California

California Senate Bill No. 1461 is effective as of July 1, 2009 and it has real estate agents scrambling to comply. This Bill amends Section 10140.6 of the Business and Professions Code. As of July 1st, it requires a real estate “…licensee to include his or her license identification number on specified solicitation materials, as defined, and on real property purchase agreements when acting as an agent in those transactions.”

In the “old” real estate market, we would get many inquiries about real estate prices from people considering a job change or transfer into our area, or into the state of California. They wanted to know how much it would cost them to buy or rent a home. Out-of-state people were usually shocked at California prices. Move to California and pay more money for less house. Sometimes pay a lot more money for a lot less house. Many people did not make the move based on the high cost of real estate. Therefore, they did not take the new job offer.

In the “new” real estate market, we are getting many calls from people wanting us to estimate the value of their California property as part of the consideration of a job change or transfer. Now people are not making the move because they are limited by the lower value of their home in today’s real estate market. They cannot afford to sell their home and, perhaps, take a loss on their investment. Therefore, they are not taking the new job offer.

It’s interesting, isn’t it? In either market, real estate is a major factor in the job change decision. And, in either real estate market, it can be the deciding factor.Labels: home value influences jobs, job transfer, new job, real estate

In case you missed it yesterday, the National Assocation of Realtors (NAR) released positive real estate market statistics that is widely credited with the rally on Wall Street that pushed the Dow to close over 9,000.

The NAR stated that “Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June”. Taking this as an indication that the housing market has started to recover, the financial markets reacted accordingly.

Yes – that’s exactly what has happened in our business. Sales are up over last year, more buyers are seriously “in” the market … not just looking. We’re noticing that in some price ranges in some areas, prices actually seem to be holding steady … or even inching up a bit. This has generally been fueled by multiple offers, thereby pushing prices upward.

Further, the NAR states that “A June survey of NAR members shows 37 percent experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85 percent report a perceived reduction in appraisal quality.”

Yes – that’s exactly what we wrote about in our blog post here: Whose Real Estate Market is it Anyway

To read more: National Association of Realtors July 23 press release.Labels: home sale statistics, home sales, NAR, National Association of Realtors

Permalink posted by The Real Estate Blog Author at 4:36 AM      Email this entry on The Real Estate Blog

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Real estate experts have seen promising signs for Southern California and Newport Beach real estate.  Over the past few months, the Southern California region has posted increases in both its home sales and median sales prices.  Despite real estate struggles that began in 2007, prior to the economic recession of 2008, which only worsened the situation, Southern California has provided real estate experts with optimistic views of the future.  Many experts believe that the greater affordability of housing in the region, as well as favorable interest rates, the decline of the inventory of foreclosed properties, and the federal tax credit will play major roles in the recovery of the market during the 2010 year.

According to DQNews.com, Southern California has posted significant improvements in the region’s real estate markets with an increase in both the number of houses and condos sold and the median sales price.  In December of 2009, a total of 22,328 new and resale houses and condos were sold in Southern California, a 16.4 percent increase from that of the previous year, and a 12.1 percent from that of the previous year.  December marked the 18th consecutive month in which Southern maintained a year-over-year gain in terms of home sales.  December also marked the first month with year-over-year gains in the median sales price.  In December, the median sales price for houses and condos in Southern California was $289,00, a 1.4 percent increase from $285,000 in November and a 4 percent increase from $278,000 a year earlier.

The Los Angeles Times has also reported on the recent improvements made to the Southern California real estate market.  The LA Times reported that very favorable interest rates and more affordable housing played a major role in the recent increases in real estate activity and median sales prices.  The rebounding home prices is expected to lead the recovery of the housing market as construction and development projects are also increased to satisfy the increasing demand for housing in the Southern California region.  Real estate experts also believe that the federal tax credit will spur real estate activity as the deadline approaches in the spring.

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A town in San Mateo County in the northern San Francisco Bay are of California, Atherton, California, is home to a population of just over 7,000 mostly affluent residents. The city’s high-priced real estate market has struggled in the past couple of years, as the economic crisis in the U.S. has brought about job losses and decreased residents values, both of their homes and of other financial assets.

Last year, end-of-year figures showed there were 69 sales in Atherton, an improvement on 2008’s total of 63 sales. In 2009, Atherton homes for sale spent an average of 109 days on the market before selling, compared with just 49 days in 2008, showing that inventory piled up and sales were not brisk enough to keep homes off the market for long.

Prices in Atherton showed signs of a struggle too. In 2009, the average sales price was just over $3.3 million, down from over $4 million in 2008. The median price was $2.79 million in 2009, also down from the previous year’s price, which was $3.38 million. Total sales volume for the year fell as well, down by more than $15 million.

In February, prices showed improvement over 2009, however, giving signs for potential optimism for the upcoming year. The median price in February was $4.97 million, although that figure is based on just four closed sales for the month, but the figures were up as compared with January figures. In February, there were 32 homes on the market, and homes were spending an average of 229 days on the market before selling. Of homes sold in February, Atherton real estate sold received nearly 92% of listing prices.

and some of the country’s highest real estate prices to match. Tustin, California, is a community within Orange County that has seen major fluctuations in its real estate market over the past couple of years, like most all communities in Orange County.

According to the Orange County Register, February was a mixed month for the , as it saw an improvement in median prices but a decline in sales volume. February accounted for just 23 sales in Tustin, a decline of 41% from a year ago. However, sales prices for those 23 homes showed a positive trend, with the median price at $390,000, a more than 73% increase from one year ago.

Additionally, realtors at eVantage Real Estate in Orange County reported in March that there were currently 59 detached single-family Tustin homes for sale, with those homes having a median sales price of $599,000 for an average price per square foot of $348. Pricing of the 59 homes ranges from as little as $399,900 for a two-bedroom home to a high of nearly $4.3 million for a five-bedroom.

The condo market in March saw 30 active listings in Tustin. Condos for sale had a median listing price of $345,000 for an average price per square foot of $302. The range of condos stretches from as little as $145,000 for a one-bedroom to $729,000 for a three-bedroom condo. The realtors also report that 48 homes have sold in the past 90 days in Tustin. These homes were sold for a median price of $583,000. Meanwhile, thirty condominiums have sold in the past 90 days in Tustin for a median price of $350,000.

By the numbers … California Real Estate:

The California Building Industry Association reports that new home sales in California were down 12% in January when compared to the same month in 2009.

Read more here: Press Release – California Building Industry Association

The California Association of Realtors reports that median home prices increased 14.1% in February when compared to the same month in 2009. However, home sales decreased 11.7% when compared in February year-over-year.

Read more here: Press Release – California Association of RealtorsLabels: California, California Association of Realtors, California Building Industry Association, California home sales, existing homes, home sales, median price, new homes

Permalink posted by The Real Estate Blog Author at 11:59 AM      Email this entry on The Real Estate Blog

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The Ranch Mirage real estate market in the Palm Springs area of inland California has experienced many ups and downs in recent months as it struggles to combat the ill effects of the financial crisis plaguing broad swaths of America. In the past quarter or so, things have begun to look more positive for the market though, with increasing signs of optimism.

In February, the median price for a single-family home in Rancho Mirage was $544,750, a more than 32% increase from a year ago and a 9% increase from January’s figures. The average price was $758,194, an increase of 13.6% from 2009 and a 28.9% rise from January. Sales activity is up in general, though fluctuating month to month. In February, there were 24 homes sold, an increase of one-third from a year ago but a decline of nearly 30% from the previous month’s figures.

The condo market showed similar trends, with higher prices but fewer sales. In February, according to The Desert Real Estate Report, the median price for condos was $349,500, an increase of nearly 30% from the same time last year and a 6.7% rise from January. The average price stood at just over $344,000, a more than 9% increase from a year ago and another 12.3% higher than January’s figure. There were only 12 condos sold in February, however, a decrease by a third in activity from February 2009 and from a month prior.

Total sales activity in the city in February accounted for 43 sales, including Ranch Mirage homes for sale and condos for sale, according to DQ News. When taken together,  the median price of properties for sale was $459,000, up by more than 33% from a year earlier, when that figure was just $345,000.

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The market seems to be heading towards a recovery, according to the most recent market indicators. According to an April 14, 2010 article in the Los Angeles Times,

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The Poway real estate market is heavily dependent on the larger trends of the San Diego county real estate market. The trend for this general area has been largely positive in recent months, according to an April 16, 2010 article in the Los Angeles Times. This article found that