What Does the NAR Settlement Mean for Homebuyers Starting August 17th?

Back in September, 2024, the Governor signed a bill which would prohibit a foreclosure sale for another 45 days after a listing agreement is signed, and also prohibit a foreclosure for another 45 days after a purchase agreement with a buyer is executed. This is stating the issue simply, and as stated already, certain other guidelines must be followed. Several things must be done by the mortgage servicer, including:

View towards San Pedro One of my most popular posts was on the cost of waiting to buy, posted several years ago. And it's still an important reason to make a move -- Renting vs. Buying. Waiting for better interest rates can result in long term higher costs. Renting has zero equity growth and offers no tax benefits of homeownership.It's important to watch the shifts in the local market, and stay ahead of the changes, not behind them where you're playing catch-up.There's been talk of when the interest rates will drop -- but look at the local market--in spite of interest rates dropping and then rising again, the local single family market and condo market has still risen when comparing October 2023 to October 2024.  The demand is still strong, and that's helping the overall upward surge in prices. Here's a scenario from my post back in 2009, you can substitute in current asking prices and slightly higher interest rate, but the point is still the same:Let's make an assumption that the prices may still decline 5% more before they start appreciating again. If while a buyer was waiting for the price on a $250,000 to go down 5% to $237,500, and the interest rate goes up one percent from 5.25% to 6.25%, which is entirely possible, the buyer's monthly payments will increase almost $79 per month. If you're a first time buyer (meaning you haven't owned property in the last years), look into the buyer programs offered through various banks.If you're holding back because you think interest rates will drop again, or again, just think about how you could be gaining equity, and saving on  tax deductions.  Not every home that's come on the market is selling, and reasons vary, but think again about your goals towards homeownership. Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Long Beach Sales October 2024 In October, the average sales price of a single family increased by 1.1% since one year ago, to $1,089,651.The median SFR price for October was $940,000, an increase of 4.2% from one year ago.For condos, both the median and average prices also increased, by 1.5% and 1.6% respectively, $559,000 and $619,000 respectively.  The inventory of homes for sale increased also, an encouraging sign for buyers, by 3.1%, but at a total of 270 homes for the entire city, that's not such a very large number compared to other cities in some states. Note the small print at the bottom, that the sales price showing does not account for down payment assistance or seller concessions.  Many people may not know this, but seller concessions, i.e., repairs, seller contribution to buyer costs, are noted in the MLS separately when the property closes.  So an appraiser notes these concessions and subtracts that figure for the net amount of the sale price of the property.  And, broker compensation has always been calculated into final sales figures, so knowing that amount is of significance to all parties as well.In the coming 2025 year, increased inventory, lower interest rates and a strong economy will create a more viable real estate market.  Supply and demand are always the key driving factors, so greater supply helps both buyers and sellers.If you would like to know your home value, even if you're not sure about selling, but perhaps for insurance purposes, or any other reason, just  contact me or use the property search on my website to review the market in your area.  Go to https://www.abodes.realestate/mls-property-searchJulia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

 Seller Guide GraphicSeptember 2024 sales data in Long Beach California shows a climbing 3 year price trend using price per square foot for single family homes, an increasing number of days on the market and more homes selling under list price as over list price. Properties on the market longer than 5 weeks amounted to 65% of the listings. Price per square foot is more commonly used in commercial listings, but here it's an additional way of showing the overall price increase in single family homes.The average price of a single family home in Long Beach in September was $1,105,665 the condo average was $571,828.Yes, there are homes lower than $1,000,000, and it's even possible to use FHA financing (3.5% down payment) in the higher brackets. Please contact me if you are interested in finding out more! Or go to my website below to use the property search which has the latest information from the MLS. Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996