L.A. real estate news and insights.
Low inventory, bidding wars, and record-low mortgage rates are giving consumers a new sense of FOMO and is driving hyperactivity in the real estate market.
Pending home sales are up 20% from a year ago, buyer traffic is up 32%, and mortgage applications are up 27%—all indicators that this winter may be the best ever for the housing market.
Mortgage rates also remain at record lows.
The 30-year fixed-rate mortgage averaged 2.71% for the week ending Dec. 10, according to Freddie Mac.
This is the cheapest home to sell this week in Valencia.
•3 bedrooms
•2 bathrooms
•1,128 sq. ft. of living space
•5,488 sq. ft. lot
HOA Amenities: Park w/ playground, 3 community pools, BBQ & picnic area.
Asking price: $549,000
Selling price: $560,000
New off-market property alert for Sherman Oaks!
•6 bedrooms
•5 bathrooms
•5,964 sq. ft. of living space
•30,357 sq. ft. lot
•Amazing views from the infinity pool & spa
•Full one-bedroom guesthouse with sauna
•Master wing has an en-suite bathroom with steam shower & tub, large walk-in closet, private outdoor patio
Asking price is now $3,695,000.
Text me if you want a tour 818-445-7953.
Condo sales are rebounding because buyers are finding great deals.
The pandemic turned a lot of people off condos.
Buyers realized just how important having outdoor space and a garage really is.
After a 50% sales plunge this spring, condo sales have recovered.
In October, condo sales increased 22.7% compared to a year earlier on a seasonally adjusted basis.
In my opinion, the best deals going down right now are in condo purchases.
While the housing market has come roaring back in the pandemic, iBuying activity hasn't.
Volumes and market share of iBuying activity is likely to finish 2020 at 50% less than that of 2019, according to real estate tech strategist Mike DelPrete, who studies iBuying activity in real estate.
Meanwhile, traditional home sales for existing homes and new homes have been running above last year’s levels.
iBuyers make instant cash offers to sellers who wish to bypass the traditional MLS marketing route, often for assurance of a quicker sale.
However, homeowners tend to pay higher fees for the convenience.
iBuying will be available to buyers for a while, but will buyers and sellers even care?
Source: Mikedp.com
Here are some national stats:
•Time on the market is now 4 days faster than last year.
•Median listing prices grew at 9.4 percent over last year.
•New listings were down 11 percent.
•Total inventory was down 35 percent.
•The West region of the U.S. continues to lead in the national housing recovery during the pandemic.
Asking price $1,289,000 sold price $1,265,000
Do you think the back yard is big enough?
