How’s the Market??? Snapshot for June 2016- Real Estate Market Trends

Here is this month’s How’s the Market??? Snapshot. If you saw last month’s Snapshot you will notice that our local real estate trends show median prices are still creeping up, its just taking a little longer for homes to sell! If Hows the market imageyou would like more detailed information about how much your home is now worth after the Real Estate Crash, send me an email, text, or call me. I’ll be more than happy to provide you with a Free, no obligation report of what its worth and things you can do to improve the value of your home.
I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Housing Inventory Snapshot June 27, 2016
Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active 30 Days Trend Number of Listings
Los Angeles County, CA
Single Family under $1M $603,548 1.46% $599,000 3.28% 61 0 7894
Single Family over $1M $3,418,896 -3.43% $1,990,000 -0.45% 82 1 6147
Condo/Townhome under $600K $399,871 1.20% $400,000 0.25% 56 -1 2101
Condo/Townhome over $600K $1,161,368 -3.71% $888,000 -1.22% 59 1 1571
Riverside County, CA
Single Family under $500K $341,969 0.04% $349,000 0.03% 79 0 5655
Single Family over $500K $1,562,278 -1.81% $939,000 -0.95% 102 1 6359
Condo/Townhome under $300K $206,691 -0.43% $214,900 -0.05% 120 3 1035
Condo/Townhome over $300K $603,547 0.69% $499,000 0.81% 89 -2 1432
San Bernardino County, CA
Single Family under $500K $300,429 1.79% $299,900 0.30% 87 -1 4645
Single Family over $500K $1,671,680 -3.16% $975,000 -1.40% 88 0 4613
Condo/Townhome under $300K $197,325 -0.94% $219,800 2.23% 77 -2 223
Condo/Townhome over $300K $701,870 -4.00% $598,000 -4.32% 44 0 819
Orange County, CA
Single Family under $1M $781,130 0.21% $770,000 -0.76% 59 2 5238
Single Family over $1M $3,477,692 -1.67% $2,200,888 -4.10% 95 2 3224
Condo/Townhome under $600K $420,328 1.17% $429,000 0.94% 54 1 1485
Condo/Townhome over $600K $1,004,403 -1.77% $799,900 -1.84% 61 3 1038
If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.
Sincerely,
Yesenia E. Ruvalcaba-Garcia, Broker
Realtor®/HUD REO & Listing Specialist
Direct (626) 252-0839
Office (626) 917-6200 ext. 14
Cell Phone (626) 252-0839
Fax (626) 209-8318
CalBRE License Number: 01293970
yeseniaruvalcaba@aol.com
newcenturybroker.com
New Century Realtors

How’s the Market??? Snapshot for May 2016- Real Estate Market Trends

Here is this month’s How’s the Market??? Snapshot. If you saw last month’s Snapshot you will notice that our local real estate trends show median prices are still creeping up, its just taking a little longer for homes to sell! If Hows the market imageyou would like more detailed information about how much your home is now worth after the Real Estate Crash, send me an email, text, or call me. I’ll be more than happy to provide you with a Free, no obligation report of what its worth and things you can do to improve the value of your home.


I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Housing Inventory Snapshot May 28, 2016
Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active 30 Days Trend Number of Listings
Los Angeles County, CA
Single Family under $1M $594,878 1.92% $580,000 1.93% 61 -2 7301
Single Family over $1M $3,540,466 -1.93% $1,999,000 -3.89% 81 -2 5624
Condo/Townhome under $600K $395,119 0.15% $399,000 0.00% 57 -2 1934
Condo/Townhome over $600K $1,206,112 -2.46% $899,000 0.45% 57 -1 1470
Riverside County, CA
Single Family under $500K $341,816 0.81% $348,900 1.16% 79 -3 5584
Single Family over $500K $1,591,035 -0.58% $948,000 0.11% 101 0 6197
Condo/Townhome under $300K $207,583 1.19% $215,000 2.38% 117 1 1119
Condo/Townhome over $300K $599,431 5.38% $495,000 4.21% 91 -1 1455
San Bernardino County, CA
Single Family under $500K $295,148 0.42% $299,000 2.05% 88 -3 4428
Single Family over $500K $1,726,264 -2.59% $988,888 -0.96% 89 -1 4130
Condo/Townhome under $300K $199,206 1.79% $215,000 0.00% 79 -3 239
Condo/Townhome over $300K $731,085 6.36% $625,000 4.34% 44 1 726
Orange County, CA
Single Family under $1M $779,477 1.26% $775,900 1.44% 57 -3 4745
Single Family over $1M $3,536,817 0.38% $2,295,000 0.00% 93 1 3030
Condo/Townhome under $600K $415,469 1.55% $425,000 1.92% 53 -2 1342
Condo/Townhome over $600K $1,022,517 -0.96% $814,900 -0.83% 58 1 973
If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.
Sincerely,
Yesenia E. Ruvalcaba-Garcia, Broker
Realtor®/HUD REO & Listing Specialist
Direct (626) 252-0839
Office (626) 917-6200 ext. 14
Cell Phone (626) 252-0839
Fax (626) 209-8318
CalBRE License Number: 01293970
yeseniaruvalcaba@aol.com
newcenturybroker.com
New Century Realtors

Small Gains in the National Housing Market

Freddie Mac’s Multi-Indicator Market Index (MiMi) analyzes home-purchase applications, payment-to-income ratios, employment figures, and the number of on-time mortgage payments in markets across the country to determine the stability of the housing market. All of these indicators point to a slight improvement in the housing market as it heads into the busy spring season. January’s national MiMi value reached 82.7; while this isn’t as impressive as the all-time high MiMi value of 121.7, it is still a 40 percent improvement over the MiMi’s all-time low back in October 2010. January’s MiMi saw a three-month increase of 1.46 percent. Year-over-year values showed greater gains, with a 7.57 percent climb.

National Pending Home Sales
The Pending Home Sales Index, an indicator based on contract signings, reached 109.1 in February, a 3.5 percent increase from the downwardly revised 105.4 in January. This is a 0.7 percent improvement from February 2015’s index of 108.3. The index has seen year-over-year gains for the past 18 months, yet this last gain was the smallest of the lot.

Regional Pending Home Sales
In the Northeast, the Pending Home Sales Index fell 0.2 percent; it is still 12.6 percent higher than February 2015. The Midwest saw the index climb an impressive 11.4 percent month over month and 2.5 percent year over year. The index rose 2.1 percent and 0.7 percent in the South and the West, respectively. Compared to February 2015, the index dropped 0.4 percent in the South and 6.2 percent in the West.?

Future Predictions
Economists with the National Association of Realtors predict that existing-home sales will reach 5.38 million this year—up 2.4 percent from 2015. The national median existing-home price should also climb between 4 and 5 percent. In comparison, 2015 saw existing-home sales rise 6.3 percent, with home prices increasing 6.8 percent.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

 

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

Housing Outlook Stays Bright as Economic Forecast Darkens

forecastWhile the outlook for overall economic growth is darkening, the housing market is expected to keep up its momentum in 2016, according to Freddie Mac’s April 2016 Economic Outlook released on Friday.

Freddie Mac downwardly revised its forecast for Q1 GDP growth from 1.8 percent down to 1.1 percent. The “advance” estimate for GDP growth in the first quarter will be released by the Bureau of Economic Analysis (BEA) on Thursday, April 28. The GDP grew at an annual rate of just 0.6 percent in the first quarter of 2015 but then shot up to 3.9 percent for Q2; for the third and fourth quarter, the real GDP grew at rates of 2.0 percent and 1.4 percent, respectively.

The first quarter for the last few years has been punctuated by slow economic growth. While some of this can be attributed to seasonality, Ten-X (then Auction.com) Chief Economist Peter Muoio said that last year’s dismal GDP showing in the first quarter could be attributed to the brutal winter which slowed economic activity, labor disagreements at a bunch of the West Coast ports that really slowed the flow of cargo in Q1, and low oil prices (though this was partially offset by lower gas prices which put more money in consumers’ pockets).

“We’ve revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy,” Freddie Mac Chief Economist Sean Becketti said. “However, we maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity, particularly refinance.”

On the positive side, Freddie Mac expects the unemployment rate will fall back below 5 percent for 2016 and 2017 (last month it ticked back up to 5.0 percent after hovering at 4.9 percent for a couple of months). Reduced slack in the labor market will push wage gains above inflation, although the gains are expected to be only modest, according to Freddie Mac.

While the economic forecast for Q1 has grown darker, the forecast looks bright for housing in 2016, however.

“We expect housing to be an engine of growth,” Freddie Mac stated in the report. “Construction activity will pick up as we enter the spring and summer months, and rising home values will bolster consumers and help support renewed confidence in the remaining months of this year.”

Freddie Mac

Low mortgage rates have boosted refinance activity in the housing market during Q1. The 30-year fixed mortgage rate averaged 3.7 percent for the first quarter, which drove an increase for the 1-4 single-family originations estimate for 2016 up by $50 billion up to $1.7 billion. Rates are expected to bump up, however, and average 4 percent over the full year of 2016, according to Freddie Mac. House prices are expected to appreciate by 4.8 percent over 2016 and 3.5 percent for 2017; homeowner equity is expected to rise as a result of the home price appreciation, which could mean more refinance opportunities.

The low mortgage rates combined with solid job growth are expected to make 2016 the strongest year for home sales since the pre-crisis year of 2006 despite the persistently tight inventory of for-sale homes, according to Freddie Mac.

“Sales were slow in the first quarter, but trends in mortgage purchase applications remain robust and we expect home sales to accelerate throughout the second quarter of 2016 as we approach peak homebuying season,” Freddie Mac said.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

Click here to view the entire Freddie Mac Economic Outlook for April 2016.

About Author: Brian Honea

Brian Honea
Brian Honea’s writing and editing career spans 14 years across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland.

The 2016 Housing Market Is Off to a Good Start

Consumer confidence is almost as high as it was pre-recession. Economists predict GDP growth will see a slight year-over-year increase. And private sector job growth has been steady for the past two years, averaging 240,000 jobs per month. All of these factors led the National Association of Home Builders’ chief economist David Crowe to declare 2016 “a good year for housing and the economy.”

Mortgage Rates to Rise from Cheap to Low
This year mortgage rates are expected to climb one-quarter to one-half of a percentage point to an average of 4.5 percent. Though the days of “cheap” 4 percent mortgage rates may be over, rates in 2016 should still be “low,” according to Frank Nothaft, chief economist of CoreLogic. Buyers might be faced with slightly higher mortgage rates, but they may find it easier to qualify for their mortgages. Economists expect tight mortgage credit standards to slowly loosen in 2016—but not quite to levels seen 15 to 20 years ago.

National Sales Climb
According to the National Association of Realtors®, national existing-home sales saw a significant climb in December, due in part to the Know Before You Owe initiative. These new mortgage rules, which came into effect October 3rd, delayed some transactions from November to December as lenders adjusted to the new consumer mortgage form. But while the delays accounted for some of December’s activity, they were not the only influencing factor; warm weather and the prospect of higher mortgage rates also contributed to the sales jump. Existing-home sales climbed 14.7 percent in December, which is 7.7 percent higher than a year ago. Sales haven’t been this high since 2006; however, sales will have to climb much higher to beat 2006’s record of 6.48 million.

Regional Home Sales

  • Northeast – Existing-home sales’ annual rate: 750,000, a rise of 8.7 percent. Sales are 11.9 percent above a year ago. Median price: $255,700, which is 5.3 percent higher than December 2014.

  • Midwest – Existing-home sales’ annual rate: 1.22 million, a 10.9 percent increase. Sales have risen 9.9 percent above December 2014. Median price: $171,000, a 7.5 percent climb from a year ago.

  • South – Existing-home sales’ annual rate: 2.27 million, up 14.6 percent. December sales are 4.6 percent higher than a year ago. Median price: $196,100, which is 6.8 percent above December 2014.

  • West – Existing-home sales’ annual rate: 1.22 million, a climb of 23.2 percent. Sales are up 8.9 percent from a year ago. Median price: $321,100, an 8.2 percent increase from December 2014.

When you decide to sell your house, it is important to be well informed about the local market and current buyer expectations. Take the emotion out of the process. Be realistic about price and know what you need to do to get the best return on your home investment.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

National Home Sales Decline, but Still Remain Above Last Year’s Sales

Existing-home sales in October were strong but not as strong as they were in September. Total existing-home sales fell 3.4 percent to 5.36 million, down from September’s 5.55 million. Yet sales were still 3.9 percent higher than at the same time last year. Economists with the National Association of Realtors expected the slowdown. Total housing inventory fell 2.3 percent in October, and according to NAR’s chief economist Lawrence Yun, the shortage put pressure on the housing market. The lack of inventory did nothing to ease the affordability issues plaguing some markets across the country. In addition, buyers had fewer options to choose from, leading to fewer contract signings. Yun also believes the recent volatility in financial markets impacted buyer demand—and home sales in turn.

The Silver Lining
If the job market continues to improve, sales should continue their year-over-year climb. With mortgage rates remaining below 4 percent for the third straight month, home buyers should feel incentivized to sign their contracts sooner rather than later. And even if mortgage rates moderately increase, a gradual easing of credit standards should temper any impact on demand and sales.

Lower and Higher
Every region saw sales slip or stall in October. In the Northeast, existing-home sales remained steady from September, while in the Midwest, sales were down 0.8 percent. The South and the West saw sales fall 3.2 percent and 8.7 percent from a month earlier, respectively. Sales might have been down from September, but every region posted year-over-year gains. Sales in the Northeast improved 8.6 percent from a year earlier. In the Midwest, existing-home sales were up 8.3 percent. And when compared with October 2014, sales in the South and the West rose 0.5 percent and 2.7 percent, respectively.

Home Price Tags
Prices also increased year-over-year. In the Northeast, the median price climbed 1.3 percent above October 2014. The Midwest and the South saw prices increase 5.7 percent and 6.2 percent above a year ago, respectively. The West posted the strongest gains, with the median price rising 8 percent above October 2014.

When you decide to sell your house, it is important to be well informed about the local market and current buyer expectations. Take the emotion out of the process. Be realistic about price and know what you need to do to get the best return on your home investment.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

How’s the Market??? Snapshot for December 2015- Real Estate Market Trends

Here is this month’s How’s the Market??? Snapshot. If you saw last month’s Snapshot you will notice that our local real estate trends show median prices are still creeping up, its just taking a little longer for homes to sell! If Hows the market imageyou would like more detailed information about how much your home is now worth after the Real Estate Crash, send me an email, text, or call me. I’ll be more than happy to provide you with a Free, no obligation report of what its worth and things you can do to improve the value of your home.

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Housing Inventory Snapshot December 28, 2015
Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active 30 Days Trend Number of Listings
Los Angeles County, CA
Single Family under $1M $543,078 -1.54% $519,900 -1.87% 87 12 6661
Single Family over $1M $3,661,066 3.17% $1,999,000 0.20% 117 17 3428
Condo/Townhome under $600K $371,852 -2.21% $365,000 -2.67% 84 12 1754
Condo/Townhome over $600K $1,320,911 4.47% $908,000 1.00% 91 15 957
Riverside County, CA
Single Family under $500K $326,576 -0.26% $329,000 -0.27% 93 9 5819
Single Family over $500K $1,438,772 4.03% $850,000 0.00% 121 17 4307
Condo/Townhome under $300K $207,413 1.45% $219,000 4.29% 111 6 1135
Condo/Townhome over $300K $512,907 -1.44% $424,000 -1.37% 103 17 1104
San Bernardino County, CA
Single Family under $500K $282,395 -0.60% $280,000 0.00% 112 8 4537
Single Family over $500K $1,519,794 5.99% $845,000 -0.47% 134 24 2399
Condo/Townhome under $300K $201,717 1.17% $219,000 1.86% 101 10 233
Condo/Townhome over $300K $597,003 -0.99% $479,950 -4.01% 79 22 375
Orange County, CA
Single Family under $1M $700,285 -1.36% $689,000 -1.43% 88 13 3249
Single Family over $1M $3,756,405 6.13% $2,345,000 5.16% 139 21 1634
Condo/Townhome under $600K $394,185 -1.33% $397,900 -0.50% 80 11 1033
Condo/Townhome over $600K $1,088,670 3.93% $850,000 1.80% 87 11 531
If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.
Sincerely,
Yesenia E. Ruvalcaba-Garcia, Broker
Realtor®/HUD REO & Listing Specialist
Direct (626) 252-0839
Office (626) 917-6200 ext. 14
Cell Phone (626) 252-0839
Fax (626) 209-8318
CalBRE License Number: 01293970
yeseniaruvalcaba@aol.com
newcenturybroker.com
New Century Realtors