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
LA County home median sale price jumps $30K.
LA County home median sale price jumps $30,000 from July to August.
Fixer-Upper Opportunity - Explore the cheapest home for sale this week in Burbank!
Here is the cheapest home for sale this week in Burbank.
Text me for a private tour at 818-445-7953.
This home has 1 bed/1 bath, 600 sq. ft. of living space, and the lot is just under 2,700 sq ft.
Asking price: $699,000
U.S. Home Purchase Applications Hit 27 Year Low
Here is another sign that there are not enough homes for sale on the market.
If we had more housing inventory, we would not have this issue. I am still seeing strong buyer demand out in the field.
Revised predictions for what will happen to home prices by the end of 2023:
The original 2023 forecasts (released in late 2022) for all of these organizations called for home prices to fall.
Looks like they have all changed their tune.
Zillow said... Redfin said... Realtor.com said...
Keep in mind Zillow recently lost $880,000,000 on their failed home-flipping business... they are not the best at predicting market trends.
Where do you think home prices will go by the end of 2023?
House Hunters Renovation Exclusive: Watch your favorite Broker on HBO's Max!
On HBO Max, search "House Hunters Renovation".
Then look for Season 9, Episode 4 - Three Agents, One Renovation.
You can also watch at HouseHuntersRenovation.com.
Mortgage rates hit their highest point since 2000!
The average rate on a 30-year fixed mortgage has hit 7.48%, according to Mortgage News Daily.
Mortgage rates jumped, following a rise in bond yields driven by investors’ concerns that high interest rates and inflation will linger longer than expected.
Listings fell to a 12-year low for June
Southern California’s housing market continued rebounding in June, despite below-average sales and the highest mortgage rates in seven months.
With inventory at the lowest level for a June in a dozen years, even this year’s diminished demand exceeds the number of homes for sale, driving up prices.
As a result, the median price of a Southern California home — or price at the midpoint of all sales — was $730,000 in June, CoreLogic reported.
That’s down just 0.7% or $5,000, from a year earlier. It also follows four months of off-and-on price gains that brought the region’s median within $20,000 of the all-time high of $750,000 reached in April 2022.
Millennials Are Losing the Home-Buying Edge to Baby Boomers
Baby Boomers have officially taken over! They now represent 39% of all home purchases.
Millennials have dropped down to 28% of home purchases.
Median home listed in LA will soon cost more than $1M — up 30% in 5 years
The already dizzying Los Angeles housing market is poised to reach new heights, as the latest data from Zillow suggest that the median home listed in the city will soon cost more than $1 million.
As of June 30, the figure was $975,333, more than a 30% increase from five years prior. Statewide, six other cities were even more expensive and had already crossed the million-dollar mark: San Jose, Santa Maria, Santa Cruz, Salinas and San Francisco.
In Santa Cruz and San Diego — the major markets with the largest increases — median listing prices were up more than 40% over the last five years.
Source: Los Angeles Times - By Terry Castleman
Housing market stuck in biggest freeze in a decade
Actor/Writer strike is affecting the LA real estate market
When the Writers Guild of America, a relatively small union, went on strike in May, I immediately saw an impact with my showbiz clients who were looking to buy a house. Actors are now also on strike. They command a big presence in Los Angeles. It has 160,000 members. Here is how I am currently seeing the market being affected and how it may potentially be affected in the future:
1) In order to get a home loan, my clients in the entertainment business have to show a paystub dated within the last 30 days. Writers, and those affected by the writer strike, will not be able to show a paystub from their normal writing job for the last 30 days. No paystub means no home loan. As soon as the strike is over, and they get a paycheck, they should qualify to get a mortgage again.
2) If writers, actors, and everyone else affected by these strikes are no longer getting paid, and can't afford to pay their mortgages, will they be forced to sell their homes? Will we see a big jump in LA's for sale housing inventory because of this? It is too early to tell, but this is definitely something to keep an eye on.
I'm hoping the strikes end soon and everyone can happily get back to work!
New listings in June take a big year-over-year hit in LA County
There was about a 41% drop year-over-year for active listings in LA county (2,096 listings in June 2023 versus 3,531 listings in June 2022).
Source: Douglas Elliman Report
Check out the jaw-dropping sale price of the Alhambra "under the bridge" property!
Bridge home in Alhambra has officially sold!
1 bed/1 bath, 462 sq ft of living space.
Asking price: $249,950
Selling price: $430,000 all cash