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The full 2020 South Bay home market data is in! On today’s blog, we will be comparing data from the full year of 2020 over the full year of 2019. My hope is that the information will bring clarity to a wild market during an unprecedented year. And, I hope you use this information to plan your upcoming real estate moves in 2021. Let’s get to the numbers… Manhattan Beach Manhattan Beach sales steadily grew in 2020, while median prices rose to all-time record highs. Every day, national news talks about an inventory squeeze (and yes, there is more demand than supply), however, Manhattan Beach was able to complete more sales in 2020 than the year
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Happy New Year! We want wish everyone in the South Bay and beyond, along with our loyal weekly readers a prosperous coming 2021. Excitement and inspiration are inherent to begin each year. I, for one, am fired up to bring you more content in different ways to help serve you in your South Bay real estate endeavors. This year we are ramping up the podcast and we will be filming sound bites to share on Instagram. And, who knows, there may even be a YouTube page for the podcast in the works. For those of you interested The Richard Haynes Real Estate Show podcast, it can be found on Apple Podcast, Google Podcast, Stitcher, TuneIn, ListenNotes,
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We are just about to say goodbye to 2020 and start the new year. What an insane 12 months it has been. Last year, for the conclusion of 2019, I wrote a blog titled, “The Best (and Worst) Performing South Bay Real Estate Markets of the Decade.” That sure was an interesting data-dive as we moved into the new decade. With the unprecedented happenings this year, I thought we might as well look at how local submarkets performed amidst the Coronavirus pandemic. As always, this weekly blog focuses on the Palos Verdes Peninsula and the beach cities of Manhattan, Redondo, and Hermosa Beach. There are 33 unique submarkets to be exact and I will breakdown the
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A short holiday week equals a short holiday blog! Last year, I did a “naughty or nice” checklist that can be applicable to this year. That checklist also serves as a fantastic informational resource. Take a look at the 2019 past blog here. With all the wild swings seen in the real estate market, this year’s checklist is a bit different. Below is the “naughty list” on what to avoid, and the “nice list” on what to do instead. The Pandemic Economy Naughty: The naughtiest of them all…the Coronavirus. COVID-19 took almost everyone by surprise this year. It turned our local markets into a wildly volatile marketplace unlike anything the South Bay has seen before. Nice:
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A couple of months ago I stopped doing South Bay home market monthly updates. Just a single month of South Bay housing numbers with seasonality all screwed up thanks to the pandemic created some wild numbers that would not tell the whole picture. Right now, the monthly numbers are demonstrating some incredible strength in the housing market. No doubt, low interest rates and the desire for more space are fueling a housing run unlike anything we have seen since liar loans and the Great Recession. Buyers are in major FOMO (fear of missing out) mode because home prices keep going up and the competition is fierce. I am seeing this FOMO in some of our clients
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As my weekly readers know, I write an annual “fearless predictions” blog for the South Bay real estate market for the coming year. Like always, this blog will be posted in early January of 2021. I have also made it a habit each year to hold myself accountable and share with readers if the predictions came true…or were wildly off. Well, that time has come to look back at my predictions and see what happened. If you would like a refresher on the 2020 fearless predictions blog in its entirety, you can find it here. In a nutshell, my predictions could not have been more wrong for this year. I wonder why? A global pandemic, unprecedented
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The Federal Housing Finance Agency (FHFA) announced last week that it was raising loan limits for Fannie Mae and Freddie Mac loans. South Bay real estate is so expensive relative to most of the country that we are used to seeing jumbo loans on a lot of our purchases. High conforming loans certainly happen with regularity, but rarely are they newsworthy to our local market. This time around it is newsworthy! So, why should you care? Potential owner-occupied buyers and owners of homes in specific sub-markets of the South Bay have a chance to collect some easy gains. By my calculations, we could see a rise of close to $71,000 in prices very easily and quickly
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As you know, Black Friday and Cyber Monday are typically awesome times to score holiday shopping deals on your favorite items. But 2020 is no typical year. Is Black Friday still going to be a thing or is a month-long sale? Will Cyber Monday take place every Monday with everyone staying home? Who knows. I preach that Thanksgiving to New Year’s Day is the Black Friday and Cyber Monday of real estate shopping. But, does it apply to 2020? And, will regular seasonality occur during the holidays? Real estate is certainly different this year, but it is definitely possible that there will be great real estate deals as we head into the holidays. Last year, I
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These days, there are just no easy deals in residential real estate. With statewide median prices up over 13% in the third quarter, ultra-low interest rates, and clearly, not enough inventory, finding any sort of “sweet buy” is exceedingly difficult. So, where can one find opportunities today and into the presumed 2021 vaccine recovery? The clear winners in 2020 have been residential home and industrial real estate. And, to no surprise, the clear losers have been office and retail real estate. Income properties and apartment buildings are a bit fuzzier. So, I want to dive in a little deeper on that topic. Major Headwinds for Apartments There have been major headwinds for apartment buildings in 2020
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Yesterday, the California Association of Realtors (C.A.R.) released their third quarter housing numbers. The data presented this quarter might be some of the most important received in all of 2020. For this blog, I want to highlight a few facts from the C.A.R. report. Then, I want to dig deeper into housing affordability numbers and how it might affect the market over an extended period of time. C.A.R’s 3rd Quarter Report & Affordability The title of C.A.R.’s press release was: “Higher Home Prices Driven by Dearth of Inventory Depresses California Housing Affordability in Third-Quarter 2020.” Some of their main bullet points were the following: Just 28% of California households could afford to buy the $693,680 median-priced
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