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I cannot believe it is already August. What a crazy and strange year it has been. The real estate market continues its strong recovery, driven by low interest rates, buyers’ heightened desire for their own space, and better than expected economic data. Unemployment positively surprised this morning and the rate now sits at 10.6% without work. That is not a great number and it is still higher than the worst part of the Great Recession, but it is a far better number than 14.7% unemployment rate our economy experienced in April. Remember, we went from 4.4% to 14.7% in just one month. That is unprecedented and scary. Thankfully, there has been improvement each month to help
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Interest rates are a big topic. And, they are more important than ever for our real estate markets. Since I am on vacation this week, although real estate never sleeps, my mind has been more focused on general topics like interest rates rather than local market action. It has been almost a year since I have discussed interest rates on the blog, and it deserves far more coverage. This week, I plan to get a head start with some “vacation thoughts” on rates and follow-up with more information down the road. Past Blogs First and foremost, I think it is especially useful to look at some past blog posts I have written on interest rates. It
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Interest rates are at all-time lows. And, the economy seems to be doing okay. The South Bay second quarter housing numbers were amazingly resilient considering the challenging times of our economy and healthcare system. It is evident that during a pandemic, Buyers want a safe space more than ever. At the same time, Sellers also want to hold onto their properties more than in the past. All these factors lead to an extremely hot market. The set-up for the third quarter looks to be bullish too, but only time will tell. If you missed the second quarter numbers, be sure to check out my post from a couple of weeks ago titled: “Second Quarter Home Numbers
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This week, I wanted to have a little fun. After one of the ugliest beginnings to a quarter on record, the South Bay home market proved to be remarkably resilient throughout the “pandemic” second quarter. If you missed the blog with quarter two real estate numbers last week, you can find them here. I thought some readers might find it interesting (and fun) to see the highest sale and the lowest sale in our local marketplaces for some perspective during an unprecedented quarter. But first, let me share some data reported by the California Association of Realtors (C.A.R.) with statewide numbers for June. C.A.R. June Sales and Price Report Existing family home sales jumped an incredible
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More data means more context during these unprecedented times. Last week I covered the month of June numbers. Now, we can take the completion of the second quarter and use bigger chunks of data to compare. With perhaps some of the worst economic news since the Great Recession, if not the Great Depression, the 2020 second quarter occurred in an extremely challenging time for our country’s health and marketplaces. Armed with a three-month tranche of data during COVID-19, I am going to use data from quarter two of 2020 to compare against quarter two of 2019 to help give even further insight into the home market beyond monthly moves. This is year-over-year information represents “bad times”
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June South Bay real estate home numbers are in. With every new month, the data feels like it is even more critical as we all try to navigate volatile markets and unprecedented times in our country. Not only are we at the end of the month, but we are at the end of the second quarter. For the blog this week, I will just be covering the June numbers. Later this month, I will have a breakdown of the second quarter and a larger tranche of data as well. For reference, I have included past blog posts covering data for April and May. You can find the April numbers here and the May numbers here. The
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The month of June continues its rapid recovery for our local South Bay housing market. It is truly a stunning 180 degree turn from April and May, which had some of the ugliest data one can see in terms of listings, pending sales, and closed sales. This buyer desire for a home, personal space, and a backyard amidst the pandemic are very real. All-time low interest rates, confidence in markets, and worries of the Coronavirus subsiding are all contributing to a pendulum swinging back to a bullish home market. I love the real numbers and we cannot wait to share the June numbers later next week when we close out the quarter. A Live Series Starts
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The month of June is off to a strong start in our local real estate markets. When comparing June market data to the data from the last couple of months, the market is on fire. Even more good news is that I am starting to see numbers that are exceeding year-over-year comps, which in my opinion, is the right test for these unprecedented times. This week I will share some data points, and action we have seen from an anecdotal perspective. As always, I will try to sum up what is going on and how to approach things happening in the market. But first, let me share news that can be valuable. News and Information Mortgage
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Black Lives Matter. Last week, I vowed to not stay silent. I vowed to further the conversation and to speak out against racism in our country. We have an exceptionally long way to go in this fight thanks to a deep-rooted, racist real estate history as you’ll see in this post. This blog is my voice to many, and real estate is my passion. It is my hope that through this medium, I can add how real estate here in Southern California has contributed to systemic racism that has brought about decades of inequality that resonate through today. Racist Title Reports Most clients do not “nerd out” on title reports like me. It is very important
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Before I begin with the May 2020 South Bay data, I would be remiss not to discuss the senseless killing of George Floyd and the Black Lives Matter movement. It is abundantly clear that racism still exists today in our country and that major systemic problems put millions of people at a disadvantage because of the color of their skin. This is not right, and it must change, now. With the black community, I want to listen, I want to learn, and I want to do my part to speak up to help bring a more just world for people of color. I share the same feelings that Tim Cook, the CEO of Apple, said this
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