The figures for February 2010 are in from the National Association of Realtors

The news for the nation is that of slowed growth and steady home sales. Naturally the weather in certain areas did delay some things and result in lower than expected figures.

However for California and the western part of the country there are some interesting figures.  Existing home sales in the West are 3.4 percent higher than February 2009 and

Single family home sales were 4.3% higher than the previous February, while the big news is for Condo sales – they were up 30.3% higher than February 2009! In California a lack of affordable housing inventory is holding back sales and pressuring prices to be bid upwards in many California markets - THIS IS VERY EXCITING NEWS!

The composition of the national figures is also interesting – with distressed homes, generally sold at a good discount, accounted for 35% of sales. First time homebuyers purchased 42% of homes in February, which was up from January’s 40%. With the level of investors purchasing also increasing – up to 19% from 17% in January – this shows investors are putting their trust back into the market.

Chief Economist for the National Association of Realtors, Lawrence Yun says that sales have been higher than a year ago with steady increases in sales over the last 8 months. Prices are firmer than before. What will be interesting across the nation as well as here in Malibu California is the next couple of months with the looming tax credit deadlines.

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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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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Malibu and the surrounding southern Californian region has been boosted these last few months by an increase in home sales and in some areas, home prices!

This week the National Association of Realtors has released yet more information about home sales and inventory levels nationwide and regionally.

Locally, the western region of the country had exciting news. Sales increased 1.6% to an annual rate of 1.31 million in October and are 12.0% above a year ago. The median price in the West was $220,200

Nationally, sales of single-family, townhomes and condominiums jumped 10.1% to a seasonally adjusted annual rate of 6.10 million units in October, a massive increase of 23.5% above October 2008 and the highest sales activity since February 2007! This increase has lead to a decline in inventory, which fell at the end of October by 3.7% to 3.57 million existing homes available for sale, which represents a 7 month supply at the current sales pace, with unsold inventory totals that are 14.9% below a year ago.

First time home buyers are partly responsible for the level of home sales that has increased, however they have also benefited from low mortgage rates that have not been seen for 30 years or so. Now that the tax credit has been extended and expanded, potential buyers have until April 30th 2010 to have a contract in place – this will allow the demand for housing to continue.

Now is the time to buy! All these great real estate deals in Malibu will not last!

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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NAR (the National Association of Realtors) has asked Congress for the $8,000 First Time Homebuyer Tax Credit program, which ends on November 30th to be extended until 2010 and that the new FHA Loan Limits to remain in place for a while longer.

Both of these programs are key to the housing markets recovery they say. Current FHA loan limits are as high as $729,750 in high cost areas, and are set to expire at the end of the year and revert to lower amounts.  After all, FHA backed loans are forming the backbone of the lending market at the moment.

According to NAR: “Making the current FHA loan limits permanent would ensure liquidity in the housing market and make mortgages more affordable for qualified buyers at a time when the market is showing signs of a fragile recovery…”

Also, in terms of the $8,000 Tax Credit, which the National Association of Realtors believes should be continued into next year they say, that every home purchase pumps into the recovering economy about $63,000 – the equivalent, they say of adding one new job to the employment figures. They also say that “the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices.” 

This debate aside, Contact us today for help in buying a home in the area to take advantage of the programs while they are still around!

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 (NAR) is full of great information at the moment about the ever growing and changing Real Estate market! Although custodians of the national data, they do of course release information relevant to local real estate markets.

They have just released their monthly pending home sales data and the news is excellent all round.

The Pending Home Sales Index has risen for the fifth consecutive month – the first time in six years since it has done that!

The index rose nationally 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was back in July 2003.

Locally here in the West of the nation the index rose 2.9 percent to 100.4 – here in Malibu there has been a marked increase in activity.

With affordability being great at the moment, it is important to keep an eye on NAR’s Housing Affordability Index as an indicator of what the market is doing. They have just released the latest for the index and it stood at 159.2 in June, down from record peaks in recent months but it remains 36.6% points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. Now is definitely the time to buy, despite lending being tight!

Here is a video from NAR on the latest data:

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 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 is asking lawmakers to help improve energy efficiency in homes by offering incentives to homeowners.

We have already spoken how going green not only helps conserve resources and save the planet, but also how it can aid you in the sale of your home!

However in the long term there is a natural trend towards conservation, recycling and renewable resources. Enticing homeowners to improve their energy efficiency is no easy task!

NAR has expressed support for the approach and overarching goals behind the Green Resources for Energy Efficient Neighborhoods (GREEN) Act, H.R. 2336. The National Association of Realtors believes that improving the energy efficiency of the nation’s homes and buildings can be best accomplished with incentives and education. (CAR – The California Association of Realtors already has its own informative “Green” website)

H.R. 2336 would establish incentives to encourage energy efficient building, rehabilitation and upgrades. In addition, the bill provides a loan fund for states to implement renewable energy projects and would encourage a number of U.S. Department of Housing and Urban Development (HUD) demonstration and pilot programs that would provide best practices and great experiences for promoting energy efficiency in housing.

Developers have started to building green homes (See our blog post on Pacific Palisades) and Americans as a whole are learning ways to decrease energy usage whilst not compromising lifestyle. Like Cindy Crawford did in her home!

Watch this space for more information on this bill. Click here to read more about the local Malibu Green Building ordinance being enacted by the Malibu City Council!

Turn your energy efficient efforts into not just an environment saving project but a selling feature!

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 time has come! The National Association of Realtors’ has announced that they have seen more and more buyers returning to the housing market to take advantage of the great selection of inventory available at record prices. “There has never been a better time to buy…Housing affordability is at an all-time high, mortgage rates are historically low, and interest rates are the lowest they’ve been since the days of Eisenhower” said NAR Chief Economist Lawrence Yun.

Historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased home sales in many areas of the country. In California for instance home sales are rising much faster than anticipated; some areas in the state are seeing a 70 to 80 percent increase in sales.

This could in part be attributed, not just to market conditions, but due to the that the Federal Housing Administration permitting its lenders to allow qualified home buyers to use the $8,000 tax credit as a downpayment as opposed to having them wait for the check to come from the IRS. In fact, many first-time buyers are attracted to deeply discounted and distressed home prices. Nationally, about 50% of all recent transactions have been distressed sales. 15-20% have been short sales and 30-35% have been foreclosures.

Lawrence Yun went on to comment that his projection for the real estate market was the following:

“home sales will be 10 to 20 percent higher the second half of this year than last year and we will come out of this recession in 2010.”

Being the leading Real Estate company in Malibu, rest assured that we will keep you informed through our blog. Subscribe to our blog using our RSS feed. (Click here!)

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.