L.A. real estate news and insights.
Home buyers who paid cash accounted for 32% of home sales in January, marking the highest rate since 2014, the National Association of REALTORS® reports. Many leveraged the equity from a prior home sale.
Only 6% of first-time home buyers made a cash purchase in 2023 compared to 26% of repeat buyers.
There were a total of 10,887 homes on the market in January in LA County. This includes both new listings and homes that remain on the market unsold.
That was 13% below a year earlier, but an improvement from the 26% annual decline recorded in September.
Source: Zillow
Contact me for pictures.
This is the cheapest home for sale this week in Granada Hills.
Text me for a tour at 818-445-7953.
Asking price: $799,000
According to the Zillow Home Value Index, home values fell in Los Angeles 0.1% between December 2023 and January 2024. Prices going down over the holidays is really no surprise as it tends to happen every year. 0.1% is far less than what I have seen in past holiday seasons.
Year over year LA home values are up 7.4%.
Some real estate experts are predicting home values could go up as much as 5% by the end of 2024.
Sorry Redfin, I win!
Cheapest home to hit the market this week in Reseda.
This starter home has 2 bed/1 bath, over 830 sq. ft. of living space, and is on a 6,000 sq. ft. lot.
The remodeled home features new floors, recessed lights, interior/exterior paint, a private backyard, and a garage with ADU potential.
Text me for a tour at 818-445-7953.
Asking price: $699,000
Link in bio to see all of my off-market properties or visit OffMarketShowings.com.
Millennials are worried they’ll inherit properties in need of major renovations and repairs, which could further hamper affordability, a new survey shows.
Young move-up home buyers are growing increasingly worried that baby boomers, many of whom are staying put in their current home, won’t update their properties and will pass down costly renovations and repairs to the next generation of owners, according to a new study from Morning Consult and Leaf Home, a national home improvement company.
Many baby boomers are choosing not to downsize, with 68% saying they’ve lived in their homes for 30 years or more, the study shows. Many in that group admit they’ve never done renovations or replaced major appliances—and they don’t have any plans to, either.
Researchers say this could become a nightmare scenario for millennials, who may inherit or purchase these “time capsule” homes. Younger buyers’ budgets already are stretched thin by high home prices and mortgage rates. It’s difficult for many to add pricey renovations to their homebuying budget.
Here is the cheapest home for sale this week in Glendale.
This home has 2 bed/2 bath, 1,198 sq. ft. of living space, and is on a 6,352 sq. ft. lot.
The property features 2 bonus rooms, a detached 2-car garage with ADU potential, and drought-resistant plants.
Asking price: $1,000,000
Text me for a tour at 818-445-7953.
The National Assn. of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.
In California, home sales fell 24.8% in 2023 from the previous year, the biggest drop since the 2007 housing slump, according to the California Assn. of Realtors. The state’s median home price — the point at which half the homes sold for more and half sold for less — reached $819,740 in December, up 6.4% from a year earlier.
Source: Los Angeles Times
A December report from real estate broker Realtor.com ranked the best U.S. cities to buy a house in 2024 based on expected price growth and sales.
The annual report analyzed the country’s 100 largest metropolitan areas and the final result is a list with half of the top metros in California.
10 best U.S. metro areas to buy a house in 2024:
1. Toledo, OH
2. Oxnard/Thousand Oaks/ Ventura, CA
3. Rochester, NY
4. San Diego/Chula Vista/Carlsbad, CA
5. Riverside/San Bernardino/Ontario, CA
6. Bakersfield, CA
7. Springfield, MA
8. Worcester, MA-CT
9. Grand Rapid/Kentwood, MI
10. Los Angeles/Long Beach/Anaheim, CA
The No. 2 best place in the U.S. to buy a house is Oxnard/Thousand Oaks/Ventura, California.
The California metropolitan area is expected to see existing home sales climb by 18% year-over-year. The median sale price of existing homes is expected to jump by 3.3%, according to the report.
LA Laker Rui Hachimura just bought this new Encino home.
This home has 6 bed/7 bath, over 7,000 sq. ft. of living space, and is on a 13,464 sq. ft. lot.
The modern farmhouse features a cinema room, gym, pool, spa, outdoor kitchen, fire pit, and ADU.
Asking price: $7,495,000
Selling price: $7,250,000
2024 predictions:
6.1% Mortgage bankers association
6.3% National Association of Realtors
6.5% Fannie Mae
6.8% Realtor.com
With 2,770,576 views across all my social media platforms, my 2nd most-watched video of 2023 was about this for sale home that is located on a bridge!
This is what affordable housing in LA looks like! #repost
