, or shoe coverings
5/04/2020
Is The Convenience Worth the Cost? IBuyers Have Contracts, Too
iBuyers v. traditional buyer offer |
The iBuyers have been a certain presence on the market for a while. Often they are bulk buyers or investors looking for profit and will offer to pay cash for your home, sight unseen. They may be able to close in days, and maybe for some reason a seller would wish to consider such an offer under certain circumstances. These buyers claim to speed up and simplify the transaction while removing hassle and inconvenience for sellers and buyers. But despite iBuyers' claims to revolutionize the real estate transaction, some agents are not finding their transactions with iBuyers to be quick or seamless ("Selling to an Algorithm", REALTOR Magazine, Sept.Oct 2018). Typically, the inspection is held after the acceptance of the offer. In one instance, a team of five Opendoor contractors "went through the house with a magnifying glass". When all was said and done the requested repairs came to about $16,000 on a $300,000 home, this was for replacement of tubs and toilets, retiling of showers, all at the seller's expense. The sellers relied upon their agent for help, but still made less than if working with a traditional buyer.
The story above is one example, but both the story and the graphic illustrate that their is a price for "convenience". And would it work if, for example, you have a lien on your property to pay back at close, or heirs to consider for whom you would want to get your highest and best price?
Realtors are bound by the Code of Ethics set forth by the largest trade organization in the country: the National Association of Realtors, which means they are governed in such matters by their local Board. Realtor contracts and transactional forms are carefully set up and reviewed to comply with all professional standard and state and federal laws. The investment company or investor buyer may not have any such professional trade affiliation, use their own contracts, and any potential legal recourse must be taken directly to the courts. It pays to know the features and clauses of the investor company's contract, and a seller would be wise to take the contract to an attorney for review before signing. If a seller is truly interested in seeing what such companies offer, obtaining multiple offers before signing anything is possible, if only to use for comparison purposes. Be aware that their motto is true to the concept of buy low, sell high--their goal is to slip the property and make money from it.
There's no harm in checking out an iBuyer offer, but there are also concessions and fees for such a buyer, and perhaps a much lower net at close. The iBuyer company may claim to not charge a commission, but the seller should ask about all other fees and costs, including their terms about any repairs requested before the close of escrow--don't be surprised if the seller is asked to pay, so check the contract before signing.
If you are thinking of selling and you would like to see a further explanation and comparison scenario for your property, please let me know for a no obligation valuation and comparison of estimates.
Julia Huntsman, REALTOR, Broker |
www.juliahuntsman.com |
562-896-2609 |
California Lic. #01188996
4/21/2020
Owning vs. Renting - What Is the Comparison?
House, Owning vs Renting, April 2020 Click to enlarge |
Let's say you're currently paying $2500/month in rent and you're thinking how nice it would be to own instead. Based on a single family home price of $500,000 (it could be less if you're looking at condos, but remember to include HOA fees), and a down payment of 10% ($50,000), you could come out ahead in the local market after 4 years. This is assuming a loan at around 3.63%, hazard insurance, home maintenance at .5% ($2500 annually), annual home appreciation of 2.5%, annual rent appreciation of 2.5%, and a gross household income of between $77,000-$165,000 where your tax savings might be about 22%.
Condo, Owning vs Renting, April 2020 |
These are samples of course, but based on standard Los Angeles County property tax rate of 1.25% (increases over time), and an HOA dues level which could be higher or lower depending on luxury vs basic HOA, and other factors. It's not guaranteed that the home growth rate will continue at it's present rate. It's intended to be an example so that a prospective buyer might think about his/her capability to buy.
Many people prefer to rent, but many people have incomes and savings which could allow them to buy and obtain home equity benefits and tax savings.
If you have a sample scenario you want to try, just contact me!
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
4/02/2020
Pandemic: Local Housing Market Trends for March 2020
There is no question that the virus pandemic is currently influencing the markets. Before mid-March, the average daily closed sales in 6 Southern California counties were higher than at the end of March which shows a downward curve. Los Angeles County, for example, averaged 82 closings a day dropped to 67 average daily closings by the end of March. The average daily new listings in Los Angeles County dropped from 135 to 98. Similar drops in new listings are in Orange, Riverside, San Bernardino, San Diego and Ventura. It so far doesn't mean that sales have stopped, or completely will, but the trend is obvious at this point. On average, counties are down about 25% overall in listings.
So what is the hope here? Mortgage interest rates are low, and are set to stay that way for indefinite time this year. Prior to the mid-March slowdown, California February sales volume was the highest in two years. Small business and unemployment assistance, and direct payments, were a start to fiscal stimulus. In spite the media attention to what the pandemic will do to our world in the future, look at past events with SARS, MERS and Fukushima, and how the market recovered:
If current measures of social distancing are adhered to, and if the needed medical resources are obtained, the current projection is a decline by June 1. But will we meet that? Everything depends on how people follow the rules!!
If you have questions about how to sell your home in the current market, just contact me. Necessary contract requirements such as physical inspections, appraisals, buyer inspection, etc., can be carried out within guidelines unless there is some stricter local level operating. Virtual open houses minimize contact to keep to the absolute essential visit to a property. For more on this, please contact me. Email, phone, or text.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
3/26/2020
What Is Happening With Buying, Selling and Closing in California??
If the pandemic was happening before the widespread use of the internet, a lot of our current options would not be available. So much of our business can be handled without being physically present, that we can get all transaction documents signed, all escrow documents signed, without having to leave our computers. Listings may be uploaded, viewed and closed virtually.
One could theoretically forego all physical contact and buy the property, and in fact, some buyers have bought this way. What is changed, however, is, if strictly following California Association of Realtor guidance, is currently there is no in-person showing of properties, no in-person listing appointments, no property inspections, no in-person open houses--but there are virtual open houses. Well, what if it's a vacant property, and there's no one to be in immediate contact with? Maybe then? Best get legal consultation, but be assured, if your property has to go on "hold" status for a while in the MLS because buyers don't want to come over and see it, and right now many do not, and you're not getting any offers (digitally of course), the MLS will not count those days on "hold" status, so when it does go back to "active", that time on hold will not be included.
So, right now, Realtors in California do have to comply with the "Safer at Home" California prohibitions. California Association of Realtors is currently, however, attempting to get the Governor to make real estate one of the essential businesses. Because after all, some people are already in escrow, and have to move out and away for the new owners.
But if you are thinking of selling, and have more questions about how to handle a "virtual" situation, I can definitely help. Yes, the County Recorder Office is closed, however, the title company I most prefer to work with is issuing gap title coverage so that a property can still close, and be covered. Escrow companies are not receiving in-person visits, but their officers are still in the office working, handling phone calls, and issuing documents. Are you not computer savvy? You can still get your docs sent to you for execution and physically sending back, but if you can handle digital signatures (not difficult at all) then all real estate transaction documents on the Realtor's end, and all escrow documents can be handled via computer. This has been the trend for several years now, in fact.
It's a good time to buy, in Long Beach there's 1.6 months of inventory, that means the available properties to buy are low and you could have competition, but on the other hand interest rates are extremely low!!!! so you save money on the monthly payment. And, it's a good time to sell, because there only 1.6 months of inventory in Long Beach.
So contact me to find out your options right now--the crunch won't last forever.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
3/24/2020
How Is Local Long Beach Market Being Impacted?
In February, the single family active listings was 271.
The current number of single family active listings is 186.
February single family pending sales: 144
Current number pending sales: 116
February total closed sales: 250
Current total sales closed 3/1/-3/24: 116
So the current corona virus situation will impact us for a while, and there may be quite a pent up demand when business gets back to normal, or almost normal. Based on the curve of activity in China, and now New York, the next 60 days or so may be the biggest down swing in the California market before it gets better, but of course the future is not known at this point.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
3/14/2020
Ongoing Pandemic Situation May Have Some Stabilization?
As a followup to yesterday's post about the market, and some corona virus impacts, here is another segment of that same prediction, from California Association of Realtors:
Situation in China Beginning to Stabilize—Hope for Foreign Demand: The number of new Coronavirus cases has begun to fall in China and although the toll has been devastating, there are rising hopes that they may be getting the outbreak under control at last. This will take time to materialize in the housing market, and as we noted last week, international demand has fallen to cycle-lows in California, but this should help prevent a larger decline in demand from foreign buyers.
For those interested in the global picture, follow this link to the Arcgis global database, where on a postive note, the total global recovered case numbers are also shown in the far right column. https://www.arcgis.com/apps/
And, if you are interested in finding out how to place your home on the market at this time, I can go over the details of the current market issues with you.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996