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Absorption Rate Analysis: September 2022 (Mostly) Leans Harder Into a Seller’s Market RE News October 4, 2022October 4, 2022 Seth Styles Has it already been a month since our last absorption rate roundup? September’s numbers are in and we’re seeing most neighborhoods trending upward with higher absorption rates than August. If we’re using ...
What If Your Home Market Value is Different Than Your Assessed Home Value? Industry, Tips October 6, 2022October 7, 2022 Seth Styles Some people have no clue about their home’s value. Others methodically scrutinize and analyze, but still end up with doubts. And still there are those who fully trust one figure, say a property assessment, only to list th...
At first glance, January seems like it was a big month for the Los Angeles housing market… at least in some neighborhoods. The absorption rate had massive drops toward a buyer’s market in Northridge and Burbank. Then there was a significant drop in Encino which we’ll also examine a bit more in just a moment. That’s not to detract from decent bumps further into seller&rs...
Surging mortgage rates pushed home buyers out of the market and sent volume for new applications plummeting to a 28-year-low in the week ending Feb. 24, the Mortgage Bankers Association (MBA) reported Wednesday. Mortgage rates climbed to 6.71%, up 0.5 percentage points in just one month, prompting a 6% decline in applications week-over-week and a 74% decline compared to the year prior, the M...
Current Real Estate, Industry, Local News, RE News August 16, 2023August 17, 2023 Seth Styles At the turn of the millennium, a gameshow started to dominate pop culture in the U.S. due to its lofty promises of wild riches. Today, Who Wants to Be a Millionaire could easily be retitled Who Wants to Own a Home in Los Angeles. Sure, it&rsquo...
The real estate industry in Palm Springs is broken. At least that’s the fervent belief of Harout Keuroghlian, CEO, founder, and principal broker of JohnHart Real Estate who are currently in the process of opening their Palm Springs branch on Palm Canyon Drive. The company’s agents have been helping clients buy and sell homes all across the Coachella Valley for years, but the opening...
Rent control in Los Angeles is confusing people; especially with an ongoing state of emergency gripping the city. We witnessed this first hand when we attended the Los Angeles Housing Department’s (LAHD) Wednesday, August 24th webinar. The meeting was primarily packed with landlords as baffled as they were angry. Despite his succinct responses, host Agassi Topchian, a member of the Rent S...
It’s a great time in California to own an ADU. Last year, our government made it easier than ever to build authorized accessory dwelling units (ADUs). But now, thanks to Assemblyman Phil Ting’s (D-San Francisco) recently drafted Assembly Bill 1033, it’s becoming just as easy to sell these units as ADU homes the way one would sell a condo. It’s a big step toward solv...
KEY POINTS Existing home sales dropped to the slowest pace since October 2010. There were 1.13 million homes for sale at the end of September, down more than 8% from a year ago. Adding to higher mortgage rates, the median price of a home sold in September was $394,300, up 2.8% year over year. WATCH NOW VIDEO01:18 September home sales drop to the lowest level since the G...
Deep-pocketed home buyers who are paying cash to avoid rising mortgage rates are propping up the housing market, as high rates keep many borrowers on the sidelines. Prices, sales and inventory of luxury homes—defined as the top 5% of the market—are all outpacing the overall housing market, a shift from late 2021 when wealthy buyers began tapping the brakes, according t...