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
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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.
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.
This is the cheapest home for sale this week in Burbank.
This home has 2 bed/2 bath, over 1,000 sq. ft. of living space, and is on a 6,300 sq. ft. lot.
The home features an updated bathroom, recessed lighting, a tankless water heater, a large rear yard, and fruit trees.
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
‘Euphoria’ Star Hunter Schafer bought a modernist gem by Architect A. Quincy Jones.
This property has 3 bed/3 bath, 2,085 sq. ft. of living space, and is on a 9,265 sq. ft. lot.
Mindy Kaling buys Beverly Hills fixer-upper.
This home has 6 bed/6 bath, 6,066 sq. ft. of living space, and is on a 44,549 sq. ft. lot.
The property features a champion-sized tennis court, pool, 2-car garage, gym, detached guesthouse, and separate entry and exit gates.
This is the cheapest home for sale this week in Highland Park.
Asking price: $399,000
Text me for a private tour at 818-445-7953.
John Fogerty of Creedence Clearwater Revival bought Sylvester Stallone's Hidden Hills ranch.
This home has 4 bed/8 bath, 10,460 sq. ft. of living space, and is on 2.26 acres.
The property includes a guest house, 4-stall barn stable/tack room, private riding ring, custom pool, cabana/pool house, and outdoor kitchen.
Asking price: $21,300,000
Selling price: $17,200,000
Kiefer Sutherland lists his English Tudor LA home!
This home has 2 bed/2 bath, 1,182 sq. ft. of living space, and is on a 5,849 sq. ft. lot.
Asking price: $1,825,000
Text me for a private tour at 818-445-7953.
"Constellation 167" is the most unique home for sale in Brentwood!
This home has 4 bed/5 bath, 5,476 sq. ft. of living space, and is on an 11,869 sq. ft. lot.
Asking price: $11,995,000
Text me for a private tour at 818-445-7953.
Heather Graham just purchased this Midcentury home in Brentwood!
The home features indoor/outdoor living, an updated kitchen, and some of the best views in Brentwood.
Asking price: $3,650,000
Selling price: $3,716,000
