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The local South Bay real estate market is in such an interesting position this summer. There is a dichotomy facing buyers and sellers, full of mixed signals, making it hard to figure the market’s near-term direction. On the positive side, we see strength in the home market with ultra-low inventory, few (if any) distressed sales, and record high prices. On the negative side, we see weakness in the home market with low affordability, high interest rates, and a huge drop in pending sales. What is a buyer to do with these signals to mitigate their risk? It is really a tough call – especially if you are a first-time home buyer. If high interest rates are
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The thick marine layer hugging our South Bay beaches the past two months might have some of you forgetting it’s summer and that might be a perfect metaphor for the current state of our local housing market. If the South Bay housing market was a season, it is shaping up to be a cool, cool summer. The scorching hot market of the past two years is finally cooling off. With the conclusion of July comes a nice batch of new numbers to study. While I typically do not write about numbers for just one month, I do think it is prudent to study and share this past July action. I have covered five cities with the
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If you read my Q2 South Bay home market blog earlier this month, then you know lower home prices are not showing up in the South Bay data just yet. I made a point in that post that a slow rise in inventory, higher interest rates, and tough comps might take a few quarters to reflect in prices – it is still early for the South Bay. This week, I wanted to review the results of some quick deals at lower prices in our local home markets. You might ask, how do you define a quick deal? In the second half of 2020 through early 2022, a quick deal meant hundreds of buyers through a home,
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A North Redondo neighborhood pocket that I always enjoy writing about is Golden Hills’ “Tall & Skinny” home market dynamics. Since the inception of my weekly blog in late 2015, I liked to check-in on “tall & skinnys” every six to 12 months because I thought it was a great barometer for entry-level beach homes that were easily comparable. Thanks to the sensational home market moves in the South Bay due to the pandemic, I have only been able to cover Golden Hills’ latest market happenings once in the past three years. That ends this week. If you are a longtime reader then you will know that over the past decade, this specific “tall & skinny”
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It has been another one of those busy weeks that happen from time to time in this real estate business. Rather than miss a blog post like I have in the past, I am going to make this post a little self-serving to highlight our clients’ new listings and share what we are working on right now. Next week, we’ll get back to a market-based blog post…and, oh by the way, I have a new podcast dropping next week as well. I hope our avid listeners like it! Not only was I fortunate enough to open escrow on a Manhattan Beach Tree Section home on behalf of our buyer clients this week, but we also brought
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What an exciting time in the real estate market! For real estate nerds like me, I love to study the quarterly numbers – even more so when the market is shifting to help find clues within our South Bay home marketplace. The market sentiment was so different in Q1 compared to the recent conclusion of Q2. Additionally in this short time period, we saw 30-year fixed mortgage rates at 3.22% to start Q1 and rates now stand at 5.7% to end Q2. It feels like a completely different world. If you want to reference the 2022 Q1 blog post from early April, see it here: “Scorching Hot Q1 South Bay Home Numbers to Start 2022” Some
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For this week’s blog I am getting back to sharing some intimate submarket happenings in our local South Bay home market. Since most coverage the past few months has been bigger data, affordability reports, and interest rate hikes, I wanted to scan a few different submarkets to give you more breadth with depth this week. I’ll dive into quarterly numbers next week and roll into more submarket info in the coming summer months. Last week, I went through 15 days’ worth of closings to see if we could locate the “market shift” occurring in the numbers – to no avail: “What South Bay Home Closings are Saying about the ‘Market Shift” From that post, you have
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If you scroll news stories, Instagram Reels, or listen to podcasts – it is hard to not get buried in the shifting home market reports across the country. Without question there is a market shift occurring just by feeling out demand for listings if you are a full-time agent. That said, typically, residential real estate changes very slowly, especially to the downside. Due to the emotions experienced by both buyers and sellers, the residential real estate market moves in mysterious ways. A rising market, in my humble opinion, can accelerate faster than a slower market. Why? Buyers are willing to pay more due to lack of inventory, etc. while sellers are glad to accept an all-time
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There is a lot of shifting to cover each week in the blog thanks to rapidly changing home submarkets, mortgage rates, and sentiment around the economy. It has not been since the Coronavirus stay-at-home orders where I truly feel like there has been so much to analyze amidst quite a bit of uncertainty. Summer 2020 until May 2022 was just a straight fervor of demand and appreciation in our South Bay real estate market. While the May statistics do not suggest any slowing in our local South Bay home market, perception and confidence has certainly changed among agents and clients. See more on last week’s blog post for May market info: “Hot Topics: South Bay Home
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We are back to consistent blogs again! I have so much information to share that the plan this week is to kill two birds with one stone. The hot topics – South Bay home market shifts and rising interest rates – are going to get covered this week and I will dive deeper into them in my upcoming podcasts. Unfortunately, my lingering cold has turned into a sore throat with laryngitis-type symptoms. You really do not want to hear my voice, so there will be no new podcast episode next week. That said, I might do a big recording dump of three podcasts all within days so you can listen to multiple topics as you choose.
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