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It is amazing how quickly the world changes. In 2020, I had an idea for a running “live series” about how I was approaching some of my very own investment deals. Since January 1 of 2020, the world and the real estate market has had one wild ride up then down, and back up again. Major moves have occurred, and, they have happened fast. As things have changed rapidly, my perspectives and real estate opinions have changed with it. And, much faster than I could have ever imagined from when the pandemic was in its infancy. A few quotes that I want to highlight: Malcolm Gladwell: “I feel I change my mind all the time. And
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Today, I am diving into everyone’s favorite topic…interest rates! National U.S. mortgage rates can go much lower over the long term, which in turn means, South Bay interest rates can head lower as well. Do I believe rates will go lower in the near-term? Absolutely not. The residential real estate market right now is insane, but there is far too much “bubble talk” that makes things confusing for your average buyer or seller in our local South Bay market. Combining an insatiable appetite for homes with low supply, along with generationally low interest rates, there are many saying this is a bubble or a top that cannot last. The massive price increases we have seen throughout
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Every so often I write about The California Association of Realtors (C.A.R.’s) housing affordability numbers as I believe they are a great indicator of whether a market has more room to run or might lose some steam. For past blog articles, please reference these links below: “California Housing Affordability: Strength or Weakness for Prices?” “South Bay Real Estate: 2018 Data for Homeowners” For this week, I am going to give you an update on California’s statewide affordability numbers, along with the county of Los Angeles’ numbers. Further, I am going to take the new Census median income data and apply it to South Bay median prices/minimum qualifying income to buy a home. C.A.R’s Housing Affordability Numbers
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Currently, Redondo Beach has listed not one, not two, but three properties going to auction! Well, two of the properties are in Torrance (Hollywood Riviera) but with Redondo Beach mailing addresses. Nonetheless, clients always get excited about auctions. This week, I want to break down the style each of auction listings present, along with how to quickly analyze which property might be the one for you. Let’s take a look at the three properties: Probate Auction with Court Confirmation 456 Camino De Encanto, Redondo Beach 4 beds, 3 baths, 2,505 sq. ft. 7,322 sq. ft. lot Asking Price: $2,111,000 A probate auction with court confirmation is a unique property sale that we do not see often
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As you know, the first quarter of 2021 concluded this past Wednesday. And, although agents may not have entered in 100% of all of their closings, we have enough data to bring this out to print to get you the latest information on the South Bay real estate market’s strong start to the new year. As mentioned in past monthly and quarterly updates, the numbers are going to get choppy as the pandemic throws off seasonal trends. Please keep in mind, this quarter (Q1 of 2021) and next quarter (Q2 of 2021) are going to have “easy comps” as our local markets really pulled back in March and April of 2020 as the Coronavirus pandemic ravaged
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The South Bay real estate market keeps on humming in 2021… With most beach city and Palos Verdes hill pockets seeing prices up 10% or more, as referenced in my past blog here, as well as historically low inventory, which I covered in another blog post here, there seems to be nothing stopping the strength in our local markets. The strength even includes “ultra-luxury” home sales that can take months, or even years to sell. Now, what qualifies as “ultra-luxury” in the South Bay? I have no clue. But for the purposes of this post, I am defining it as any sale $9 million or higher. Let’s look at some past history for South Bay sales
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We are officially home with our second baby boy, Reece, and very thankful to have such a wonderful newborn. And, while our parenting skills are a lot more seasoned, no matter which way you slice it, our house is an absolute circus competing with two kids under two. Much like our home, the South Bay residential real estate market has turned into a bit of a circus as well. If you are in the market looking for a home, know someone searching for a home, or just like to follow the market closely…the circus consists of new home listings garnering insane amounts of showings and offers. “There is no inventory!” A currently popular saying heard literally
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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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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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