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The South Bay is short on homes for sale. And with Super Bowl and President’s Day weekend back-to-back, sellers have been reluctant to bring their homes to the MLS on weekends with distractions. This has left many motivated buyers even more disappointed with low inventory levels and hoping, praying for more listings as we begin our winter thaw into the warming spring. In simple economic terms, there is a major squeeze on supply which often drives product prices higher. But if you read last week’s blog, you will understand that there is a historically small percentage of the California population that can afford homes amid record high prices and multi-decade high mortgage interest rates. This supply
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The California Association of Realtors last week released their Q4 Housing Affordability Index numbers. It was another quiet release as the numbers represent a big negative for California housing prices. As many readers know, I have committed to covering C.A.R.’s Housing Affordability Index results each quarter because of its unique calculations that help forecast where California home prices may go. Thanks to quickly growing prices and surging interest rates, California homes have seen affordability drop precipitously over the past 12 months. While there are plenty of factors used to determine the health or general direction of the real estate market – for instance, median prices, sales, inventory, or pending sales, the HAI can help tune out
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The past few years have been incredible for Palos Verdes home prices. Buyers fled to the suburbs during the Coronavirus pandemic making The Hill one of the hottest real estate pockets in all of Los Angeles, especially the prime submarkets. One of those white-hot submarkets was the ever desirable Lunada Bay in Palos Verdes Estates. Lunada Bay is hard not to love thanks to its little downtown, spacious property lots, and intoxicating blufftop views with hidden surf spots…even the beach boys sang about “Lunada Bay/P.V.” in their Surfin’ USA demo song (fun fact). Now that the work-from-home, stay-at-home, do-everything-at-home days are behind us, along with mortgage rates more than doubling, Lunada Bay is coming back down
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February is Black History Month. This is a time to honor African Americans and raise awareness of black history – especially a celebration of achievements. It is also a time to bring awareness. In past years, I have focused the blog on a timeline of housing rights victories in southern California, along with racist deed restrictions that plagued our South Bay housing market in the years of its founding. If you are interested in some of these past posts, please reference a couple of the links below: “Black Lives Matter: A Glimpse Into Local Real Estate History” “2022 Black History Month: South Bay Real Estate” Both of these posts are resources for you to learn more
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