7/17/2020
The Latest on Open Houses
7/14/2020
June 2020 Housing Market in and Around Long Beach Area--Inventory and Price
6/25/2020
May Market Mayhem - State and Local
Part of the problem, besides the general effect of pandemic slowdown, is housing supply, per CAR:
"All major regions recorded a decrease in housing supply of more than 25 percent, with both the Southern California and the Central Valley regions falling by more than 33 percent. All counties in Southern California, except Ventura, declined 36 percent or more from last year, with San Diego dropping the most at 42.7 percent. The Bay Area also experienced a significant housing supply decline, but at a relatively smaller degree compared to the Southland. Eight of the nine Bay Area counties recorded a decline in active listings on a year-over-year basis in May, and six had a decrease of more than 25 percent. San Francisco was the only county in the region with an increase in active listings from last year."
Additionally, SoCal home price unchanged:
"Median prices continued to dip in May from last year in the Central Coast and the Bay Area but inched up slightly in the Central Valley region. The median home price was virtually unchanged in Southern California."
6/09/2020
5 Criteria For Pricing A Home (Plus More)
When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. Unless your home is in a tract where few house modifications have been made, there’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.
Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better. Appraisers usually use distance, i.e., up to one mile, as one of the selection bases for comparable homes, however a very similar home on your block will be included for value consideration over a very similar home a half-mile away.
Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available. Depending on other factors, home sales from the previous 6 months, and if there are many, the previous 30-90 days, will be selected for comparison.
Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics. If your home is in a 1920s Spanish bungalow historic district, it's not likely that a 1962 contemporary style home will be selected even if it is not far away. And, a condo is rarely ever considered a comparable for a single family home.
Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles. However, a remodeled kitchen does not automatically raise the price of a house using the cost of the remodel. Since remodeled kitchens and bathrooms are more common in the market, they will be a more standard basis for comparison.
Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons. Some lenders when requesting an appraisal will not want to use a distressed property as a comparison for a standard sale, however, if a distressed sale property otherwise compares to your home, and it sold for market value, it may be accepted in the appraisal.
6/08/2020
What is the Difference between Home Warranty and Home Insurance?
When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.
Home Insurance
Homeowners insurance pays for any accidental damages and loss that
are caused by fire, lightning strikes, windstorms, and hail, however,
damage from earthquakes and floods is typically not covered. It also
covers the replacement of personal property in case of theft or damage
and liability if a person were to get injured in your home or on your
property. According to American Home Shield, the average annual cost of a
homeowner's insurance policy ranges between $300 and $1,000, and the
bank usually asks you to obtain a policy before the mortgage is issued.
Make sure to keep in mind that each type of coverage in the policy is
subject to a limit and, in most cases, you will have to pay a
deductible. Another consideration is whether you are purchasing a single family home, or a property such as a condo situated inside a homeowner association which also carries a master common area policy. Be sure to find out about the coverages available.
Home Warranty
A home warranty is designed to cover the cost of repairs and
replacements of larger appliances and crucial systems in your home that
may fail or break due to age and wear and tear. This includes but isn’t
limited to HVAC, electrical, or plumbing components, kitchen appliances,
and your washer and dryer. With a home warranty, you are required to
pay premiums year-round, even if you do not use it, and it won’t cover
damages if appliances were not maintained properly or if the damage is
from a fire or other disaster. Some home warranty policy coverages may be quite extensive, so if you are covered through one when you close escrow, be sure to review what's included before calling a repair person, because savings may be considerable if you have coverage. The upfront home waranty fee for a repair call is usually much less than paying a full cost repair man or plumber. Although not required, often a seller is willing to pay such a home warranty premium for one year, through escrow for the buyer.
6/04/2020
How Do I Find the Right Property?
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