Here is a great story from The Wall Street Journal about California's housing inventory. Real Estate in Long Beach, Ca is having the same problems. Not enough homes for the amount of buyers out there. It is not uncommon to write many offers for a buyer until the right home comes along. I just keep reminding my buyers that the right home is out there somewhere... it just takes time and patience. Many buyers do not understand that you need an agent to help you in the process and just give up after a while. What is working for me is th networking I do with other agents and keeping a close watch on our market.
Long Beach, CA is real low on inventory right now; but that may change anytime. Here is the full story.
California's Housing Inventory Shrinks Rapidly - WSJ.com
Have a great day,
Jeff
Jeff@JeffHallRealtor.com
Thursday, January 28, 2010
Monday, January 25, 2010
Existing-Home Sales Down, but Prices Rise
I just found this article this morning. It really reflects what we are seeing here in Long Beach, CA in our real estate market. Working with buyers in this market takes diligence due to some of these factors:
Now here is the article from the National Association of Realtors.
Existing-home sales fell as expected in December after first-time buyers rushed to complete deals during the months leading up to the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of REALTORS®.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million units in December from 6.54 million in November, but remain 15 percent above the 4.74 million-unit level in December 2008.
There were approximately 5,156,000 existing-home sales in 2009, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008. It was the first annual sales gain since 2005.
Tax Credit Creates Swing in Market
Lawrence Yun, NAR chief economist, says there were no surprises in the data.
“It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010."
However, Yun says, the job market remains a concern and could dampen the housing recovery. "Job creation is key to a continued recovery in the second half of the year,” he says.
An NAR practitioner survey shows first-time buyers purchased 43 percent of homes in December, down from 51 percent in November. Repeat buyers rose to 42 percent of transactions in December from 37 percent in November; the remaining sales were to investors.
The national median existing-home price for all housing types was $178,300 in December, which is 1.5 percent higher than December 2008.
“The median price rose because of an increased number of mid- to upper-priced homes in the sales mix,” Yun says. It was the first year-over-year gain in median price since August 2007.
Falling Inventories
NAR President Vicki Cox Golder said market conditions are challenging in some areas.
“There’s a shortage of lower-priced homes for sale in much of the country, resulting in multiple bids in some areas,” she says. “Raw unsold inventory has been trending down. As the market heats up again this spring, buyers may need to be prepared to move quickly on a particular home."
Total housing inventory at the end of December fell 6.6 percent to 3.29 million existing homes available for sale, which represents a 7.2-month supply at the current sales pace. That is an increase from a 6.5-month supply in November.
Raw unsold inventory is 11.1 percent below a year ago, is at the lowest level since March 2006, and is 28.2 percent below the record of 4.58 million in July 2008.
Distressed homes, which accounted for 32 percent of sales last month, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.
For all of 2009, the median price was $173,500, down 12.4 percent from $198,100 in 2008. Distressed homes accounted for 36 percent of total sales last year.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.93 percent in December from 4.88 percent in November; the rate was 5.29 percent in December 2008.
Single-Family Home, Condo Sales Dip
Single-family home sales fell 16.8 percent to a seasonally adjusted annual rate of 4.79 million in December from a pace of 5.76 million in November. Sales are 12.7 percent above the 4.25 million level in December 2008. For all of 2009, single-family sales rose 5 percent to 4,566,000.
The median existing single-family home price was $177,500 in December, which is 1.4 percent above a year ago. For all last year, the median price for a single-family home was $173,200, down 11.9 percent from 2008.
Meanwhile, existing condominium and co-op sales fell 15.4 percent to a seasonally adjusted annual rate of 660,000 in December from 780,000 in November. Sales are 34.7 percent higher than the 490,000-unit pace a year ago. For all of 2009, condo sales rose 4.8 percent to 590,000 units.
The median existing condo price was $183,700 in December, up 1 percent from December 2008. For all of last year, the median condo price was $176,100, which is 16.1 percent below 2008.
Regional Breakdown
Here are existing-home sales figures by region:
* Northeast: sales dropped 19.5 percent to an annual level of 910,000 in December but are 21.3 percent above a year ago. Median price: $241,700, up 3.2 percent from December 2008.
* Midwest: sales fell 25.8 percent in December to a level of 1.15 million but are 8.5 percent higher than December 2008. Median price: $143,200, which is 1.8 percent above a year ago.
* South: sales dropped 16.3 percent to an annual pace of 2.01 million in December but are 15.5 percent above December 2008. Median price: $152,000, down 1 percent from a year ago.
* West: sales declined 4.8 percent to an annual rate of 1.38 million in December but are 15 percent higher than a year ago. Median price: $236,000, up 2.7 percent from December 2008.
— NAR
Jeff Hall
Jeff@JeffHallRealtor.com
- Inventory is very low
- Lots of buyers trying for the same property
- Homes are selling for over list price
- Quality of homes can at times be scary
- Many Condominium projects do not qualify for FHA financing
Now here is the article from the National Association of Realtors.
Existing-home sales fell as expected in December after first-time buyers rushed to complete deals during the months leading up to the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of REALTORS®.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million units in December from 6.54 million in November, but remain 15 percent above the 4.74 million-unit level in December 2008.
There were approximately 5,156,000 existing-home sales in 2009, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008. It was the first annual sales gain since 2005.
Tax Credit Creates Swing in Market
Lawrence Yun, NAR chief economist, says there were no surprises in the data.
“It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010."
However, Yun says, the job market remains a concern and could dampen the housing recovery. "Job creation is key to a continued recovery in the second half of the year,” he says.
An NAR practitioner survey shows first-time buyers purchased 43 percent of homes in December, down from 51 percent in November. Repeat buyers rose to 42 percent of transactions in December from 37 percent in November; the remaining sales were to investors.
The national median existing-home price for all housing types was $178,300 in December, which is 1.5 percent higher than December 2008.
“The median price rose because of an increased number of mid- to upper-priced homes in the sales mix,” Yun says. It was the first year-over-year gain in median price since August 2007.
Falling Inventories
NAR President Vicki Cox Golder said market conditions are challenging in some areas.
“There’s a shortage of lower-priced homes for sale in much of the country, resulting in multiple bids in some areas,” she says. “Raw unsold inventory has been trending down. As the market heats up again this spring, buyers may need to be prepared to move quickly on a particular home."
Total housing inventory at the end of December fell 6.6 percent to 3.29 million existing homes available for sale, which represents a 7.2-month supply at the current sales pace. That is an increase from a 6.5-month supply in November.
Raw unsold inventory is 11.1 percent below a year ago, is at the lowest level since March 2006, and is 28.2 percent below the record of 4.58 million in July 2008.
Distressed homes, which accounted for 32 percent of sales last month, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.
For all of 2009, the median price was $173,500, down 12.4 percent from $198,100 in 2008. Distressed homes accounted for 36 percent of total sales last year.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.93 percent in December from 4.88 percent in November; the rate was 5.29 percent in December 2008.
Single-Family Home, Condo Sales Dip
Single-family home sales fell 16.8 percent to a seasonally adjusted annual rate of 4.79 million in December from a pace of 5.76 million in November. Sales are 12.7 percent above the 4.25 million level in December 2008. For all of 2009, single-family sales rose 5 percent to 4,566,000.
The median existing single-family home price was $177,500 in December, which is 1.4 percent above a year ago. For all last year, the median price for a single-family home was $173,200, down 11.9 percent from 2008.
Meanwhile, existing condominium and co-op sales fell 15.4 percent to a seasonally adjusted annual rate of 660,000 in December from 780,000 in November. Sales are 34.7 percent higher than the 490,000-unit pace a year ago. For all of 2009, condo sales rose 4.8 percent to 590,000 units.
The median existing condo price was $183,700 in December, up 1 percent from December 2008. For all of last year, the median condo price was $176,100, which is 16.1 percent below 2008.
Regional Breakdown
Here are existing-home sales figures by region:
* Northeast: sales dropped 19.5 percent to an annual level of 910,000 in December but are 21.3 percent above a year ago. Median price: $241,700, up 3.2 percent from December 2008.
* Midwest: sales fell 25.8 percent in December to a level of 1.15 million but are 8.5 percent higher than December 2008. Median price: $143,200, which is 1.8 percent above a year ago.
* South: sales dropped 16.3 percent to an annual pace of 2.01 million in December but are 15.5 percent above December 2008. Median price: $152,000, down 1 percent from a year ago.
* West: sales declined 4.8 percent to an annual rate of 1.38 million in December but are 15 percent higher than a year ago. Median price: $236,000, up 2.7 percent from December 2008.
— NAR
Jeff Hall
Jeff@JeffHallRealtor.com
Sunday, January 24, 2010
Clear Skies
This past week we saw a lot of rain in Long Beach, CA. Something we are not accustom to and it throws us off track. If you followed it on the news you would have thought we were all going to drown.
Over six years ago I moved here from Bainbridge Island outside of Seattle, WA; about 30 minutes by boat. When I moved here it was not because of the rain that Seattle is so known for, it was for a chance at an exciting job.
It was not until a few months later that I began to realize how happy I was not only because I love Long Beach, but because I felt better. I did not realize how much the weather effected me.
These past few days are a reminder how we are all effected by the weather. Not only for the inconvenience but how it makes us feel. This morning as I sit here reflecting on how beautiful it is outside I am reminded how it makes us feel. We live in a beautiful community and gem of our own.
Enjoy your day,
Jeff
Jeff@JeffHallRealtor.com
Over six years ago I moved here from Bainbridge Island outside of Seattle, WA; about 30 minutes by boat. When I moved here it was not because of the rain that Seattle is so known for, it was for a chance at an exciting job.
It was not until a few months later that I began to realize how happy I was not only because I love Long Beach, but because I felt better. I did not realize how much the weather effected me.
These past few days are a reminder how we are all effected by the weather. Not only for the inconvenience but how it makes us feel. This morning as I sit here reflecting on how beautiful it is outside I am reminded how it makes us feel. We live in a beautiful community and gem of our own.
Enjoy your day,
Jeff
Jeff@JeffHallRealtor.com
Monday, January 18, 2010
Rain in Long Beach, CA
Today is one of those days that makes it hard for me to remember where I am living. After years of living in the Northwest I forget about rainy afternoons. Today we have gone from a dark, cold, windy rainy day to just windy with sunshine.
I moved to Long Beach six years ago to leave the rain of Seattle. In Seattle people drive in the rain almost everyday... but not in Long Beach. On an outing this afternoon to meet with a Realtor who is joining my company I was amazed at how people drive. Don't they know it is dangerous to drive fast in standing water? Don't they know their car can stall out? What is in that puddle anyway and how deep is it? It may be fun to splash someone along the road.. but wait until it happens to you.
Yet this is how many people take life on. They even try to buy real estate the same way. Almost like being in the car without directions. To buy in this market you need a competent agent to guide you through the puddles, bumps and hurdles that get in our way. To help make sure you arrive at your new home safely.
Our Real Estate environment here in Long Beach is up and down. It is far from being a normal market with all the short sales and bank owned properties on the market. Yet even in this market there are many homes that are regular sales. It it taking time, patience and a lot of dedication.
As a member of Top 5 Real Estate Network I have the skills to drive you though this storm...
Jeff
Jeff@JeffHallRealtor.com
www.JeffHallRealtor.com
I moved to Long Beach six years ago to leave the rain of Seattle. In Seattle people drive in the rain almost everyday... but not in Long Beach. On an outing this afternoon to meet with a Realtor who is joining my company I was amazed at how people drive. Don't they know it is dangerous to drive fast in standing water? Don't they know their car can stall out? What is in that puddle anyway and how deep is it? It may be fun to splash someone along the road.. but wait until it happens to you.
Yet this is how many people take life on. They even try to buy real estate the same way. Almost like being in the car without directions. To buy in this market you need a competent agent to guide you through the puddles, bumps and hurdles that get in our way. To help make sure you arrive at your new home safely.
Our Real Estate environment here in Long Beach is up and down. It is far from being a normal market with all the short sales and bank owned properties on the market. Yet even in this market there are many homes that are regular sales. It it taking time, patience and a lot of dedication.
As a member of Top 5 Real Estate Network I have the skills to drive you though this storm...
Jeff
Jeff@JeffHallRealtor.com
www.JeffHallRealtor.com
Friday, January 8, 2010
Jeff Hall, of Long Beach Home Solutions, Long Beach, CA, Named a Member of Top 5 in Real Estate Network®
Below is a press release about my membership in the Top 5 Real Estate Network.
Local Realtor Earns Most Prestigious of all Industry Achievements
Norwalk, CT – Reaching the pinnacle of his profession nationally, Jeff Hall, of Long Beach Home Solutions, was accepted as a Member of the Top 5 in Real Estate Network®, the most prestigious of all industry achievements.
More than just a sales-driven recognition, the Top 5 in Real Estate Network® meets a need that heretofore has never been addressed – helping consumers identify the most professional real estate agents in North America. To qualify, each member must first meet a stringent set of criteria, based upon performance, as well as educational and professional skills and service to the consumer.
Members of the Network are carefully selected and managed by RISMedia, which has provided the real estate industry with objective, unbiased news for nearly 30 years. As a Member of the Top 5 Network, Hall is among the first real estate agents to be accepted into this elite organization.
Allan Dalton, the president and co-founder of RISMedia’s Top 5 Network congratulated Hall for earning this top status within the industry. “Jeff has reached the very highest level of North America’s residential real estate industry. Not only are his professional accomplishments extraordinary, he has long been a true champion for home buyers and sellers in his area. It is a pleasure to welcome Jeff into this elite group of industry leaders.”
According to John Featherston, RISMedia's CEO & publisher and co-founder of the Top 5 in Real Estate Network, the significance of Top 5 is that consumers deserve full transparency regarding all matters related to the real estate transaction, which often begins with the need to select a highly competent, experienced and results-oriented real estate professional. Top 5 in Real Estate has been established to both empower consumers with leading real estate content through Top 5 members, as well as to ensure that consumers are made fully aware that there is a material difference between average and exceptional real estate professionals.
A native of Northern Idaho, Jeff Hall’s working career started by pushing a broom in a Lumber yard while in High School. In college he worked for a hardware store and was finally recruited by a paint manufacturing industry, a profession which lasted for almost twenty years. When a call came in asking if he would be interested in the hardware industry, Hall ran a hardware wholesale distributorship and then a very high end cabinet manufacturing company. Upon moving to Long Beach, California, Hall became self-employed and decided to get into the real estate business, a dream of his since the 80’s. While working full time in the industry, Hall has his hands in other business adventures and he takes pride in giving back to the community he serves by spending time volunteering for Wells House Hospice. Hall is constantly staying up-to-date with the latest techniques and marketing trends and spends time each year learning new ways of doing business in addition to new ways of servicing his clients better and simply staying in touch. His pre-real estate projects include new construction, renovations and turning old warehouses into loft/condo homes. Specialties include: Residential Real Estate, Residential Income, HOA Managements, Property Management and Commercial Real Estate. To learn more, contact Jeff Hall at 562-505-6204 or e-mail Jeff@JeffHallRealtor.com.
Local Realtor Earns Most Prestigious of all Industry Achievements
Norwalk, CT – Reaching the pinnacle of his profession nationally, Jeff Hall, of Long Beach Home Solutions, was accepted as a Member of the Top 5 in Real Estate Network®, the most prestigious of all industry achievements.
More than just a sales-driven recognition, the Top 5 in Real Estate Network® meets a need that heretofore has never been addressed – helping consumers identify the most professional real estate agents in North America. To qualify, each member must first meet a stringent set of criteria, based upon performance, as well as educational and professional skills and service to the consumer.
Members of the Network are carefully selected and managed by RISMedia, which has provided the real estate industry with objective, unbiased news for nearly 30 years. As a Member of the Top 5 Network, Hall is among the first real estate agents to be accepted into this elite organization.
Allan Dalton, the president and co-founder of RISMedia’s Top 5 Network congratulated Hall for earning this top status within the industry. “Jeff has reached the very highest level of North America’s residential real estate industry. Not only are his professional accomplishments extraordinary, he has long been a true champion for home buyers and sellers in his area. It is a pleasure to welcome Jeff into this elite group of industry leaders.”
According to John Featherston, RISMedia's CEO & publisher and co-founder of the Top 5 in Real Estate Network, the significance of Top 5 is that consumers deserve full transparency regarding all matters related to the real estate transaction, which often begins with the need to select a highly competent, experienced and results-oriented real estate professional. Top 5 in Real Estate has been established to both empower consumers with leading real estate content through Top 5 members, as well as to ensure that consumers are made fully aware that there is a material difference between average and exceptional real estate professionals.
A native of Northern Idaho, Jeff Hall’s working career started by pushing a broom in a Lumber yard while in High School. In college he worked for a hardware store and was finally recruited by a paint manufacturing industry, a profession which lasted for almost twenty years. When a call came in asking if he would be interested in the hardware industry, Hall ran a hardware wholesale distributorship and then a very high end cabinet manufacturing company. Upon moving to Long Beach, California, Hall became self-employed and decided to get into the real estate business, a dream of his since the 80’s. While working full time in the industry, Hall has his hands in other business adventures and he takes pride in giving back to the community he serves by spending time volunteering for Wells House Hospice. Hall is constantly staying up-to-date with the latest techniques and marketing trends and spends time each year learning new ways of doing business in addition to new ways of servicing his clients better and simply staying in touch. His pre-real estate projects include new construction, renovations and turning old warehouses into loft/condo homes. Specialties include: Residential Real Estate, Residential Income, HOA Managements, Property Management and Commercial Real Estate. To learn more, contact Jeff Hall at 562-505-6204 or e-mail Jeff@JeffHallRealtor.com.
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