Los Angeles and South Bay Real Estate Video Blog with Lenny LaRocca
Learn all about the Los Angeles and South Bay Real Estate Market from La Rocca Real Estate.
Podcaster
Episoden
27.02.2018
1 Minute
What does our team do differently when we represent our
clients? Today, let me explain.
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All of us at the LaRocca Real Estate Group feel very fortunate to
have the opportunity to serve all of you.
Today, I’d like to talk about how our service differs from that
of others in our industry. First of all, communication is a No.1
priority for our team. Whether it be in real estate, family, or
friendships, communication is important. For us, quality
communication means being timely and direct.
But there are a number of other things we do differently. We’re
also a very structured group. Every member of our team is
professionally coached, and we have a specific plan of action we
follow for every one of our transactions.
This plan isn’t new, though. It has been used in the real estate
industry for more than 40 years. The difference our team brings
to this plan is the people we have executing it.
Of course, before we can execute this plan, we have to generate
buyer leads. One question we frequently hear from sellers is how
we generate these leads. They want to know where our buyers come
from.
What does our team do differently when we represent our
clients? Today, let me explain.
About 40% of buyers may come from another agent or broker in the
community a listing is in. Buyers also come to us after having
seen signs outside of properties. Many people think that buyers
come from open houses, but this isn’t typically the case.
Because our market is so competitive right now, buyers really
need to be prepared ahead of time if they want to be successful.
The most important thing a buyer can do is to get pre-approved
with a reputable lender.
If you have any other questions, would like more information, or
are interested in letting us represent you during your real
estate transaction, feel free to give me a call or send me an
email. I look forward to hearing from you soon.
Mehr
14.02.2018
1 Minute
The 2018 real estate market started out with a bang. How are
market conditions for buyers and sellers right now?
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What’s happening in the February real estate market? The new
year started out with a bang. Historically, the market is slow
at the start of the year and picks up towards the end of
January or February. Right after January 1, 2018, we saw an
increase in the number of homes for sale and the number of
properties going under contract. All in all, the market
remains strong. The economy continues to roar. However, the
Feds are going to increase interest rates over the course of
2018, which will impact buyers and sellers. There are still a
few favorable elements in our market for sellers. We are
currently running around 18% less inventory for sale compared
to this time last year, and we know that 2017 had even less
inventory than the year before that. As a result, prices will
remain high and strong, which is great news for sellers.
Additionally, millennials are starting to enter the market,
which is a strong element for our economy. That said, it looks
like 2018 will continue in a seller’s market.
All in all, the market remains strong.
If you are a buyer, the good news is that interest rates
remain low at around 4.25%. The bad news is that limited
inventory leads to more competition, so you need to have all
your ducks in a row when you enter the market. The other
bad news for buyers is that the Fed has announced that they
will increase rates again in 2018. Rates are expected to go up
three to four times between now and the end of the year.
Because we are running low inventory and buyers are having a
hard time finding properties, we are starting to see more
activity with pocket listings. By definition, a pocket listing
is when a seller wants to sell but doesn’t want to go through
the rigamarole of putting their house on the MLS and dealing
with showings. We are definitely seeing an increase in
pocket listings in the immediate market. In 2017, 15+% of
homes sold were pocket listings. That means if you’re not
working with a real estate professional who’s tapped into the
real estate community, you will probably not know about these
opportunities to buy a home. If you have any other questions
about buying or selling a home in 2018, just give me a call or
send me an email. I would be happy to help you!
Mehr
19.01.2018
1 Minute
According to the latest statistics, it’s a seller’s market in
LA County as we begin 2018, but there is good news for buyers as
well.
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As we head through January 2018, the latest statistics tell us
we’re in a seller’s market.
There were 818 homes sold in December 2017, which was a decrease
of 18% compared to both November 2017 and December 2016. The
total number of homes closed in December 2017 was 701 units,
which was down 4.5% compared to November 2017 and 8.2% compared
to December 2016.
There were 530 homes placed under contract in December 2017,
which was a staggering drop of 23.7% compared to November 2017
but an increase of 4.5% compared to December 2016.
Most of these statistics were taken from South LA County and,
specifically, the South Bay. These numbers lead me to believe
that we’ll continue to have a shortage of inventory and have a
very active market as long as interest rates cooperate.
In December 2017, the average price per square foot continued to
appreciate and settled at $549. The average days on market in
December 2017 was 35 days, which was a 2.8% drop compared to
November 2017 and a 23.9% drop compared to last year.
The average list price for homes in December 2017 was $1,755,000,
but the average sold price was $929,000. That average sold price
dropped 1.1% compared to November 2017 but increased 8.3%
compared to December 2016.
Lastly, our average inventory for December 2017 was 1.2 months,
which was a 14.6% drop compared to November 2017 and a 7.7% drop
compared to December 2016.
2018 will be a fantastic year for buyers and sellers.
According to a five-year study comparing the homes for sale
versus the homes that have sold and those that are pending, we
started and ended each year between 2012 and 2017 with a low
level of inventory. In December of those years, we had between
600 and 800 homes listed for sale. As those years progressed, we
usually saw a 20% to 25% increase in inventory.
All in all, 2018 will be a fantastic year whether you’re a
buyer or a seller. Prices will continue to remain strong for
sellers, and buyers can still take advantage of interest rates
near the 4% mark.
If you have any more questions about our current market or you’re
thinking of buying or selling a home soon, don’t hesitate to call
or email me. I’d love to help you.
Mehr
02.01.2018
1 Minute
If you have to relist your home because your previous
transaction fell out of escrow, there are three things that can
dramatically affect its sale.
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We are in a highly competitive seller’s market right now. The
ball is in the seller’s court, which means that most of the time
they can choose which offer to accept, the closing date to settle
on, and which improvements will be made to the house prior to the
sale. However, it’s important to remember as a seller that you
don’t go too far and cross the line. There are many
factors that can affect the sale of a home while in escrow. For
one thing, interest rates can change and bump the buyer out of
contract. The buyer’s financing may also fall through due to a
financial hardship or a loss of employment. The appraisal could
also not come in as high as the agreed-upon price. All of these
examples are good reasons that sellers and buyers work together
to make sure the sale is completed. Be advised that though the
market is good, inventory levels have risen a little bit. Part of
that can be attributed to the end-of-year holiday cycle, but
buyer demand is still high and sellers can still negotiate the
best deal for them.
A buyer in hand is worth two in the bush.
Should a transaction fall out of escrow, though, there
are three factors that can dramatically affect your ability to
resell your property: 1. Because the property was in escrow
and off the market for two to six weeks, it’s not
considered “fresh” in the eyes of buyers.
2. Statistically, the next offer you get will probably be lower
than your original offer.
3. A new buyer means you have a whole new set of circumstances
and a new inspector
who may recommend different repairs on top of the ones you
already made for the
previous buyer.
Even though we’re in a strong market, we like to remind our
sellers of the following adage: A buyer in hand is worth two in
the bush. Even though the adage doesn’t quite apply, the message
is clear. If you have any questions about things that can affect
your home sale or you have any other real estate needs, don’t
hesitate to reach out to me. I’d be glad to help you.
Mehr
27.11.2017
1 Minute
According to the latest statistics, we may be on the verge of
a market shift. However, it’s still a great time to both buy and
sell in the South Bay marketplace.
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My team and I believe we’re seeing the signs of an early market
shift, and I have the numbers to prove it. If you follow along in
the video above, you’ll see several graphics with statistics that
reflect the year-to-date results of our market through September
2017. Let’s start with home sales. There were 1,360 homes for
sale in September 2017, which was a decrease of 1% compared to
August 2017 and an 11% decrease compared to September 2016. The
number of homes closed in September 2017 totaled 861 units, which
was an 11.2% decrease compared to August 2017 but a 3.6% increase
compared to September 2016. There were 883 homes placed under
contract in September 2017, which was a 3.6% decrease compared
August 2017 but an 11% increase compared to September 2016. The
average price per square foot in September 2017 was $525, which
was a 1.1% drop from August 2017 but an 11% rise compared to
September 2016. We’ve had a shortage of inventory throughout most
of 2017, so that 11% year over year increase shows that buyers
are more active and paying a premium for available homes. The
average days on market for September 2017 was 33 days, which was
a 6.5% rise compared to August 2017 but a 29.8% drop compared to
September 2016. Buyers are more active than they were a year ago,
but because we’re seeing a month-to-month slowdown, I believe
that slowdown will continue. Properties in September 2017
sold at about 97% of their list price, but that number had been
dropping over the last month or two, which is another indicator
of a market slowdown.
We’re still in a seller’s market, but now is a great time to
buy or sell.
The average active sales price per square foot for
September 2017 was $1,654, which represents a 1% drop compared to
August 2017 but a 10.6% spike compared to September 2016. The
average sold price per square foot for September 2017 was $922,
which was a decrease of 3.5% compared to August 2017 and 14.5%
increase compared to September 2016. These statistics explain why
whenever my clients ask me how much our market has appreciated
from 2016 to 2017, I say a fair answer is about 10% to 11%.
Lastly, we’re averaging about 1.6 months’ worth of inventory for
September 2017, which is up 14.4% compared to August 2017 but
down 11% compared to September 2016. As these numbers show,
we’re still in a seller’s market, but now is a great time to
buy or sell. Mortgage rates are still hovering around 4%, and
our economy is still robust. If you’re a seller or an investor
who wants to lock down your gain from the past three, five, or
seven years of appreciation, this is without a doubt the market
to do that. If you have any other questions about our market or
you’re thinking of buying or selling in the Los Angeles
County/South Bay marketplace, don’t hesitate to reach out to me.
I’d love to help you.
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