What to Expect Going Forward in the LA Real Estate Market

Today we're taking a look back at how the market performed in 2016 and what we should expect in LA moving ahead in 2017.

Today I wanted to take a moment to take a look back at how the Los Angeles housing market did in 2016 and provide a forecast for what we can expect from the market moving forward in 2017.

Last year in Los Angeles County, we saw the median price for single-family homes go from $535,000 to $580,000 in 12 months, which is an 8.4% increase. Moving to Orange County, we saw the median price rise from $695,000 to $735,000 in that same 12-month span from January 2016 to January 2017, good for a 5.8% increase. We had a really strong year in terms of price appreciation.

We also continue to experience very low levels of housing supply in our market.

In LA County, for example, we have just 2.4 months worth of homes for sale. That means that if no new homes came onto the market, it would only take 2.4 months to sell all the homes currently on the market at the going rate, and that's a very low number. In Orange County, we have just 2.6 months of supply. These are some of the lowest levels of inventory we've seen in a long time, and they are certainly the lowest numbers I've seen in my 13 years in real estate.

There are a few reasons for this low inventory, starting with the fact that there are a lot of people looking to buy a home thanks to low interest rates. Additionally, there are a lot of people who simply don't want to sell their house. Many of these people are baby boomers who have lived in their house for decades and just don't have a reason to sell it.

The California Association of Realtors forecasts that we will have another good year.

This year, the California Association of Realtors forecasts that we will have another good year with prices rising about 4.6% throughout the state of California. If you've been thinking about selling your house, it's a great time to figure out what your home is worth, and we've got great online value calculator that can give you an idea. This calculator can't consider everything in your home like your view and the updates you've made to the home, which is where I come in.

If you'd like me to tell you exactly what your home is worth or you're thinking about buying a home in the LA area, give me a call or send me an email. I'd be glad to help!

What Does Our Marketing Plan Involve?

Considering Buying? Click here to search all homes in your area 

  Considering Selling? Get a Free Home Evaluation

Here at the Tim Majka Real Estate Experts we have a proven, repeatable system backed by market research to sell your property for up to 18% more than traditional real estate methods.

This system consists of seven steps:

1) Market Expertise – We are experts on the local real estate market and we know exactly how many homes are for sale, how many have sold, what the median sales prices are, and the current changes in supply and demand.  With this knowledge, we are able to price our listings in accordance to where the market is going, not where it’s been. 

2) Differentiating your property from others – Did you know that a home that is professionally staged can help you sell for up to 7% more than a home that is not staged?  Often times a few small cosmetic changes can make a major increase in the value of your home.  We work with expert stylists and stagers that provide expert advice on how to maximize the value of your home.

3) Massive Exposure – Getting maximum exposure requires a significant marketing budget invested in the right place.  With over 95% of home buyers starting their search online, we invest heavily to make sure that your property is prominently featured on all of the major real estate websites.  We also have an amazing professional photographer that will make your photos stand out from the competition and grab the attention of all of the buyers out there. 

4) Agent Cooperation – Did you know that, nationally, over 70% of homes that sell are not sold by listing agents? Because of this, we have a system to make sure that every real estate agent knows about your property and they know exactly why they need to bring their buyers to come see your home.  We also utilize exclusive technology where we can see every buyer that is receiving a search from their agent. The search criteria that matches your property will be alerted to us and we can contact this buyer on your behalf. 

5) Buyer Acquisition System – Did you know that according to NAR, the average response time for a real estate agent to respond to a buyer inquiry on one of their listings is 16 hours?  Really!  Here at Tim Majka Real Estate Experts, we have a system in place not only to market your property to all of the buyers and agents out there, but once we receive an inquiry from that buyer or agent we have a professionally trained sales team that can respond to that inquiry immediately.  In fact, a recent MIT study found that if a buyer inquiry is responded to within 5 minutes the sales person has a 80% chance of reaching that buyer, but that if they wait just 15 minutes longer, the odds of reaching that buyer diminish significantly. 

6) Expert Negotiation Skills – Did you know that your agent’s negotiation skills are the single most important variable to help maximize your equity.  Our team has expert negotiation skills to get you the best offer on  your property.

7) Execution – Did you know that there are over 115 variables involved in the sale of your property?   Our team has the systems and the experts in place to make sure that everything that we say we do gets done. 

If you are thinking of selling your property or if you know of someone that is, we would be happy to send you more information on our proven repeatable system to sell your property for up to 18% more than traditional real estate methods along with testimonials.  We can be reached at 562-900-9430. 

Thank you for watching and have a great day!

Are Home Prices in Orange County Rising or Falling?

Considering Buying? Click here to search all homes in your area 

  Considering Selling? Get a Free Home Evaluation

Hey everyone, welcome back to our blog. The real estate market is continuing to sizzle here in Southern California.

In LA county, the median sale price went up in the last year. In May 2014, the average was $430,000, while in May 2015, the average rose to $460,000. Here is a link to a graph that shows the median home price in LA County over time. 

While prices were rising, the supply of homes decreased in the last year. In May 2014, we had 4.1 months of inventory. Currently, we have 3.4 months. 

In Orange County, the median sale price also rose in the past year. After being at $575,000 in May 2014, the average home price in Orange County is now $600,000;  Here is a link to a graph that shows the median sale price in Orange County over time. The supply of homes in Orange county dropped slightly, from 3.8 months in May 2014, to 3.1 months in May 2015.

Local job growth, mortgage rates, and availability of homes all look solid. These factors, in addition to slower home appreciation, helped draw buyers. We saw an increase in the volume of homes sold in Orange County of over 10% for April and May of 2015 compared to the same period last year and about 7% in LA County.

The housing market is doing great right now in Orange and LA Counties. In some neighborhoods, we are even having all-out bidding wars on homes. Sometimes, these homes go for hundreds of thousands of dollars over asking price. In fact, we recently had a listing receive 40 offers.

Supply is not even close to keeping up with demand. So if you have been looking to sell your home, no matter the price, we are in a great market to do so. 

If you have any questions for me, feel free to give me a call or send me a quick email. I would love to speak with you!

What Will the LA Housing Market Look Like in 2015?

Considering Buying? Click here to search all available homes in your area

 

Considering Selling? Get a Free Home Evaluation

You may also call me at 562-900-9430 for a FREE home buying or selling consultation to answer any of your real estate questions.

 

How have You Helped Make our 2014 Great?

Considering Buying? Click here to search all available homes in your area

Considering Selling? Get a Free Home Evaluation

You may also call me at 562-900-9430 for a FREE home buying or selling consultation to answer any of your real estate questions.

We are nearing the end of 2014 and want to take a moment to reflect on the past year. We wouldn't be where we are today without all of your continued support. We appreciate all of your business, and are very thankful for all the clients we were able to help in 2014. We are also very thankful for your referrals, which mean the world to us.

From Tim, Barbara, Noel, Jackie and Joyce, we want to wish you and your family a very happy and healthy holiday season and a happy new year. We are looking forward to having another great year in 2015!

Is The Bubble About to Burst?

Considering Buying? Click here to search all available homes in your area

Considering Selling? Get a Free Home Evaluation

You may also call me at 562-900-9430 for a FREE home buying or selling consultation to answer any of your real estate questions.

With home values having increased significantly in 2012 and 2013, many people are wondering if we are in a housing bubble. Today we are going to take a look at some current market trends and statistics to come to a conclusion on whether or not we are in another housing bubble. 

What has many people asking this question is the fact that we are currently around the same levels on the home price index as we were in 2004, right when the previous bubble started. Looking at home values across the country, we have been seeing markets cool off quite a bit and we are headed toward what we call a normal market. For example, The National Association of Realtors is predicting median home prices in the country to appreciate 4.4% in 2015 as compared to 5.5% this year. 

We are seeing the level of appreciation across the country slowing down and not seeing the big appreciation we have seen the past few years. In California, home prices appreciated 3.5% in 2014 and here in Long Beach we have seen values remain relatively flat in most neighborhoods. It looks as though this market is starting to taper down and we are not headed for another housing bubble. We will keep more sustainable levels of appreciation as we head into the future.

If you would like to receive a market report for your neighborhood letting you know exactly how home prices are doing click here.

Long Beach Real Estate Market Snapshot

The Long Beach area has a wide selection of fantastic homes to choose from. If you're curious about what properties are currently listed on the market, GO HERE to perform a Full Home Search, or if you're considering selling your home, CLICK HERE to obtain a Free Home Value Report. For any other questions about Long Beach real estate, or the value of your own home, please feel free to call me at (562) 900-9430, or send me an email anytime!

During 2012 and 2013 we saw a significant appreciation of home sales here in Long Beach and throughout California as a whole. Now, looking back at 2014 we can see that our market has taken a breath and is starting to calm down. This is great news, as it means we're heading toward a normal, balanced market.

According to the California Association of Realtors, we'll be looking at a healthy market in 2015. We're expecting to see an appreciation rate of 3.5%, which is a good sign. The 15%-30% appreciation rates we've seen over the last few years are simply unsustainable. If the market didn't cool off, we would have seen hyperinflation and the beginning of yet another bubble, which would be bad news for everyone.

Depending on your area, your home value is either appreciating at a slower rate or starting to soften. To get a better idea of what's going on with home values, here are some of the median sales prices of specific areas:

• Long Beach: $468,500 
• Naples & Belmont Shore: $785,000 
• Wrigley: $396,000
• Bixby Knolls / California Heights: $544,000  
• Los Altos / The Plaza / South of Conant: $568,000

As you can see, market conditions vary by neighborhood. If you want a detailed report for your area, give us a call or shoot us an email. We'd be happy to send it to you.

If you have any questions or concerns about real estate here in Long Beach, don't hesitate to reach out to us. We can cover a topic of your choosing in a future video to ensure your real estate ventures are always profitable. Thanks, and have a great day!