L.A. real estate news and insights.
5708 Mammoth Ave.
Valley Glen, CA 91401
-3 bedrooms + an extra room that can easily be used as a 4th bedroom or office.
-2 bathrooms
-1,600 Sq Ft
-Sparkling pool
Asking price is $1,199,995
more details, including photos and video coming soon!
Text me if you have any questions 818-445-7953.
During November, the number of listings for single-family homes declined 26 percent in Los Angeles County, according to a new signed contracts report from Douglas Elliman.
There were 1,794 listings in L.A. County in November compared to October, when there were 2,426 homes listed in the county.
One reason why the inventory has declined is that sellers are delisting their houses until the market changes. On average, 2 percent of homes were delisted each week during the 12-week period ending Nov. 20.
Home sales also declined in November, according to the Elliman report. Last month, 1,643 homes sold. That represents a decline of 18.7 percent from the previous month, when 2,022 home sales closed in Los Angeles County, and a whopping 50 percent fall from the same time a year ago when 3,290 homes sold in the county.
People are looking to relocate from San Francisco and Los Angeles the most compared to any other city in the United States.
A new report by Redfin found San Francisco topped the list of all cities in America where homebuyers are looking to relocate from. Los Angeles ranked second, followed by New York, Washington, D.C., and Boston. The rankings were determined by net outflow, a measure of how many more Redfin users looked to leave an area than move in.
Sacramento, Las Vegas, and Miami were the most popular destinations for people looking to relocate, followed by San Diego and Tampa. Popularity is determined by net inflow, which is the number of people looking to move into a metro minus the number of people looking to leave.
According to the survey, majority of people relocating from Los Angeles are headed to Sin City. In Las Vegas, the typical home cost $410,000 in October, roughly half the price of the typical home in Los Angeles ($823,000).
Redfin's migration analysis was based on about two million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from August 2022 to October 2022. To measure the share of homebuyers looking to relocate from one metro to another, Redfin calculated the portion of overall home searchers that are migrants.
Price corrections are coming to housing markets across the United States, Black Knight said following July’s home price decline from June.
San Jose, California saw the most significant pullback, with the average home price now down 10% in recent months, followed by:
Seattle, Washington (-7.7%)
San Francisco (-7.4%)
San Diego (-5.6%),
Los Angeles (-4.3%)
Denver, Colorado (-4.2%).
Source: Black Knight, a software, data and analytics company.
After several years of extremely depressed inventory available for sale, buyers are seeing the number of options available on the market return to pre-pandemic levels.
Last week, there were nearly 46,000 homes listed on various MLS's across California. That is well above 2021 levels and is approaching the 2020 peak reached before the effects of the pandemic began to erode supplies.
Listings of homes priced below $600,000 have started to rise as well, with twice as many homes between $400,000 and $600,000 for sale last week than at the beginning of the year.
Despite rising interest rates, buyer demand has yet to downshift in California. Home sales likely rose in March from February’s pace and several indicators showed a market that was even more competitive that it was in February with 71% of homes selling above asking prices and the typical home going from list to pending is just 8 days. In addition, the latest survey of REALTORS® suggests that few agents are experiencing buyers putting their search on hold or backing out of existing deals. Many would-be home buyers may be feeling a sense of urgency to complete their purchase before rates rise further, which is keeping the market tight so far.
Source: California Association of Realtors
On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massachusetts, Georgia, Texas, Colorado, Utah, Washington, and California.
Nationwide, 48% of buyers’ offers were above the list price, according to NAR’s data. On average, those offers were about 2.9% above the list price; on the median-priced home, that would be about $10,000 over the asking price. However, 13% of the offers were 10% above the list price.
Real estate pros report that in general their buyers typically lose two homes before succeeding on the third try, according to the study.
Homes are selling quickly under the intense competition. Eighty-four percent of listings were on the market for less than a month.
“Competition could intensify in 2022 before waning in 2023 as home buyers compete to lock in at the current rates,” Gay Cororaton, a research economist for NAR, writes on the association’s blog. “Mortgage rates may rise more steeply in 2023.”
Source: “February 2022 REALTORS® Confidence Index Survey: Buyer Competition Intensifies to 5 Offers Per Home Sold,” National Association of REALTORS® Economists’ Outlook blog (March 18, 2022)
The California housing market kicked off the new year with a bounce back from a 4-month low, with sales of existing single-family homes reaching 444,450, registering a month-to-month increase of 3.4% in January.
Sales continued to decline on a year-over-year basis, but the dip was less than 10% and was the smallest in six months.
California home prices continued to decelerate as the seasonal slowdown continued, with the statewide median price declining 3.8% from December to $765,580 in January, but still improving from a year ago by 9.4%.
Source: California Association of Realtors
31% of all Americans and 41% of 18-to-34-year-olds say they’ve purchased a primary residence with someone they aren’t married to, according to a survey by realtor.com®. Further, 55% of Americans and 68% of 18-to-34-year-olds say they would consider it.
“With home prices skyrocketing in recent years, it’s become even more challenging to break into the housing market for first-time buyers,” says Clare Trepasso, deputy news editor at realtor.com®. “Many buyers have needed more than one income to afford a home, especially as rising rents may be eating into their down payment savings. However, the pandemic delayed many weddings. And rising prices forced some couples to choose between saving to become homeowners versus having the big day. This has resulted in many unmarried couples, as well as extended families and friends, pooling their resources so they can afford to become homeowners.”
The most common co-buyers are romantic partners who are not engaged or married (15%). But Americans are also open to buying with extended family members or roommates.
Here’s the breakdown:
Romantic partner, not engaged or married (15%)
Parent, grandparent, or older relative (6%)
Child, niece or nephew, or other younger relative (5%)
Sibling, cousin, or relative of a similar age (4%)
Roommate (4%)
Friend (4%)
The most expensive markets in the fourth quarter continued to see even higher prices in the fourth quarter; nine of the top 10 saw double-digit percentage increases. California led the way with five metros in the top 10.
The 10 priciest markets in the fourth quarter are:
1. San Jose-Sunnyvale-Sta. Clara, Calif.: $1.675 million; up 19.6%
2. San Francisco-Oakland-Hayward, Calif.: $1.31 million; up 14.9%
3. Anaheim-Santa Ana-Irvine, Calif.: $1.15 million; up 23%
4. Urban Honolulu: $1.055 million; up 16.8%
5. San Diego-Carlsbad, Calif.: $845,000; up 14.2%
6. Los Angeles-Long Beach-Glendale, Calif.: $797,900; up 15.9%
7. Boulder, Colo.: $775,100; up 17.2%
8. Seattle-Tacoma-Bellevue, Wash.: $700,000; up 13.9%
9. Naples-Immokalee-Marco Island, Fla.: $685,000; up 21.2%
10. Nassau County-Suffolk County, N.Y.: 644,600; up 9%
Source: National Association of REALTORS®
Off Market Property in Los Angeles!
Not available to the public!
The asking price is $1,995,000.
This quiet cul-de-sac home has 3 bed/3 baths, 2,724 sq. ft. of living space and an 11,783 sq. ft. lot.
The home features a gas fireplace in the living room, a sunlit kitchen with top of the line appliances, and a backyard that has a private deck, patio, and spa.
The home is within walking distance to the Beverly Glen Center – with restaurants & shopping.
Text me if you want a tour at 818-445-7953.
Los Feliz off-market property!
Not available to the public!
Asking price: $2,595,000
The property located above Los Feliz Blvd. has 4 bed/3 baths, 3,153 sq. ft. of living space and an 11,058 sq. ft. lot.
The home features 20-foot ceilings in the foyer, a spacious kitchen with an island, a covered patio in the backyard, fire pit, built-in BBQ, and 180-degree city and downtown VIEWS.
Text me if you want a tour at 818-445-7953.
When you accept a purchase offer for your home, escrow begins.
The escrow period is the time from offer acceptance to the day the title of your home officially changes from you to the new buyer.
During that time period the buyer of your property is doing their inspections and getting the loan to buy the home.
A buyer using a conventional loan (5% or more for the down payment) will usually close in 30 days.
However, a cash buyer doesn't have to go through the loan process, so they usually close in 7 - 14 days.
Buyers using a FHA loan usually close in 45 days.
