The "Earthquake House" is for sale!
The home is built on visco-damper base isolators and has a steel structural framework to protect against earthquakes.
Asking price: $2,895,000
Text me if you want a tour: 818-445-7953.
LA home values down 1.3%
What’s interesting about most data reports is that they are 1 - 2 months behind. For example, the S&P Case-Shiller Home Price Index that was released today discusses sales data for February. There is no mention of what the market has been going through in March and April.
I can personally tell you that in April we are seeing multiple offers on well priced properties. In many cases homes are selling well above asking price. I would imagine that when the April Home Price Index report comes out in 2 months, it will show that the 1.3% price drop experienced in February will be a thing of the past and the numbers will turn positive. I could be wrong, but I doubt it based on what I am seeing.
Here is some data from today’s S&P Case-Shiller Home Price Index report:
Miami’s 10.8% year-over-year gain made it the best-performing city for the seventh consecutive month. Tampa (+7.7%) and Atlanta (+6.6%) continued in second and third place, with Charlotte (+6.0%) close behind.
Results were different in the Pacific and Mountain time zones. Last month, four West Coast cities (San Francisco, Seattle, San Diego, and Portland) were in negative year-over-year territory. In February they were joined by four of their western neighbors, as Las Vegas (-2.6%), Phoenix (-2.1%), Los Angeles (-1.3%), and Denver (-1.2%) all tipped into negative territory.
Majority of potential homebuyers say they will not accept a mortgage rate over 5.5%
Today’s homebuyers are exceptionally sensitive to mortgage rates with house prices so high — and they’ve found their tipping point.
The majority of potential homebuyers, 71%, say they will not accept a 30-year fixed mortgage rate over 5.5%, according to a survey done in March by John Burns Research and Consulting. The current rate, however, is around 6.4%.
If so many potential buyers, however, are saying they won’t buy unless they get a rate below 5.5%, they may be sitting on the sidelines for a while. Mortgage rates have been over 6% for nearly a year and are not expected to move much lower this year.
An April survey from U.S. News and World Report seems to corroborate these findings: It found that 66% of Americans who plan to buy a home this year said they are waiting until rates fall.
The U.S. News survey also found that 25% of homebuyers who are holding out for lower rates are waiting until they drop below 5%. Nearly two-thirds of respondents said they’ve had to reduce their housing budgets due to the current level of mortgage rates.
CA is giving you 20% for your home's down payment... but there's a catch!
A new state program just launched for first-time homebuyers. The California Dream For All program provides homebuyers with financial assistance equal to 20% of a home’s purchase price. Those funds can be used for a downpayment and closing costs when purchasing your first home. The program offers first-time homebuyers in California a shared appreciation loan of up to 20% of the cost of the home. If you’re buying a $500,000 home, you’d receive 20%, or $100,000, to help with a downpayment and closing costs. Once the homebuyer sells their home at a later date, they would be required to pay back the 20% assistance, plus 20% of the home’s appreciation. If your $500,000 home sells in five years for $700,000, you’d owe 20% of $200,000 appreciation — or $40,000 — in addition to the original loan. If you sell your home and it hasn’t grown in value, you’d only pay back the original 20% loan, according to the California Housing Finance Authority,
This program is open to first-time homebuyers in California — meaning you’ve never owned a home. A first-time homebuyer is also someone who owned a home three or more years ago and sold it, according to the CalHFA. Borrowers must also plan to live in the new property they are buying. The program does not allow for non-occupant co-borrowers or co-signers. In addition to being a first-time homebuyer, borrowers must meet income requirements depending on their county. In Los Angeles County, borrowers must make under $180,000 per year.
Better hurry! The state has allocated about $300 million toward the California Dream For All program, according to State Treasurer Fiona Ma. This will provide assistance for an estimated 2,300 homebuyers in California.
Source: NBC 4 Los Angeles
You need to earn $221,592 to afford a typical home in LA
An analysis from the real estate site Redfin finds that would-be homeowners now need to earn $200,000 or more in eight U.S. cities, including L.A. This is because the average rate for a 30-year fixed loan is now hovering near 7%. Mortgage payments rose by an average of nearly 46% over the last year.
The typical U.S. homebuyer needs to pull down about $107,000 a year to afford a median monthly mortgage payment of roughly $2,700. Only a year ago, your salary needed to be closer to $74,000.
But some locations are much, much more expensive than others. In L.A., the median home price is $823,500. That means, by Redfin’s calculation, you need an annual income of $221,592 to make the numbers work.
Mortgage demand plummets to lowest level in 25 years
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Source: Forbes
Does your house earn $123 a day?
If you own a home in Southern California, it’s probably increasing in value every single day. But how much? The New York Times analyzed the last decade of single-family home prices and found that homes in San Jose had a net daily value increase of $266, the highest of any metro area in the country.
Unsurprisingly, California cities took the top four spots on the list with San Francisco ranking second at $208, Anaheim ranking third at $146, and L.A. ranking fourth at $123.
Builders - Don't miss out on this lot for sale in Culver City!
Attention Builders! This Culver City flat corner lot comes with fully approved RTI (Ready-to-Issue) permits to build a two-story 4 bed/4 bath 1,764 Sq. Ft. single-family home with an attached two-car garage, balcony, rooftop deck, and a one-story detached 1 bed/1 1/2 bath 600 Sq. Ft. ADU.
Centrally located on the Westside, this lot is located in a quiet neighborhood close to Playa Vista and next to the Ballona Creek bike path, which takes you down to Marina Del Rey, Playa Del Rey, and the beach.
If you're looking to build a beautiful new home with a detached ADU, all at a great value, this just might be the property for you.
For more info visit CulverCityLot.com.
CA housing market remains resilient despite rising rates
The California housing market kicked off the new year with a bounce back from a 4-month low, with sales of existing single-family homes reaching 444,450, registering a month-to-month increase of 3.4% in January.
Sales continued to decline on a year-over-year basis, but the dip was less than 10% and was the smallest in six months.
California home prices continued to decelerate as the seasonal slowdown continued, with the statewide median price declining 3.8% from December to $765,580 in January, but still improving from a year ago by 9.4%.
Source: California Association of Realtors
Earthquake Brace + Bolt
I received a grant last year from the Earthquake Brace + Bolt Seismic Retrofit Program, and I highly recommend you try to get one as well.
This program pays up to $3,000 towards your seismic retrofit.
You can register at EarthquakeBraceBolt.com until December 1.
Good luck!
A gorgeous, modern Victorian is this week's "HOT HOME" in Silver Lake!
"Hot Home” in Silver Lake.
Asking price: $2,695,000
This Victorian home has 4 bed/4 bath, 2,972 sq. ft. of living space, and is on a 4,799 sq. ft. lot.
The home features a paneled three-story staircase, cast iron fireplace from the 1870s, a stand-alone clawfoot soaking tub in the master bedroom, and there is a detached office/ studio in the backyard.
Text me if you want a tour at 818-445-7953.
Talk about #porchgoals - New Hot Home available now in Newhall!
"Hot Home” alert in Newhall.
Asking price: $1,600,000
This home has 4 bed/3 bath, 3,460 sq. ft. of living space, and is on a 10,339 sq. ft. lot.
The remodeled home features new flooring throughout, top-of-the-line appliances in the kitchen, and a wrap-around porch.
The backyard has an oversized pool, firepit, patio, and mature trees.
Text me if you want a tour at 818-445-7953.
See this must have "Hot Home" in Sherman Oaks before it sells!
"Hot Home” in Sherman Oaks.
Asking price: $2,179,000
This home has 4 bed/4 bath, 3,460 sq. ft. of living space, and is on a 5,400 sq. ft. lot.
The home features 20ft ceilings in the living room, stainless steel appliances in the kitchen, and a family room with access to the backyard.
There are privacy hedges and a patio outside which is perfect for al fresco dining.\
Text me if you want a tour at 818-445-7953.
CA median home price is forecasted to rise 5.2% in 2022
The California median home price is forecast to rise 5.2 percent to $834,400 in 2022, following a projected 20.3 percent increase to $793,100 in 2021 from $659,400 in 2020.
An imbalance in demand and supply will continue to put upward pressure on prices, but higher interest rates and partial normalization of the mix of sales will likely curb median price growth.
Additionally, a shift in housing demand to more affordable areas, as the trend of remote working continues, will also keep prices in check and prevent the statewide median price from rising too fast in 2022.
Source: C.A.R.’s “2022 California Housing Market Forecast”
California home sales set 15-year record
Despite ongoing Coronavirus lockdowns for months in California, home sales remained high in November 2020, breaking the 500,000 sales benchmark for the first time since January 2009.
This is the highest sales level in 15 years.
November sales rose 5.0 percent from 484,510 in October and were up 26.3 percent from a year ago when 402,880 homes were sold on an annualized basis.
The year-over-year, double-digit sales gain was the fourth consecutive and the largest yearly gain since May 2009.
Source: California Association of Realtors
