Tuesday, October 22, 2013

Recent September 2013 LosAngeles Region Market Trends and Statistics

Los Angeles's home resale inventories increased slightly, with a 5 percent increase since September 2013. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in October. The median listing price in Los Angeles went down from September to October. There were a total of 141 price increases and 632 price decreases.
























Inventory: 2,650
Recently Sold: 1,477
New Listings: 1,472

Distressed: 4






















Monday, October 7, 2013

Strong Real Estate Market For Sellers in Palos Verdes, CA. - End of September 2013 Stats

The strong seller's market in Palos Verdes continues to roar.



















Here's a snapshot of the Palos Verdes housing market as of September 22, 2013:
Active Listings: 
159  Palos Verdes single family homes are for sale.
43 Condos and townhouses are for sale in Palos Verdes.

Pending Sales:
97 Palos Verdes single family homes are in escrow.
22 Condos and townhouses are for sale in Palos Verdes.

2013 Palos Verdes Real Estate Sales as of September 22:
541 Palos Verdes single family homes sold YTD.
124 Condos and townhouses sold YTD.

If you're thinking of selling or buying property on the Palos Verdes Peninsula we welcome the opportunity to help you sell for top dollar quickly, and buy wise for a great value!



Sunday, September 29, 2013

What You Need To Do To Prepare Your Home For Sale

Start by finding out its worth. Contact a real estate agent for a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. Or get a certified appraiser to provide an appraisal.













Next, get busy working on the home’s appearance. You want to make sure it is in the best condition possible for showing to prospective buyers so that you can get top dollar. This means fixing or sprucing up any trouble spots that could deter a buyer, such as squeaky doors, a leaky roof, dirty carpet and walls, and broken windows.






The “curb appeal” of your home is extremely important. In fact, it is the first impression that buyers form of your property as they drive or walk up. So make sure the lawn is pristine – the grass cut, debris removed, garden beds free of weeds, and hedges trimmed.
The trick is not to overspend on pre-sale repairs and fix-ups, especially if there are few homes on the market but many buyers competing for them. On the other hand, making such repairs may be the only way to sell your home in a down market.


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Call Lupe Andrade at RE/MAX ESTATE Properties and Get Your FREE Market Analysis and Home Valuation at 310-427-3368



















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Saturday, September 21, 2013

Southern California Records Highest Home Sales In 7 Years

Southern California home sales were the highest for an August in seven years as strong activity above $300,000 compensated for a dip in sales below that level, as well as fewer cash and investor purchases. The median sale price held steady compared with June and July but rose 24.6 percent from a year earlier, marking the eighth consecutive month with a year-over-year gain over 20 percent, a real estate information service reported.
A total of 23,057 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 0.8 percent from a revised 23,253 sales in July, and up 2.8 percent from 22,438 sales in August 2012, according to San Diego-based DataQuick.

Last month’s sales were 12.8 percent below the average number of sales – 26,452 – in the month of August since 1988, when DataQuick’s statistics begin. Southland sales haven’t been above average for any particular month in more than seven years. August sales have ranged from 16,379 in August 1992 to 39,562 in August 2003.
The median price paid for all new and resale houses and condos sold in the six-county region last month was $385,000, the same as in June and July and up 24.6 percent from $309,000 in August 2012. The $385,000 median over the past three months is the highest since April 2008, when the median was also $385,000.
The median price has risen on a year-over-year basis for 17 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 13 months. Last month’s 24.6 percent annual gain in the Southland median was lower than the 28.3 percent annual increase in June and the 25.8 percent annual gain in July.
Last month’s median remained 23.8 percent below the peak $505,000 median in spring/summer 2007. The median fell by $256,000 from that peak to its $249,000 trough in April 2009, and it has now regained just over half of that peak-to-trough loss.

In a sign of continued market confidence, Southern California home buyers continue to put near-record amounts of their own money into residential real estate. In August they paid a total of $4.68 billion out of their own pockets in the form of down payments or cash purchases. That was down from a revised $5.18 billion in July and up from $4.24 billion a year ago. The out-of-pocket total peaked this May at $5.41 billion.
“There’s something for everyone in today’s housing data. Sellers have seen an amazing price jump from just a year ago, allowing many to finally sell at a profit. Home shoppers have more properties to choose as we begin to see a ‘supply response’ to higher values. Price pressures appear to be easing, though, amid higher mortgage rates, more supply and fewer cash and investor purchases. As we head into fall and winter, a slower time of year, we’ll probably see year-over-year price gains continue to taper,” said John Walsh, DataQuick president.
It appears that most of last month’s 24.6 percent year-over-year increase in the Southland median sale price reflects rising home prices, while a small portion reflects a change in market mix. (This change consists of a big increase in mid- to high-end sales and a big decline in sales of lower-cost distressed properties.)
In August, the lowest-cost third of the region's housing stock saw a 23.3 percent year-over-year rise in the median price paid per square foot for resale houses. The annual gain was 21.2 percent for the middle third of the market and 17.4 percent for the top, most-expensive third.
Sales activity in the middle and upper price ranges continues to far outpace sales in the more affordable markets.
Last month the number of homes that sold from $300,000 through $800,000 – a range that would include many move-up buyers – rose 31.4 percent year-over-year. The number that sold for $500,000 or more jumped 48.7 percent from one year earlier, while $800,000-plus sales rose 48.0 percent.
In August, 32.6 percent of all Southland home sales were for $500,000 or more, down from a revised 33.2 percent of sales the month before and up from 23.3 percent a year earlier.
The number of Southland homes that sold below $200,000 last month dropped 32.8 percent year-over-year, while sales below $300,000 fell 24.9 percent. Low-end sales have been relatively weak largely because of an inadequate supply of homes for sale. Many owners still can’t afford to sell their homes because they owe more than they are worth, and lenders aren’t foreclosing on as many properties, further limiting supply.

In August, foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 7.1 percent of the Southland resale market. That was down from a revised 7.7 percent the month before and down from 19.2 percent a year earlier. Last month’s foreclosure resale rate was the lowest since it was 5.5 percent in June 2007. In the current cycle, foreclosure resales hit a high of 56.7 percent in February 2009.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 13.6 percent of Southland resales last month. That was the lowest level since it was also 13.6 percent in April 2009. Last month’s short sale figure was down from an estimated 14.6 percent the month before and down from 26.6 percent a year earlier.
Absentee buyers – mostly investors and some second-home purchasers – bought 26.3 percent of the Southland homes sold last month, which is the lowest share for any month since it was 25.1 percent in November 2011. Last month’s level was down from 27.4 percent the month before and down from 27.2 percent a year earlier. The absentee share has ratcheted down gradually each month this year since hitting a record 32.4 percent in January. The monthly average since 2000, when the absentee data begin, is 18.3 percent. Last month’s absentee buyers paid a median $310,000, up 31.4 percent from a year earlier.
After hitting a peak earlier this year, the share of homes flipped has generally trended flat to lower. Last month 6.0 percent of all Southland homes sold on the open market had previously sold in the prior six months. That’s the same as July’s flipping rate and up from 5.1 percent a year earlier. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).
Buyers paying with cash accounted for 27.6 percent of last month's home sales, down from 30.0 percent the month before and down from 32.3 percent a year earlier. The cash share of purchases has declined each month since hitting an all-time peak of 36.9 percent this February, and in August was at its lowest level since it was 26.2 percent in September 2010. Since 1988 the monthly average for cash buyers is 16.2 percent of all sales. Cash buyers paid a median $325,000 last month, up 31.0 percent from a year ago.

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Friday, August 23, 2013

10 - Low Cost Tips To Improve Your Palos Verdes Home's Curb Appeal!

10 Low-Cost Tips to Improve Palos Verdes Homes Appeal

When selling Palos Verdes homes, the goal is to sell it quickly for the highest price while investing as little as possible in renovations. With a limited budget and a little effort, you can greatly increase your home’s appeal by focusing on what prospective buyers can see on their first visit.  Here are some recommendations I’ve gathered for preparing a house for sale and staging it for showings. Palos Verdes homes

Tip #1: Refresh the exterior
First impressions count when it comes to selling Palos Verdes homes. Most buyers won’t even leave their car if they don’t find the exterior appealing. The best ways to improve your home’s exterior include:
-Repairing and/or replacing trims, shutters, gutters, shingles, mailboxes, window screens, walkways and the driveway.
-Painting siding, trim and shutters and lamp and mailbox posts.
-Pressure washing vinyl siding, roofs, walkways and the driveway.
-Washing windows.



Tip #2: Spruce up the lawn and landscape
Palos Verdes homes buyers associate the condition of your lawn and landscaping with the condition of your home’s interior. By improving the outside, you affect buyers’ impression of the entire property. The best ways to enhance the yard include:
-Mowing and edging the lawn.
-Seeding, fertilizing and weeding the lawn.
-Keeping up with regular lawn maintenance by frequent watering.
-Trimming and/or removing overgrown trees, shrubs and hedges.
-Weeding and mulching plant beds.
-Planting colorful seasonal flowers in existing plant beds.
-Removing trash, especially along fences and underneath hedges.
-Sweeping and weeding the street curb along your property.

Tip #3: Create an inviting entrance
The front door to Palos Verdes homes should invite buyers to enter. The best ways to improve your entry include:
-Painting the front door in a glossy, cheerful color that complements the exterior.
-Cleaning, polishing and/or replacing the door knocker, locks and handles.
-Repairing and/or replacing the screen door, the doorbell, porch lights and house numbers.
-Placing a new welcome mat and a group of seasonal potted plants and flowers by the entry.

Tip #4: Reduce clutter and furniture
A buyer cannot envision living in any of the Palos Verdes homes for sale without seeing it. A home filled with clutter or even too much furniture distracts buyers from seeing how they can utilize the space your home offers. If you have limited storage space, you may want to consider renting a temporary storage unit to place items you wish to keep. The best ways to declutter your home include:
-Holding a garage sale to prepare for your move, getting rid of unnecessary items.
-Removing clutter such as books, magazines, toys, tools, supplies and unused items from counter tops, open shelves, storage closets, the garage and basements.
-Storing out-of-season clothing and shoes out of sight to make bedroom closets seem roomier.
-Removing any visibly damaged furniture.
-Organizing bookshelves, closets, cabinets and pantries. Buyers will inspect everything.
-Putting away your personal photographs, unless they showcase the home. Let buyers see themselves in your home.
-De-personalize rooms as much as you can.

Tip #5: Clean, clean, clean
The cleanliness of Palos Verdes homes for sale also influences a buyer’s perception of its condition. The appearance of the kitchen and bathrooms will play a considerable role in a buyer’s decision process, so pay particular attention to these areas. The best ways to improve these areas include:
-Cleaning windows, fixtures, hardware, ceiling fans, vent covers and appliances.
-Cleaning carpets, area rugs and draperies.
-Cleaning inside the refrigerator, the stove and all cabinets.
-Removing stains from carpets, floors, counters, sinks, baths, tile, walls and grout.
-Eliminating house odors, especially if you have pets.
-Considering air fresheners or potpourri.

Tip #6: Make minor repairs
The small stuff does count, especially with first-time home buyers or with experienced sophisticated buyers who just don’t have time to do the small stuff when buying one of the Palos Verdes homes that are for sale. Without dismissing the importance of repairing major items such as a leaky roof or plumbing, you do not need to spend money on replacing these items. Instead, focus on the minor repairs that will make your home visually appealing. The best ways to improve your home include:
-Repairing ceilings and wall cracks.
-Repairing faucets, banisters, handrails, cabinets, drawers, doors, floors and tile.
-Caulking and grouting tubs, showers, sinks and tile.
-Adding fresh paint to ceilings, walls, trim, doors and cabinets.
-Tightening door handles, drawer pulls, light switches and electrical plates.
-Lubricating door hinges and locks.

Tip #7: Showcase the kitchen
The heart of any home is the kitchen; the same is true for Palos Verdes homes. If you are going to spend any money on renovations, this is the one area where you will see the greatest return. Even with a modest budget, focusing on a few key areas can make a great difference in getting the asking price for your property. The best ways to showcase the kitchen include:
-Replacing cabinet doors and hardware.
-Installing under-cabinet lighting.
-Replacing light fixtures.
-Replacing outdated shelving with pantry and cabinet organizers to maximize space.
-Baking cookies or cupcakes for a showing, to create a homey smell.

Tip #8: Stage furniture
Furniture placement can enhance the space of Palos Verdes homes while giving buyers an idea of how to best utilize the space with their own belongings. Take some time to rethink how different areas in your house could be used. Some ideas to think about include:
-Moving couches and chairs away from walls in your sitting and family rooms to create cozy conversational groups.
-Creating a reading corner in the master bedroom.
-Clearing an empty room to set up a reading space.
-Turning an awkward space into a home office.
-Setting the dining room table with your best china.
-Set wine glasses in front of the fireplace or next to a Jacuzzi tub.

Tip #9: Light up the house
Create a sense of openness and cheerfulness in your home through its lighting. To improve the lighting try:
-Opening shades and drapes to let the sunshine warm and brighten rooms.
-Installing brighter light bulbs in rooms that tend to be dark.
-Adding additional lamps for ambient lighting.
-Turning on all the lights for a showing.

Tip #10: Add fresh touches
You can easily add color and style to Palos Verdes homes by adding fresh touches throughout. Some ideas to consider include:
-Placing fresh floral arrangements in the entry and master bedroom.
-Placing bowls of bright-colored fruit in the family room and the kitchen.
-Filling an empty corner with a potted leafy plant.
-Setting new hand soap in the bathrooms.
-Displaying fresh towels near sinks.


Feel welcome to use the property search tool  below to find Palos Verdes homes for sale AND find those that have sold to compare and contrast with those homes currently on the market.
ITS A GREAT TIME TO SELL YOUR HOME! 
If You or Someone you know is interested in selling their home, I can help! Please call or email me and we will find out what your home is worth!