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Shopping for a home? It will take a lot longer than you think

Source: CNBC

  • Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders.
  • Home prices have been rising at a fast clip in the past year – faster than income growth and inflation.
  • Home prices increased in 92 percent of the nation’s measured housing markets at the end of last year, according to the National Association of Realtors.
Prospective home owners tour a home in Jurupa Valley, California.
Nichola Groom | Reuters – Prospective home owners tour a home in Jurupa Valley, California.

Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.

Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders. Why so long? They can’t find a home they can afford.

Forty-two percent of buyers surveyed said prices were out of reach for the homes they wanted. Home prices have been rising at a fast clip in the past year – faster than income growth and inflation. The primary reason is a lack of homes for sale, especially lower-priced homes.

“It’s the inventory problem that we’re having out there that is causing these long delays in pulling the trigger,” said Rose Quint, assistant vice president for survey research at the NAHB. “It’s lack of affordability, although the other problems are serious as well.”


Click here to read full story


Posted in Real Estate, Uncategorized

State says LA isn’t building enough housing—along with 525 other California cities

Source: Curbed

Cities that don’t meet their goals will need to approve projects more quickly

The vast majority of urban areas in the California—including Los Angeles—are failing to approve enough housing, a report released this week by the state Department of Housing and Community Development shows.

As a result, the state will now require those cities to make it a little easier for developers to construct projects that include affordable units.

For a more than four decades, cities and municipalities across the state have been required to set housing goals every five to eight years in order to ensure that construction of new homes keeps up with population growth.

As the HCD’s report shows, almost none of them are actually meeting those goals.

In all, only 13 cities made “sufficient progress” toward hitting their targets last year. A few of them—including West Hollywood, San Fernando, and Beverly Hills—are in Southern California (though Beverly Hills had to permit just three homes to meet its goals).

The 526 cities that came up short will be required to speed up approval of certain new developments, thanks to a new state law that went into effect January 1.


Click here to read full story


Posted in Real Estate, Uncategorized

‘Extreme’ rent control could be coming to California soon

Source: The Sacramento Bee

Rent control
A costly and potentially bruising campaign is taking shape over rent control in California, with deep-pocketed Los Angeles activist Michael Weinstein bankrolling a proposed November ballot initiative to repeal a state law that sets tight limits on the type of housing covered under local rent control laws.

As California confronts a historic housing crisis, low- and middle-income renters are being pushed out, even in cities with some form of rent control.

Proponents say they have been met with enthusiasm this year while gathering signatures for a proposed November ballot initiative that would repeal the 1995 Costa-Hawkins Rental Housing Act, which says rent control cannot apply to large amounts of housing, including all housing built after 1995, single-family homes, condos and duplexes.

Critics, including the California Apartment Association, believe repeal would lead to “extreme versions” of rent control throughout the state, bringing new housing construction to a standstill.



Posted in Economy, Renters

Here’s where millennials are moving

Source: Curbed

Colorado SpringsColorado Springs, Colorado, which had the largest increase in young adult population between 2010 and 2015, according to a new Brookings report.
A new report by the Brookings Institution’s Metropolitan Policy Program, The Millennial Generation: A Demographic Bridge to America’s Diverse Future, examines how this generation, poised to become ever more consequential on economic, cultural, and governmental levels, is changing—and where it’s settling across the country.

The Brookings Institution looked at the group through many lenses, including homeownership rates, education, and poverty. Analysis of U.S Census data shows an increasingly diverse generation: 55.8 percent are white and nearly 30 percent are what the authors called “new minorities,” namely Latinx, Asian, and those identifying as two or more races.

Thirty of the 100 largest metro areas are now minority white, including Miami (25 percent) and Houston (32 percent).
Census data revealed where they are, and aren’t, moving to and living in across the country, which some see as a type of proxy for a city’s economic health.


Click here to read full story


Posted in Real Estate



Posted in Decoration Guides, Remodels

One-third of LA homes sell above asking price

Source: Curbed


In Los Angeles, where a very hot housing market shows no signs of slowing, nearly 40 percent of homes now sell above asking price, according to a report from Zillow.

How much above? Around $14,100—more than twice the national median, as measured by the real estate website.

Making sense of the story

  • Across the country, nearly one-quarter, or 24 percent, of homes sold above the price that the owners were asking in 2017; in the Los Angeles metro area, the figure was 38 percent. That’s the highest share since 2013, when home values were just beginning to recover from the mortgage crisis of 2008.
  • LA’s share of homes selling above sticker price has also risen in each of the last three years, suggesting that competition among homebuyers is heating up. “You’ve got to move quickly if you’re a homebuyer,” says Jordan Levine, senior economist for the California Association of REALTORS®.
  • A strong economy and low interest rates on home loans are bringing plenty of buyers to the market. By Zillow’s reckoning, the typical LA home now takes 66 days to sell (including an escrow period); that’s well under the 91 days that homes last on the market nationwide
  • High demand and low supply is driving up prices to the point that sellers may often undervalue their homes when putting them on the market, explains Zillow senior economist Aaron Terrazas. He says that sellers are often “pleasantly surprised” when homes fetch prices significantly higher than their asking price.
  • Levine says that rising home values may actually be causing some homeowners not to sell, out of fear they may not be able to afford something better. It’s a seller’s market, he says, “unless you want to turn around and buy again.”
  • This trend further limits the number of homes available for purchase—meaning that high costs and competition among buyers may be here to stay.


Posted in Real Estate, Selling your Home

Could recreational pot boost your home price?

Source: The Mercury News

pot plant

As recreational marijuana sales ramp up throughout the Bay Area, could the newly legal drug end up creating an unexpected type of high — in our real estate market?

Researchers looking at the impact of legalized recreational marijuana on Denver’s home prices found a surprising trend: dispensaries that began selling recreational marijuana had a “large positive impact on neighboring property values.”

After recreational sales became legal, houses close to a participating dispensary saw their value increase more than 8 percent relative to homes located slightly farther away, the study found. It’s a small study based on data from only one metro area, but the research — the first of its kind — could provide an important glimpse into the potential impact of legalization.


Posted in Home Prices, Real Estate, Uncategorized

Rent control, property taxes and taller apartment buildings: California considers major housing bills in 2018

Source: The Mercury News

The state’s housing crisis is back on the agenda as California lawmakers return to work after a months-long recess. Proposals floated on the first week of the year would bring major changes to laws governing property taxes, rent control, and local zoning rules. Senate Democrats are also proposing a work-around for the recent GOP tax overhaul, which set a $10,000 cap on state and local tax deductions.

Making sense of the story

  • Deduction cap: A bill introduced Thursday would allow Californians to instead donate to the state, receiving a dollar-for-dollar tax credit, so they can — in theory — deduct the full amount from their federal taxes. There is no cap on deductions for charitable contributions.
  • Rent control fight: Should California repeal a landmark 1995 law that keeps local rent control ordinances in check? The law, known as Costa Hawkins, blocks cities from applying rent-control policies to homes built after 1995 or to single-family homes. It is hugely popular among landlords, but some advocacy groups for renters are demanding that the state lift those restrictions, allowing cities to address runaway rents as they see fit.
  • New tax breaks for homeowners? Proposition 13, passed in 1978, keeps annual property tax increases to a minimum, even if a house quadruples in value, until a property changes hands. The California Association of Realtors is gathering signatures to qualify an initiative that would let those over 55 take their low property tax base with them anywhere in the state, as many times as they move.
  • Down payment help: Assemblyman Marc Steinorth is bringing back a revised version of a proposal he introduced last year: to help aspiring first-time home buyers save up for a down payment with a special savings plan. The money would be withdrawn, tax-free, as with a Roth IRA or 529 college savings plan.
  • Homeowner Bill of Rights: Portions of this 5-year-old state law expired Jan. 1, and Senator Jim Beall has introduced legislation — Senate Bill 818 — to renew mortgage and foreclosure protections, such as the right to appeal when a loan modification application is denied.
  • More apartment buildings: Senator Scott Wiener is set to introduce Senate Bill 827, which would require cities to allow denser housing developments to be built within a half mile of transit hubs.
Posted in Economy, Real Estate, Uncategorized

Here are the most valuable housing markets in the US


Source: Business Insider

Los Angeles Anton_Ivanov/Shutterstock

  • The US housing market saw significant growth last year, according to a report from Zillow cited by Bloomberg.
  • New York and Los Angeles have the most valuable overall housing markets in the US.

The value of the nation’s housing stock grew by 6.5 percent to $31.8 trillion this year — with Los Angeles and New York City far outpacing the rest of the country’s top-valued metro markets and Miami landing at No. 4.

The Los Angeles market’s $2.7 trillion valuation topped that any other metro across the country after growing 5.7 percent over the past year. That’s a smidgen higher than New York City’s $2.6 trillion valuation, up 7.9 percent from last year. LA and NYC were the only two markets worth more than $1 trillion, with Washington ($996.7 billion), Miami ($865.2 billion) and Chicago ($821.3 billion) rounding out the top five.

San Jose saw the largest percentage growth — 13.5 percent — of the nation’s top 10 markets, while Columbus, Ohio’s 15.1 percent growth was the highest of the top 35 markets.

The nation’s yearly growth is the highest since 2013, according to a Zillow report cited by Bloomberg. The $31.8 billion figure is 1.5 times the nation’s Gross Domestic Product (GDP) and nearly three times the GDP of China.

Renters alone spent a record $485.6 billion in 2017, nearly $5 billion more than they spent the year prior, according to Zillow.

The median home price in Southern California hit a post-recession record $505,000 this September and again in November, the peak reached just before the housing bubble burst a decade ago.

Some predictions have the growth in home prices nationwide slowing in 2018 as inventory grows. That will be felt particularly in the luxury segment, where oversupply and fewer buyers have reportedly softened growth.


Posted in Economy, Home Prices, Real Estate


Posted in Buying a Home, Real Estate




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Cal Bureau of Real Estate Lic.# 01960213
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