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On this week’s blog, I am going to break down the California propositions that will affect real estate here in the South Bay, and throughout the state. I will not give my opinion on which way I am voting, but I will try to give you a summary of Proposition 15, 19, and 21 so that you can decide for yourself. That said, if you are curious to know which way I am leaning, then you are more than welcome to DM or email me and I am happy to discuss. The California Association of Realtors (C.A.R.) gives their recommendations to our local associations on the newly upcoming propositions. You might be surprised that I have
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The 3rd quarter officially ended last week. We now have a large dataset to dig into to tell us how the South Bay real estate market is reacting to this wild and crazy 2020. If you have been a weekly blog reader throughout the year, then you know I have tried to shed light on the South Bay market’s performance in various ways via: First quarter data Month-over-month data Yearly month-over-month data Second quarter data All of these different datasets have had their place over certain times during the pandemic. Today, I am excited to share third quarter data because of the extra-large group of numbers we can compare to help smooth out discrepancies in seasonal
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Interest rates are a topic I normally write about semi-annually, but it has been 13 months since my last rates blog because, well…2020. Thank you all for being patient, I know I have been promising this topic for quite some time now. Over the years, I have found that trying to predict interest rates is a fool’s game. You can end up looking silly and believe me, I have looked very, very silly in the past. Wild Rate Swings In all seriousness, good luck trying to predict rates over the past few years. The movements have been so wild, and incredibly unpredictable. Below is just a glimpse of 30-year fixed mortgage rates over the last five
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It has been a wild year. And, the same can be said for South Bay real estate too. For this post, I am going to share some numbers and anecdotal thoughts on what is happening right now in the South Bay marketplace. The market seems to be shifting every month and we might experience more movement as we go from the third to fourth quarters. Present Demand and Inventory If you read my “South Bay August Home Market Update,” then you know inventory is down throughout the South Bay and Palos Verdes in a significant way. And, if you haven’t had the chance to read that past blog, then you can find that post here. Although
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This 2020 has been crazy, to say the least. You can point out numerous large factors affecting our marketplace in a long list, when usually in most years, there are just one or two factors. Look at this very simply, yet incredibly significant list: February all-time highs in real estate and the stock market. Generationally low unemployment. A 100-year pandemic. The fastest bear market in history. Real estate sales dropping by 75% in one month. Generationally high unemployment. Unprecedented Federal Reserve stimulus. No evictions, no foreclosures, no courts. 30-year mortgage rates below 3%. Rebound in housing well beyond yearly trends. Stock market almost back to all-time highs. Upcoming Presidential election, civil unrest, etc. Historic wildfires, masks,
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Back by popular demand… One. Last. Time. The August South Bay real estate numbers are here. Why only once more? Because year-over-year monthly data is getting less and less valuable. The market shock from the pandemic shut down and swift rebound has thrown off seasonal monthly trends. This year’s spring was the new winter, while summer might be the new spring. And well, if we’re being honest…fall might continue to feel like spring too. After this monthly data post, I am going to focus solely on quarterly data as the smallest aggregate and then try to come up with ways to tell a more accurate story with even bigger data. With market shock and seasonal trends
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If you are not an income property owner or a renter, then you might want to skip this week’s blog as I go through some of the new rules from the state’s newly enacted COVID-19 Tenant Relief Act of 2020. That said, I still believe it is a beneficial read for those interested in broadening their knowledge on California housing laws and new rules. First and foremost, this is a confusing time for all business owners and customers alike to comply with new laws surrounding the Coronavirus pandemic. It is no different for landlords, tenants, and even now, some casual property owners (and renters) that may not know they are affected. There are tenants struggling due
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This past May, I wrote a blog post discussing updates made to the local multiple listing service (MLS) rules due to the National Association of Realtors (NAR) policy changes. For a refresher, you can find the May blog post here. The policy is what is known as “Clear Cooperation,” which NAR mandates all Realtors to post their properties to the MLS within one day of marketing their listings. According to NAR, they believe that the MLS is the most open, accurate, and equitable place to market homes for sale…and, it is. But, in a nutshell, their real goal was to eliminate off-market listings, or at least limit them, for the good of agents and home buyers
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Raw land is always a fun topic with clients. There is an allure to undeveloped land for home buyers and investors alike. Essentially, it is real estate at a discount to the surrounding area. It is a blank slate with a dream to create an incredible home and estate. Invest your money in a great location, and eventually, it will pay off. Unfortunately, it rarely delivers on that promise in Palos Verdes. And, even when it looks like an owner turns a profit, if you really look at the numbers, it almost always under-performs compared to other investments. Of the four markets covered in this weekly blog, Palos Verdes is the queen of single-family raw land.
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The July South Bay real estate numbers are here. As we recover from the shock of the shut-down of our local economy, and continue to stay open, the monthly data will get less valuable. Quarterly data will aggregate bigger data that is more dependable in the short-term, along with helping to see if longer term trends are intact. I may do just one more monthly report and then plan to stick with quarterly data since month-to-month data does not tell the whole real estate story as the natural real estate cycle gets thrown off and we try to go back to a normal market. For reference, I have included past blog posts that cover the monthly
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