Palos Verdes Real Estate

Jan. 15, 2021

What are California PROPOSITIONS 58 & 193? REASSESSMENT EXCLUSION FOR PROPERTY TRANSFERS

Propositions 58 & 193

Propositions 58 & 193 were passed by California voters to provide property tax relief by preventing reassessment of a property when a property is transferred between parents and children (Proposition 58)  or from grandparents to grandchildren (Proposition 193). (Section 63.1 of the Revenue ...

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Jan. 13, 2021

Desperate homebuyers push more homes to sell above list price

 

What portion of your listings sell above the listed price?

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Home prices continue to defy recessionary expectations, having increased to new heights in 2020.

Nationally, 22% of homes sold above their list price as of September ...

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Jan. 11, 2021

National Market Update

 

NATIONAL MARKET UPDATE

 

November saw Construction Spending hit a record high. The data includes all public and private construction projects, but the gain was driven by home building--up 2.7% for the month, to a $658.1 billion annual rate.

Those new homes will eventually relieve the low ...

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Jan. 7, 2021

Using Gift Money Toward a Down Payment

Down payments can be a big hurdle when buying a home. In fact, nearly a third of first-time buyers received money from friends or relatives to source their down payment.

Are you considering a similar move? If so, proceed with caution. Though getting gift money is quite common, it also ...

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Jan. 5, 2021

Press Release: Q4 2020 Buyer Purchasing Power Index climbs to new heights as interest rates reach record lows

The California Buyer Purchasing Power Index (BPPI) figure was +13.4 in December 2020, the highest level since 2012. This positive figure tells us a homebuyer with the same income is able to borrow 13.4% more today than a year ago. The BPPI figure has remained positive throughout ...

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Jan. 3, 2021

Record high Pending Home Sales

 

 

 

NATIONAL MARKET UPDATE

 

 

November Pending Home Sales came in 16.4% higher than a year ago, the highest November on record. But the index of contracts signed on existing homes did slip a bit for the month due to tight inventories.

An online real estate ...

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Dec. 31, 2020

Current market rates

The average 30-year fixed rate mortgage (FRM) rate continued to decline to new historic lows in the week ending December 25, 2020, now at 2.66%. The average 15-year FRM rate also decreased to 2.19%. FRM rates have descended to record lows due to efforts to stimulate lending during ...

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Dec. 30, 2020

2020 in review and a forecast for 2021

Good or (mostly) bad, 2020 was a banner year

2020 was a year for the books. Dominating the headlines were a pandemic, a recession and an election year to boot.

These big stories impacted the real estate market in a myriad of ways. Job losses have left millions unable to ...

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Dec. 28, 2020

NATIONAL MARKET UPDATE

 

NATIONAL MARKET UPDATE

 

After five months of gains, Existing Home Sales slipped 2.5% in November, but are still up 25.8% from a year ago and 16.1% above pre-pandemic levels. The problem is inventory, the lowest it’s been since 1999.

Cooling off in November,  ...

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Dec. 24, 2020

In California, where down payments are highest, homeownership is lowest

High credit scores and large down payments aren’t necessarily signs of a stable housing market.

Nationwide, average credit scores are the highest in California’s expensive coastal cities, according to the Urban Institute. In fact, the top four cities with the highest average FICO scores are here in California, including the ...

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