LA Westside BlogPOINT

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Craig Whitlock

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Spectacular New 3BD Listing with Views in Prime Westwood!

by Craig Whitlock

LA Westside Sales Highlights - June 2017

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago. 

Low inventory, limited choices and bidding wars continue to frustrate buyers in the $2M and below price ranges which drove up pricing in most areas while reducing sales activity across the Westside.  The $2M+ market however has softened relatively speaking where buyers have come to expect more for their dollar and want to see more amenities.  Cheviot Hills and Santa Monica SFR segments had the biggest bump in pricing with 45% on average.  Amazing opportunities for those thinking about selling!   

The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

LA Westside Sales Highlights - June 2017 © 2010–2017 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

Slaying Home Buying Myths

by Craig Whitlock

Rental Need to Escalate by the Millions

by Craig Whitlock

Inventory shortages are weighing down just about every housing market, with supply on all sides—renter- and owner-occupied—on a months-long downtrend. A new multifamily report now estimates that by 2030, some 4 million new apartments alone will be needed to keep pace with demand.
 
"Apartment rentals are on the rise, and this trend is expected to continue at least through 2030, which means we'll need millions of new apartments in the U.S. to meet the increased demand," said Cindy Clare, chair of the National Apartment Association (NAA), in a statement on the report, released recently by the NAA and the National Multifamily Housing Council (NMHC).

Meeting demand will require a minimum of 325,000 new apartments, defined as buildings with five or more rental units, built each year—a lofty endeavor, considering only 244,000 apartments were constructed between 2012 and 2016, according to the report.
 
The primary catalysts behind the need are the as-ever delay in home-buying and the formation of new renter households as a result of aging and immigration. One million new renter households, on average, were formed each year over the last five.
 
"Renting is not just for the younger generations anymore," said Dr. Norm Miller, principal at Hoyt Advisory Services, which collaborated with the NAA and the NMHC on the report. "Increasingly, baby boomers and other empty nesters are trading single-family houses for the convenience of rental apartments; in fact, more than half of the net increases in renter households over the past decade came from the 45-plus demographic."
 
Immigrant households, to be sure, will have a deeply transformative effect on both the renter- and owner-occupied housing markets.
 
"Immigration affects rents and home prices far more than it affects the labor market," said Alex Nowrasteh, immigration policy analyst at the Center for Global Liberty and Prosperity at the Cato Institute, at the 2017 REALTORS® Legislative Meetings & Trade Expo in May. Nowrasteh pointed to increases in home values and rents that parallel population growth, much of it spurred by immigrants. 
 
The report finds that demand, though widespread, will be most felt in sought-after markets in the South and West, including Arizona, Georgia and Nevada, and in markets on the East Coast, such as in New York and Virginia.


 "The western U.S. as well as states such as Texas, Florida and North Carolina are expected to have the greatest need for new apartment housing through 2030, although all states will need more apartment housing moving forward," Clare said. "The need is for all types of apartments and at all price points"—affordable stock included.
 
Another recent report out of the National Low Income Housing Coalition (NLIHC) purports an inability for renters in every state, earning minimum wage and working 40 hours each week, to afford a two-bedroom rental, giving way to a shortage of 7.4 million affordable units for low-income renter households. Research by the Joint Center for Housing Studies at Harvard University affirms the need, with roughly 6 million older, low-income renter households, as well, burdened. 
 
"Apartments and their 39 million residents contribute $1.3 trillion to the national economy," said Bob DeWitt, chair of the NMHC.
 
"The growing demand for apartments…will make a significant and positive impact on our nation's economy for years to come."
 
Sources: National Low Income Housing Coalition (NLIHC), National Apartment Association (NAA)/National Multifamily Housing Council (NMHC)

Create Your Own Outdoor Kitchen

by Craig Whitlock

An outdoor kitchen sounds like hours of warm-weather culinary fun. But while most of us would love a sleek, state-of-the-art outdoor kitchen, the price tag may not be doable for all. But that doesn’t mean we can’t cook and eat al fresco! Below are 5 tips for a makeshift version.

Grill upgrade. Skip the outdoor oven or stove for a nice grill. To up the versatility of your grill, consider getting a skillet top or griddle. Pancakes, anyone?

Prep space. To make it possible to prepare food in your outdoor kitchen, set up a prep station with an outdoor butcher’s block or table. If you can, place this station near your grill for ease of use.

Consider installing a sink. If you already have a hose hooked up near your outdoor eating area, it may not cost that much to have a sink installed so you can wash up easy. Hire a professional to get a quote.

Add seating. A large outdoor dining table or small cafe table will turn your DIY kitchen into an eat-in space. Looking for a space to hang? A loveseat and a few comfortable chairs will do the trick. Add an umbrella overhead for sunny days.

 Aesthetics matter. To have an outdoor kitchen that looks, well, like an outdoor kitchen, it’s important to tie your aesthetics together. Installing that outdoor butcher’s block? Choose a wood stain that matches your outdoor eating table. Section off the space with potted plants or slate patio floor so the area is clearly defined. String lights overhead for a magical vibe once the sun sets.

Patio Panic: From Frustrating to Fab in One Hour

by Craig Whitlock

Whether it’s an intimate al fresco dinner date or a backyard bash, there’s nothing quite like outdoor entertaining. But if your patio is in sore shape, you might be tempted to relegate guests to the inside. Don’t be intimidated by your patio’s disarray and miss the opportunity to take the party outside. With these quick tips, your outdoor space can be entertainment-worthy in less than an hour.

  1. Task the trimmers. Give the branches, grasses and shrubs surrounding your patio a nice, neat haircut before guests arrive. Not only will this make the area look manicured and orderly, it will make your patio feel more spacious.
  2. Fire up the leaf blower. Who said these wonderful tools are just for leaves? A quick trip around your patio with the leaf blower will remove the trimmings you just cut, along with other dirt and debris, in seconds.
  3. Freshen up the furniture. After you’ve gotten dust and leaves off the furniture with the leaf blower, use a big sponge or mop to wash down your tables and chairs with a quick solution of liquid dish detergent and water, then hose it all down. Flip cushions to the reverse side.
  4. Work some magic. Nothing turns your outdoor space from ordinary to spectacular faster than a little outdoor lighting. Think tiki torches, large candles in hurricane lamps, string lights and solar lanterns.
  5. Finagle some florals. You don’t have to find time to run to the florist. Quickly clip an assortment of flowers, grasses, pine boughs and even bare branches from around your yard to make stunning and natural arrangements. Gather them in mason jars, tin cans (labels peeled off, please) or painted buckets for a homey look, or raise the bar by bringing some of your indoor crystal vases outside.
  6. Rearrange the furniture. Help the flow of the party by strategically placing chairs and tables in spots where you want people to gather. Set up the bar in its own area and place nibbles on a variety of resting spots so everyone doesn’t clutter around one food area. This will not only add visual appeal, but help steer the flow, encourage conversation and show off your patio’s best features. 

For more real estate tips, contact me today.

LA Westside Sales Highlights - May 2017

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago. 

Sales activity declines across most market segments with the exception of Brentwood which showed a strong bump in SFR sales likely the result of a drop in pricing.  Multiple offers drove pricing up everywhere else and all segments except Bel Air are still deep in Seller’s Market territory.  Great opportunity for homeowners thinking about selling!

The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

LA Westside Sales Highlights - May 2017 © 2010–2017 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

Promote Your Home's Pet-Friendly Features When Selling

by Craig Whitlock

One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers rather than alienate the 61% of American households that have a pet!

If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream homes?

Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet owners say that they consider their animal to be family. When finding a home, 95% of animal owners believe it is important that a housing community allows animals.

A recent study by the National Association of Realtors (NAR) revealed that there are many aspects of the home buying, selling and owning experience that have been greatly impacted by American’s love for their pets.

This should come as no surprise as $66.75 billion was spent on pets in the U.S in 2016, with $70 billion projected for 2017. NAR’s President William E. Brown shed some light on the impact of pet owners and their home search,

“In 2016, 61 percent of U.S. households either have a pet or plan to get one in the future, so it is important to understand the unique needs and wants of animal owners when it comes to homeownership.  

REALTORS® understand that when someone buys a home, they are buying it with the needs of their whole family in mind; ask pet owners, and they will enthusiastically agree that their animals are part of their family.”

The Power of Pets When Choosing the Right Home

  • 89% of pet owners say they would not give up their pet due to a housing restriction
  • 81% of Americans say their pets play a role in their housing situation
  • 31% of animal owners have refused to put in an offer on a home because it wasn’t a good fit for their animals
  • 19% of Americans say they would consider moving for their pet
  • 12% percent have moved for their pet

New home builders have actually begun installing retractable pet gates that tuck away neatly inside door jams as a highly requested feature in new homes to attract pet-parents, according to Builder.com.

So, if you are a homeowner looking to sell in today’s pet-friendly environment, point out the features of your home that will attract pet owners:

  • Fully fenced in backyard – (91% of pet owners ranked this as the most important feature of a home to accommodate their pet)
  • Locations of dog parks/walking paths/pet-friendly beaches in the area (71% ranked this as the top feature of any neighborhood they would consider)
  • Proximity to veterinarians/groomers/pet supply stores (31%)

LA Westside Sales Highlights - April 2017

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago. 

The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

LA Westside Sales Highlights - April 2017 © 2010–2017 10K Research and Marketing®

To view a portfolio of three additional reports trended over the past 12 months: Properties For Sale, Days On Market and New Properties For Sale, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or give me a call.

Slaying Home Buying Myths

by Craig Whitlock

Check out this infographic which shows that home buyers don't need as much of a downpayment as they seem to believe!

Slaying Home Buying Myths [INFOGRAPHIC] | Simplifying the Market

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Craig Whitlock
COLDWELL BANKER BRENTWOOD
11661 San Vicente Blvd., 10th Floor
Los Angeles CA 90049
Mobile: (310) 488-4399
Fax: (310) 820-1457

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website.  Interested parties are advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals.  Information herein deemed reliable but not guaranteed.

CalBRE LIC 01827537