Things are certainly heating up in Real Estate right now, which is very, very exciting!

The National Association of Realtors has the latest on Pending Home Sales, the news is again, fantastic! – The latest figures are the ninth consecutive month for a rise in the number of pending home sales in the pending home sales index for the nation! The first since 2001 when the index was created. For October 2009 the index increased 3.7% to 114.1 from 110.0 in September, and is 31.8% above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR’s Cheif Economist, says that he expects home sales to be 5.5 – 6 million this year. Here in the West the index is 21.9% above October 2008. 

Yun did warn that there may be a slight slow down in sales as the pend up demand released by the First Time Buyer Tax Credit eases. However, despite skepticism by some, it is clear that we have reached a turning point. Particularly with the recent news that there have been 97 home sales in Malibu during the past 12 months, with a median sales price of around $2 million.

Overall this increase in pending homesales again is fantastic news! Falling inventory as well as low mortgage rates offer a great opportunity for buyers. Also, as we mentioned before, home prices in the area are relatively stable!

With mortgages in mind, the National Association of Realtors has recently said how the Federal Housing Administration mortgage insurance program is a critical part of the American housing fabric and has never been more important than it is in today’s market. So far in 2009, nearly 80 percent of all FHA insured purchasers are first-time homebuyers. The First Time Homebuyer Tax Credit has of course helped boost home sales in the region, particularly as it is estimated that there are now 3 million renters nationwide who would qualify to purchase a new home – so what more can you say? Now is the time to get off the fence!

In Malibu in the luxury market homes are still selling with foreign buyers wanting that beautiful trophy home! In short – now is the time to act if you want a home in Malibu for the new 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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We have all heard the press shouting about how housing affordability has improved, well, here in California the news is great. The California Association of Realtors has exciting news to report. Their First-time Buyer Housing Affordability Index stood at 64 percent in the third quarter of 2009 compared with 55 percent (revised) in the third quarter of 2008.

The minimum household income needed to purchase an entry-level home at $247,150 in California in the third quarter of 2009 was $43,500, based on an adjustable interest rate of 4.79 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,450 for the third quarter of 2009. This is fantastic news!

The income level figures are even more interesting. At $43,500, the minimum qualifying income was 19 percent lower than a year earlier when households needed $53,700 to qualify for a loan on an entry-level home.

However, despite this great news, things really are on the turn: The First-time Buyer Housing Affordability Index declined 3 percentage points in the third quarter of this year compared with the second quarter of 2009, due to a 10.2 percent increase in the price of an entry-level home. (See our article about PRICES RISING IN THE AREA!)

This means that now really is the last chance to take advantage and snap up a great home at a bargain price in Southern California. Here in Malibu the market has not been this good for buyers in years!

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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There is plenty of information about the new $6,500 tax credit for homebuyers circling the media and internet, despite that many potential buyers are still in the dark and unsure about eligibility and how to qualify for the credit.

Businessweek has decided to write an informed article on the subject which gives more detail on the specifics of the bill.

They say, in order to qualify for the $6,500 credit YOU MUST close by June 30th 2010 – and have the contract signed by April 30th 2010. The purchase price for eligible homes (The credit applies to 1-4 unit homes,) is capped at less than $800,000, after your purchase you complete an IRS form and mail it to the IRS and they will send you a check for your credit.

The credit is for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years – previously those who were not first time homebuyers were not eligible for a credit. For single tax payers the income limit went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000.

This is great news for the housing market here in Malibu California and nationally. As there are many baby boomers who are looking to downsize their home and this credit would be a perfect vehicle to encourage them to do so. Remember to get advice from your tax professional!

We will keep you updates as more develops!

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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Fantastic news from NAR! The National Association of Realtors has released data showing that, nationally the number of pending home sales is up for the 8th month in a row – which is record breaking!

The Pending Home Sales Index, NAR’s forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

NAR’s Chief Economist Lawrence Yun said what everyone was thinking – that the increase is due to first time homebuyers coming to the market – thanks to the tax credit and the market conditions. With 3 million renters estimated to be eligible for buying a home it is a great time to buy!

Here out west the increase was great! The index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago. Also as we recently reported there has been noise about price rises!

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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BREAKING NEWS! JUST IN!

Reported today, the Senate has just voted to extend the soon to expire on November 30th $8,000 First Time Homebuyer Tax Credit.

This credit has been one of the reasons for the recent rise in home sales and in some areas home prices. It has been key to many of the recovery efforts by the government to boost the economy. This is not long after pressure by NAR to extend the credit!

In addition to extending the deadline for the credit to mid-2010, the Senate has also agreed to offer a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. The unofficial word on the conditions of the extension and new credit are that the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes.

We will watch this story closely as it continues…[See Marketwatch for more information]

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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THE LATEST NEWS IS GREAT!

The National Association of Realtors – they have released their monthly real estate sales data for the nation and for all regions. Figures are up!

Single-family home sales rose 9.4 percent and condominium sales jumped 9.7 percent. Overall, existing-home sales, including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007! For the west of the country, Existing-home sales surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago.

Also with this level of sales activity inventory has fallen, Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

Locally, the California Association of Realtors has released figures showing that the statewide median price of an existing single-family home increased 1.1% in September and that the level of home sales increased 0.6% from August and 2.1% from September 2008. Also, the median price of an existing, single-family detached home in California during September was $296,090, compared with the $292,960 median in August. This is fantastic news!

Naturally the first time homebuyer credit helped bolster these figures – there is still time to get a home and be eligible for the credit!

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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LATEST NEWS ON THE FIRST TIME HOMEBUYER TAX CREDIT FROM NAR:

The deadline is approaching, with just over 8 weeks to go on what has been a successful program it is no surprise that the National Association of Realtors is urging the government to keep the $8,000 First Time Homebuyer Tax Credit program going!

The tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to the National Association of Realtors. NAR has said that in every economic downturn in the past, the housing market has lead the way in stabilization for the economy

NAR are trying to get congress to extend the program a few months into 2010 or beyond to really help the housing market stabilize! As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing and go to closing all by November 30th. FHA, who have played a crucial role in helping first time homebuyers secure financing, are strengthening their financial position with tax payers money to ensure that its insurance remains in place therefore  it seems to make sense that congress could take advantage of the situation and extend the program to help the market in the longer term.

In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing. This means that if you are a first time homebuyer you need to act now to make sure you can get in for the credit! CONTACT US TODAY IF YOU NEED ASSISTANCE IN THE MALIBU OR SURROUNDING AREA!

Check back with us to see more as this develops.

f 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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The National Association of Realtors has released the Real Estate statistics for June 2009 this week.

The news is great. Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June.

Existing-home sales increased 3.6% to a seasonally adjusted annual rate of 4.89 million units in June. Total housing inventory at the end of June fell 0.7% to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, down from a 9.8-month supply in May. Although local inventory levels do vary. In the Existing home sales figures is condominium and co-op sales which on their own jumped 14.0% in June – this is great news!

However, despite all the positive data, distressed sales accounted for a whopping 31% of sales in June which does distort the figures somewhat downwards compared to the traditional sales.

More interestingly, first-time buyers accounted for 29% of transactions – this is likely due to the first time homebuyer tax credit. Also the number of buyers looking at homes is up around 12% over June 2008.

Here in the West existing-home sales improved by 6.4% to an annual rate of 1.16 million in June, and are 11.5% higher than June 2008.

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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Some exciting news for us all has just been issued today from the National Association of Realtors!

Much has been talked about in the last few years about going green as we have been discussing on this blog. Including the latest idea from Malibu City Council who have proposed a Green Building Ordinance for the city.

Everyone these days is jumping on the green bandwagon and wanting to know how they can do their bit as part of the green revolution as well as information on national incentives to help you become more energy efficient. Even Celebrities have got in on the action!

Private homes in Malibu of course are a prime target by environmentalists who want homeowners to do their bit, however in this instance with a commercial building, the National Association of Realtor’s is leading the way in DC!

The NAR office building on Capitol Hill (see picture above left) was the first newly constructed (in 2004), green certified building in the District of Columbia, demonstrating NAR’s commitment to environmentally sustainable real estate development.

Not only is the building aesthetically pleasing, it is certified for Leadership in Energy and Environmental Design and was awarded the Silver rating by the U.S. Green Building Council when the building opened. NAR cleaned and developed an abandoned contaminated site as the home of its D.C. headquarters. 50% of the building’s energy comes from renewable resources, and 30% less water is used compared to other buildings of similar size. (Water conservation is something which in Malibu is always making the headlines)

In testifying before a House Transportation and Infrastructure Subcommittee, NAR reiterated the significance of its green building and reinforced its support for energy efficiency tax credits as currently there is a growing trend towards greener construction and green homes are in demand as consumers are watching their energy costs and wanting to care more for their environment. Buyers are also realizing that when it comes to selling their home if they have an energy efficient home with lower than average utility bills it may help them sell their home faster.

So join in the revolution and go green in your home!

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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The National Association of Realtors have released more exciting news from their national real estate statistics department – the results for May 2009 are in!

Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions (including low rates!) and a first-time buyer tax credit. The increase was the first back-to-back monthly gain since September 2005. Existing-home sales – including single-family, townhomes, condominiums etc. – rose 2.4% to a seasonally adjusted annual rate of 4.77 million units last month. Single-family home sales alone (which make up a large bulk of sales) rose 1.9% to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April.

Total housing inventory at the end of May fell 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.

Here in the western side of the country, existing-home sales are 11.8 percent higher than May 2008 - definitely exciting news!

That said, there is a small issue addressed by Lawrence Yun “However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”

According to Freddie Mac (FHLMC), the national average rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86% in May from a record low 4.81% in April. However compared to last year these rates are around 2% lower!

So there you have it, more news that the market is definitely on the turn around here in Southern California.

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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