Realtor.com just recently came out with the results of a survey to find out what the typical home buyer wants. The results aren’t exactly surprising but the survey broke it down into three groups…..all buyers, buyers 55+, and millenials.
Take a look to see how interest rates impact the housing market and how it affects a home buyer’s bottom line.
By Keith Kyle
Bank owned homes are pretty rare these days but the occassional home that comes on the market always seems to look the same. I understand that people were forced to leave the home without a choice so it’s not surpising to see some damage, things removed, etc. but I can never quite figure out how they get the carpets to look so terrible? People around here can’t live like this can they? I certainly don’t see carpets looking like this so it must mean people are doing it on purpose…but how can you make it look this bad? Maybe there’s some sort of online tutorial as to how to not just destroy the carpet….but make it look like you repaired cars in the house. It’s a mystery that I just don’t understand.
By Keith Kyle
As a long time realtor in Redondo Beach it never ceases to amaze me how little effort sometimes goes into trying to sell a home. I’m not sure if there’s some very odd situation where owners want or need a home listed but don’t actually want to sell it but once in a while I run into a listing which appears to do everything possible NOT to sell the home.
I just looked at something today on the market and they seem to have done everything to keep the home from selling. I often see one of the details on listings but it’s been a while since I saw so many aspects of a listing that will keep it from selling. Keep in mind that this isn’t a short sale.
- Price: This is obviously a common one but the home is probably priced $200,000 over market value
- Pictures: Of course they are terrible
- Commission: They’ve reduced the buyer’s agent commission to 1.5%
- Showing: They’ve made showing the home a serious challenge. Not only does it require 24 hour notice but they won’t call back and don’t respond to emails or texts. No lockbox of course.
- Out of area agent: They’re using an agent that doesn’t know the market and doesn’t seem to be putting much time or effort into selling it (and they won’t return my call)
- Condition: I had been through the home long ago (probably 8 months….yes it’s surprisingly been on the market for almost a year) and I wasn’t allowed in one of the bedrooms, all of the blinds are closed and it’s a mess.
So the question is….why put it on the market if you don’t want to sell it?
By Keith Kyle
I’m sure most MLS systems are different but here in the South Bay the days on market on the CRMLS can be a bit misleading. Many buyer and agents use days on market as a negotiating tool….the longer the home has been on the market, the more leverage the buyer has to come in low or negotiate other favorable terms.
The problem is that days on market doesn’t always indicate just how long the home has been available and is not necessarily indicative of “active” status. As realtors when our clients accept an offer we have the option of changing the status to “pending” or “active under contract”. Pending stops the days on market from accruing, but active under contract does not. A home can go into escrow on day one, change the status to active under contract (again meaning it’s in escrow) and if it falls out of escrow 20 days later the days on market for the home will show 20. It’s very misleading as the home has not been available for those 20 days and now puts the seller and listing agent at a disadvantage…..even though it sold the first day.
The other aspect that leads to misinformation is that with this days on market accruing on many home, it does not allow for an accurate picture of the market. For instance a certain area of town or city itself may show an average days on market for a certain month to be one thing….when many of those homes were not actually available. It may show days on market at 45 when the reality is that the homes in the community actually go into escrow after 30.
It’s a problem that needs to be addressed as it can change perceptions….both on an individual home and the market in general.
By Keith Kyle
There’s no doubt that this market continues to amaze. What would have been considered unheard of a year ago is now becoming standard. Nowhere is this more clear than in new construction detached townhomes in North Redondo Beach. See our real estate explained…two on a lot detached townhome in Redondo Beach to better understand this unique townhome style. It wasn’t all that long ago that we were fairly surprised by these homes topping the $1,000,000 but those purchases are now looking like steals. We kept the chart below limited to only new construction in area 151 (of North Redondo Beach) with similar square footage so this was an apples to apples comparison and the price increases are fairly amazing. 2014 priced just under $1,000,000 with 2015 prices starting near $1,060,000 and reaching $1,250,000. Currently the only 2o16 built home (with around 2500 feet) just hit the market at a whopping $1,399,000. While we can’t imagine they’ll get anywhere near that, it will be a great indicator as to just what these homes will sell at in 2016.
|Address||Price||$ Per Sq Ft||Bed/Bath||Year Built||Sq Feet||Date Sold|
|2018 Gates AV #B||$999,000||$398||4/3,0,1,0||2014||2508||03/04/14|
|2016 Gates AV #B||$999,000||$416||4/3,0,1,0||2014||2400||03/17/14|
|2018 Gates AV #A||$999,000||$401||4/3,0,1,0||2014||2508||03/18/14|
|2016 Gates AV #A||$979,000||$403||4/4,0,1,0||2014||2400||06/03/14|
|2403 Gates AV #B||$999,000||$398||4/3,0,1,0||2014||2508||08/21/14|
|2403 Gates AV #A||$999,000||$398||4/3,0,1,0||2014||2508||08/22/14|
|2006 Bataan RD #A||$1,079,000||$468||4/2,1,1,0||2015||2400||04/30/15|
|2016 Gates AV #A||$1,069,000||$449||4/4,0,1,0||2014||2436||05/07/15|
|2110 Ernest AV #A||$1,150,000||$443||4/3,0,1,0||2015||2534||05/07/15|
|2006 Bataan RD #B||$1,079,000||$467||4/2,1,1,0||2015||2400||05/15/15|
|2110 Ernest AV #B||$1,170,000||$457||4/3,0,0,0||2015||2534||06/16/15|
|2019 Farrell AV #B||$1,200,000||$473||4/3,0,1,0||2015||2534||11/13/15|
|2019 Farrell AV #A||$1,200,000||$485||4/3,0,1,0||2015||2534||11/13/15|
|1913 Plant AV #A||$1,250,000||$481||4/3,0,1,0||2015||2554||12/01/15|
|1913 Plant AV #B||$1,250,000||$489||4/3,0,1,0||2015||2554||12/17/15|
|1928 Curtis AV #A||