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Interest Rates Rising The stock market has been crazy this week and a large part of it has to do with the interest rates rising significantly. A lot of experts watch the 10-Year U.S. Treasury note where rates have jumped from 2.46% to 2.84% in the first 30 days of the year. That is a massive jump for a somewhat stable security and as a result has some people worried. Now, the 10-Year U.S. Treasury does NOT directly affect mortgage rates contrary to popular belief (my first job out of college was a mortgage broker so I studied this in depth), but the 10-Year is used as a hedge for mortgage investors. Banks and originators of
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The Lot Deals Two new lot deals hit the market this week in the Manhattan Beach Sand Section. An old duplex located at 1613 Highland Avenue sitting on a 1,351 sq. ft. lot asking $1,849,000 and a crumbling concrete pad located at 2613 Crest Drive on a sizable 3,512 sq. ft. lot asking $5,499,000. These new offerings are sure to grab the attention of eager house hunters looking to build their dream home. Will these lots pencil for a motivated buyer who not only wants their dream home but also wants to come away with some equity? Let’s check out the data. 2613 Crest Drive Analysis This lot has been a noticeable vacant lot overlooking Bruce’s
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Median Home Prices in California According to the California Association of Realtors, the Los Angeles County median home price in December sat at $577,690. There is not much for sale by the beach in that price range except for some very small 2-bed condos in the Hermosa Valley (like 1600 Ardmore Avenue #219) or an even smaller 1-bedroom fixer in The Village in Redondo Beach (like 610 The Village #315). It has become a reality that buying a home under $1 million in the South Bay is hard…really hard. The Deal What if you could find a lot more space than a small condo, like maybe over 2,400 livable sq. ft. with 4 bedrooms, 2.5 bathrooms,
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Last week I was fortunate enough to chat with TheStreet.com and LA.Curbed.com, two influential financial and real estate websites, on the trends shaping the real estate market. In case you missed the published articles where I earned a quote or two, I thought I would recap the information and share my thoughts on each article. 5 Trends Shaping the 2018 Real Estate Market, The Street.com by Brian O’Connell Rates rising, but not a big problem for buyers…yet This was the topic my interview covered. For my readers, you have been well educated on my thoughts of where interest rates will go this year (South Bay Real Estate: 2018 Fearless Predictions) and why (South Bay Real Estate
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Mortgage Rates Will Rise Moderately One of the biggest questions in residential real estate is whether or not mortgage rates will rise. This coming year, 30-year mortgage rates will rise very moderately from their year-end rate of about 4.00%. I predict a rise of about 0.25% with a maximum jump of 0.5% before The Fed would step in to get rates under control. The reason rates did not rise last year, and why they will only rise moderately this year, is due to the fact that mortgage rates are impacted by demand for mortgage-backed securities. For the majority of last year, The Fed reinvested their principle payments and bought up the bulk of residential home mortgages.
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About a year ago I introduced the first annual Fearless Predictions for South Bay Real Estate. The inaugural blog was not only fun to write but challenged me to conduct deep research that would hopefully benefit my clients throughout the year. I am proud to say as I recap the results of the early year predictions, many of the forecasts were correct. Below is a recap of each prediction with data and how the market performed. Prediction Recap: Mortgage Rates Will Barely Rise Prediction: The Fed has full control over where home loan interest rates go, and my bet is there is no way they let them rise significantly as a strong housing market is key to
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As real estate in the South Bay quiets down for the holidays, I wanted to share some helpful tips to prepare you for the new year and spring selling season. There is a ton of specific, local information on every South Bay city that all buyers and sellers in the area should be aware of. In case you didn’t notice, we have updated sections of our website that include detailed neighborhood write-ups starting with Manhattan Beach, Hermosa Beach, and Redondo Beach. Palos Verdes will be up soon.  My hope is you learn something new or can refer to this when you are looking to buy or sell in a specific area. Rolling Hills If you are
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Los Angeles County Assessor The Los Angeles County Assessor published its annual report recently as its fiscal year runs from July 1st to June 30th. Not to be confused with the L.A. County Tax Collector (which collects your taxes), the Assessor’s office is in charge of assessing the value of taxable property in the county. This includes value of real estate parcels, business personal property, boats and aircraft per the report. The assessor has valuable real estate information on all 88 cities within the county along with all of the unincorporated areas of Los Angeles County which amounts to $1.416 trillion in taxable property. This year, two South Bay cities made the top 10 in cities
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In honor of this past Black Friday, Cyber Monday, and my latest Instagram video post on @richardhaynesrealestate, I thought it would be appropriate to write about a local South Bay “deal of the week.” I don’t usually write a “deal of the week” post as it puts our buying clients at a disadvantage. That being said, there are a few properties in the South Bay that are even better deals than the one I will be writing about today…but I will reserve those for my current clients. The Deal 1410 Goodman Avenue in North Redondo Beach. Listed at $879,000 A legal duplex in Golden Hills Livable square feet of 1,110 A 2-bedroom unit and a 1-bedroom
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East Manhattan Beach As Manhattan Beach Sand Section home sales have begun to slow due to high prices, a nearby beneficiary has emerged over the last few years – East Manhattan Beach homes. Buyers have come to realize that East MB offers a suburban feel, sprawling backyards, much more parking, and generally a lot more bang for your buck. Over the last few years, Buyers priced out of the market west of Sepulveda have started to migrate to East MB. These buyers seem to have come out in droves this year and it has created a resounding uptick in prices and sales to the area. East Manhattan Beach Sales Our readers have come to know that
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