HOT OFF THE PRESS - HOME SALES DATA FROM NAR RELEASED!:

While home sales in January slowed, home sales nationwide are still way above January 2009 levels! Home sales dropped 7.2% to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.

However, more excitingly again is the news that the level of inventory fell again, this time by 0.5% to 3.27 million existing homes for sale which represents a 7.8 month supply at the current sales pace. Raw unsold inventory is 9.6% below a year ago and is the lowest since March 2006!

However, locally Existing-home sales in the West declined only 5.2 percent to an annual rate of 1.28 million in January but are 7.6 percent higher than January 2009.

The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38 percent of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area. Also, it was noted that first time homebuyers represented 40% of home sales in January while investors accounted for 17% of sales. Buyers shopping for homes also increased 9.4%.

With rates still around the 5% range it is no surprise that an increase in home sales is expected! Contact us today for assistance in Malibu and Westside real estate!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Ok, buyers you have found that perfect house and want to make an offer. Here is a great tip when making an offer: Price, isn’t everything!

Offering to purchase a property is a delicate balance on what the offer consists of – not just the price but other elements too. Too many potential buyers fixate on price. However, it is important not to – Sellers as well as buyers have to strike up a balance – this is negotiation!

After all, with now being the time to buy in Malibu!

Aside from price there are several other componants which make up the offer which should be considered before making an offer (if you are a buyer) or accepting an offer (if you are a seller) here are some to get you started:

1. Closing Date -  Do you need to move now, next month or next week? This is important as the opposing party in the transaction will also have ideas of when they want to move.

2. Inclusions and Exclusions – Is the property furnished? Unfurnished? Does it come with the stove and refrigerator? This is an important element as a home which is unfurnished or needs appliances for its kitchen will cost money to purchase those items as opposed to a home which offers them as part of the deal.

3.  Terms and Conditions – Are you worried about a home inspection and there is no clause for that? Talk to your agent and ask how you could get out of the contract if it is not right for you and other clauses you might want to include.

Ultimately it is all about how comfortable you feel. It starts with pricing but doesn’t end there! Of course we are always here to help with Malibu Real Estate.

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Exciting news! Third Annual California Home Buyers Fair coming!

As we have written about before, the popular Annual California Home Buyers Fair is coming back again for its third year to California.

The California Association of Realtors and the LA Times are sponsoring the event which is being held at the Los Angeles Convention Center March 13 and 14.

The event is free to the public and features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind.

Topics range from saving for a down payment, buying foreclosures, short sales, as well as qualifying for a home loan. For more specific advice about Malibu contact Judy today!

The fair also will feature an exhibit hall, where attendees can obtain information from industry experts about a range of products and services pertaining to homeownership and the home-buying process. Also, the first 200 persons attending each day will get a free movie ticket!

No doubt that with the real estate market moving in the right direction coupled with growing interest in snapping up bargain real estate attendance will be high!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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MALIBU MORTGAGE NEWS:

Now could be a great time to refinance your mortgage here in Malibu California according to an article by Realty Times.

Right now there are a ton of federal programs that you could miss out on if you choose not to refinance now! They could save you money and help in the economic recovery through the money you save on your payment can be used to buy other things!

In total Federal mortgage refinance programs have given more than 2 million homeowners refinance their home loans to help them save money on their mortgage payment and stay in their homes. In fact, around 2.2 million homeowners have saved an average of $120 a month on their payment. a 10.5% reduction from their previous mortgage payment.

Refinance activity will result in $2.3 BILLION in mortgage payment savings for borrowers who refinanced in the first half of 2009. Over the next five years those savings for 2009 will grow to $11.5 BILLION! That is not chump change! Those are real savings.

Also, now homeowners do not need to look just to their existing lender/servicer for refinance options. Since Oct. 1, 2009, homeowners got the option to shop around and refinance through any Fannie or Freddie lender. This is exciting news!

In addition to lowering your monthly payment, a refinanced mortgage can move you to a fixed or adjustable rate, shorten the term of your home loan, or let you tap home equity – with a lender’s approval. However, note that mortgage modifications and refinances can take some time – so start the process early!

Also, right now, rates are stable and LOW! Hovering around the 5% mark – Having low rates means that now is the best chance to buy a home before rates rise and prices go up again! Now could be the best chance to take advantage of the market as the recovery continues! Remember our article: THOSE LOOKING FOR HOME LOANS GET CREATIVE – Makes a great read!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Malibu City Council was informed this week that it is time for Malibu’s General Plan Housing Element to be updated and the document reviewed for state certification.

The state of California requires that the city update its housing element document every eight years. However, when the process is set in motion the subject of affordable housing always comes up.

Based on the current numbers the city must  accommodate 115 very low housing units, 73 low, 79 moderate and 174 above moderate income households through June 30, 2014.

However, that does not mean that the city has to built properties to meet the requirement in haste, but does have to show that it has created the zoning to accomodate the numbers.

The updated element must be certified by the state’s Housing Community Development agency. HCD reviews the update, makes comments and determines if it is consistent with state laws and accommodates the targeted number of units which total 441. Malibu’s Housing Element was adopted as part of the city’s General Plan in 1995 and has been amended twice and has not been certified by HCD or comprehensively updated since its adoption.

We will report back with any further updates

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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STOP THE PRESS!

News in from the Malibu Times - 

Home prices in Malibu have fallen 33%. With the median price at over $3 million, for 2009 it fell from $3.325 million to $2.225 million. This presents a great opportunity for those who have been considering buying a home in Malibu for years.

The media have put a negative spin on this news, which happens to be very, very exciting indeed!

The median price for Malibu in 2009 remained at just less of $2.5 million which is just above 2004. With 104 sales in the 90625 ZIP code there were fewer sales than previous years. However it must be remembered that the Malibu market is unlike most markets in the US. It is desirable and is filled with high end properties which take longer to sell than your average cookie cutter home. This is reflected in the news that there were nine deluxe homes of more than $10 million which found buyers, whereas in 2007 there were 25 such sales!

Sales volume last year was just less than $400 million and about $1.5 billion in unsold listings. Buyers have plenty to choose from among increasingly competitive sellers who are motivated and very low interest rates.

The average sale price was also lower – iIn 2008, 117 sales for $574,790,000 made for an average of $4.9 million per sale; last year, 104 sales for $384,739,000 put the average at $3.7 million per sale.

As the Malibu Times article states; the increase in sales activites in the nation and surrounding are will effect Malibu and those great priced properties will be snapped up. For buyers who missed out in 2002 and 2003, before rapid appreciation raged throughout the market place, the values of those years are now available!

So do not delay – now is the time to buy in Malibu!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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This great video from the Official Guide to Los Angeles’ YouTube channel – “yourlosangeles” shows some awesome shots of driving through Malibu, as the guide makes his way to Malibu’s wine country!

He visits Malibu Family Wines who claim to offer “Southern California in a bottle” – the vinters own a 1,000 acre ranch and create a fantastic bottle of wine. – Malibu Family Wines are located at 32111 Mulholland Hwy, Malibu, CA 90265.

Not located in beautiful Malibu? Well, you can order their wine online!

Or, of course consider relocating to the city? After all, who would not want to live in Malibu, with its beautiful ocean, the Santa Monica mountains, stunning properties as well as that great climate.

So next time you are sitting back enjoying a glass of wine from Malibu, think about relocating to one of the most beautiful locations in the world.

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Mortgage rates are low and applications and prices are up! – More excitingly here in the Southern California Mortgage Market is the great news that the number of Mortgage Defaults in California has dropped 24.3% over the last quarter!

The number of homes which enter the first state of foreclosure (defaulting on their mortgage) fell in the forth quarter. In 2009, 190,360 California homes were lost to foreclosure, down 19.42% from 2008, when foreclosures topped 236,000.  The decline in the default number is significant because any new wave of foreclosures, which could swamp the housing market’s recovery, would be preceded by a surge in defaults.The Obama administration’s $75-billion program to help troubled borrowers hold on to their homes appears to be keeping more California families out of foreclosure as thousands of California borrowers have had their mortgages modified through the “Making Home Affordable” program.

However there is a concern about those homeowners who are “underwater” – that is, owe more on their home than it is worth.Banks have been negotiating with distressed borrowers to keep them in their homes and increasingly turning to “short sales”.

Watch this space over the next few months and we will report back on what is occurring!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Judy Kunisaki – CA DRE license 00963582

New FEMA Flood Maps may not sound the most exciting news story – however they are of utmost importance to all areas of real estate.

Yes the climate here in Malibu and southern California itself does not usually lend itself to flooding, the federal government is now requiring tens of thousands of residential and commercial property owners in the region to purchase flood insurance due to new maps that claim they are located in high-risk flood zones.

The new flood maps are part of a nationwide initiative started by the Federal Emergency Management Agency seven years ago to pinpoint lands likely to flood in a “100 Year Storm” which has a 1% chance of occuring each year. In developing the maps, FEMA conducts a Flood Insurance Study to calculate a community?s flood risk, the agency states on its Web site. The study includes statistical data for river flow, storm tides, hydrologic and hydraulic analyses, and rainfall and topographic surveys.

The revised Flood Maps have largely missed Maliubu – which is good news for Homeowners and those looking to relocate here as Flood Insurance can be expensive. According to FEMA on its website, it says that the West Coast rainy season usually lasts from November to April and it is during this time that flooding is a concern. Particularly with wildfires which plague the region.

All flood-risk maps that indicate whether a property is located in a high-risk flood zone are available online at www.fema.gov or www.floodsmart.gov – Check your home today!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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HAPPY NEW YEAR 2010! (Well…almost!)

New Years eve is here!

The time of “new years” celebrations are a time for reflection on the past year as well as planning for 2010. 2009 is nearly over and what a year it has been for Malibu, for the state of California and for the nation!

For the real estate market it looks like 2010 is going to be a great year, with prices trending upwards for the area (which is great news!) and mortgage rates remaining low.

However, that aside, whatever you are doing for this new years eve we hope that you are with family, friends and are safe and happy.

Here at the Judy Kunisaki Malibu Real Estate team we wish you a very happy new year and look forward to working with you on your real estate needs in 2010.

See you next year!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Judy Kunisaki – CA DRE license 00963582