Palos Verdes Blog

July 13, 2020

National Market Update Week of July 13, 2020

NATIONAL MARKET UPDATE

Fannie Mae’s June Home Purchase Sentiment Index (HPSI) revealed 61% of respondents think now is a good time to buy a home and 41% feel it’s a good time to sell--big rebounds from the survey’s record lows two months ago.

Also rebounding: realtor.com ...

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July 7, 2020

National Market Update Week of July 6, 2020

National Market Update

The National Association of Realtors Pending Home Sales index of contracts signed on existing homes surged 44.3% in May, its biggest gain since 2001. All regions were up, though the overall index is still down a smidge annually.

The NAR chief economist: “The outlook has significantly ...

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June 30, 2020

Home sales up and down

NATIONAL MARKET UPDATE

After their upside surprise in April, New Home Sales blasted ahead 16.6% in May, to a 676,000 annual rate. Sales are up 12.7% from a year ago, the 12-month average just 1.1% below February’s post-2008 high.

Existing Home Sales dropped 9.7 ...

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June 22, 2020

Spotting appraisal deficiencies

number 2 pencil

For home sales contingent on financing, the appraisal has the potential to derail the entire sale — or validate the price, cinching mortgage approval.

When an appraisal comes in below the price the buyer and seller agree to, this is known as a low appraisal. The mortgage lender will not ...

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June 19, 2020

How to Stage without Breaking the Bank

staging a house for sale

It is almost universally agreed that staging a home is a crucial part of getting a property sold quickly and for the highest possible price. Research has shown that nearly half of real estate agents believe staging increases a home’s value, and more than half believe it decreases the amount ...

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June 17, 2020

2020 ballot initiative seeks to expand rent control in California

2020 ballot initiative seeks to expand rent control in California

Rent control — the controversial solution to California’s rental shortage and rapidly escalating rents — is up for debate again.

Rent control keeps rents from rising beyond the financial abilities of long-term tenants. In theory, rent control creates more stable neighborhoods since tenants won’t be forced out due to rising rents ...

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June 15, 2020

National Market Update Week of June 15, 2020

The Mortgage Bankers Association pegged purchase applications up for the eighth straight week, coming in 13% higher than a year ago, noting “the recovery in the purchase market continues to gain steam.”

On a deep dive since March, Fannie Mae’s Home Purchase Sentiment Index finally turned higher ...

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June 13, 2020

Current market rates June 12, 2020

The average 30-year fixed rate mortgage (FRM) rate remained roughly level in the week ending June 5, 2020, now at 3.21%. The 15-year FRM rate also remained flat, at 2.62%. FRM rates have descended to historic lows due to efforts to stimulate lending during today’s unstable economic times ...

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June 9, 2020

Will home prices remain inflated in 2020, despite the recession?

supply and demand signs

As job losses pile on and home sales slow, it’s becoming clear that California real estate professionals have a front row seat to the 2020 recession.

31% fewer home sales occurred in April 2020 compared to the same month a year earlier, translating to a significant drop of 12,000 ...

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June 5, 2020

Market Data Report for Palos Verdes Peninsula: May 1st - May 31st 2020

chart of homes sold in palos verdes peninsula