VENICE REAL ESTATE MARKET UPDATE APRIL VENICE SALES ... See below for a list of all of the properties sold in Venice during April 2012 and the charts showing the comparisons.
Sales are for all of Venice and do not necessarily represent sales of CJ & Jay Cole. Information is compiled from DataQuick and the MLS/CLAW. Sources are deemed reliable; however, no representation of any kind is made as to its accuracy. VIEW THE VENICE PROPERTY SALES FOR THE PAST 13 YEARS SINGLE FAMILY SALES COMPARED WITH LAST MONTH AND A YEAR AGO ...
APRIL STATS SHOW SIGNIFICANT INCREASES ... After a disappointing March, April saw increases across the board, compared with both last month and April last year. Nineteen Venice single family homes sold in April, an increase of 138% over last month and 38% over the number sold in April last year. Home prices averaged $1,195,921, up 25% from March and 31% over a year ago. Price per square foot also increased significantly. CURRENT INVENTORY AS COMPARED WITH THE PROPERTIES IN ESCROW AND SOLD IN APRIL ...
SALES STATS FOR THE LAST YEAR COMPARED BY MONTH ...
VIEW MORE STATS & GRAPHS ON OUR FACEBOOK PAGE WHEN TO REFINANCE AGAIN ... Those who refinanced their mortgages a year or so ago, when interest rates averaged just below 5 percent for a 30-year fixed-rate loan, may be wondering whether it’s time to refinance yet again now that rates are at least a full percentage point lower. As of Thursday, according to Freddie Mac’s weekly survey, the average rate on a 30-year loan was 3.83 percent, down from 4.63 percent a year ago, setting a record low. According to financial planners, homeowners considering refinancing first should delve into their financial goals, specifically the length of time they plan to live in the home. Some homeowners decide it makes more sense to stay with their current mortgage, especially if the savings are small or they plan to move within a year or two. According to one financial planner, when homeowners refinance, they’re not building equity; they’re starting at the beginning of the amortization tables. Amortization schedules work like this: In the first few years, almost all of the payment goes toward interest, so the longer the homeowner has the loan, the more is put toward the principal. Those who refinanced in the last year or two don’t have to consider amortization tables, but they do need to know their equity position – and when refinancing would begin to pay off. To calculate that, start with a rundown of all the closing costs, then divide the closing costs by the amount expected to be saved on each monthly payment. Depending on the lender, most homeowners likely need to have at least 20 percent equity, and maybe a little more, if they want to wrap closing costs into the new mortgage. CONSUMER ATTITUDES CONTINUE POSITIVE INCREMENTAL TREND ... Despite slow job growth, Americans’ attitudes about homeownership, the economy, and personal finances continue to move incrementally in a positive direction, according to results from Fannie Mae’s April 2012 National Housing Survey. The continued stabilization of consumer attitudes coupled with growth in areas such as home price expectations, whether it is a good time to sell one’s home, direction of the economy, and the percentage of Americans who saw an increase in their personal income indicate an alignment of factors that may influence Americans’ decision making about purchasing a home. On average, Americans expect home prices to increase 1.3 percent over the next 12 months (the highest value yet recorded), while the percentage of Americans who say it is a good time to sell their home continued to rise to 15 percent in April (up from low, flat levels during 2011). In turn, confidence in the economy’s direction rose to a survey all-time high in April (hitting 37 percent, an increase of 2 percentage points from last month). Another positive trend is the increased share of those who reported their income as “significantly higher” from twelve months ago, which is now at the highest level recorded over the past year and 7 percentage points higher than those who reported income as “significantly lower” (the largest difference between the two since the survey began). HOME SELLER PITFALLS TO AVOID ... Six years after the market peaked in 2006 and prices started to decline, many sellers are still in denial about the current market value of their homes. It's difficult for most sellers to accept the reality of today's home-sale market, whether they bought at or near the peak and will lose money selling today, or bought decades ago but are still stuck at 2006 prices. One homeowner recently remarked that she was aware that home prices had dropped quite a bit over the last five years. But she felt that her home hadn't lost any value. It's hard for homeowners to divorce themselves emotionally from a home they've enjoyed. But this is what sellers need to do so that they can make rational decisions about a list price that will actually result in a sale. This decision should be based on listings that have sold in your area that could be considered somewhat comparable to your home. Some sellers go to open houses to evaluate the competition. If you're still emotionally wrapped up in your home, the exercise can be futile. You return home feeling that the other homes aren't as good as yours. Put yourself in the buyers' shoes. This is easier for sellers who are also buying in this market. They know what it's like to want to make sure they're getting a good deal. Your house needs to be listed at a price that is enticing to buyers because it represents a good value. In most areas, buyers are buying in a market knowing that prices may continue to decline before the market fully recovers. HOUSE HUNTING TIP: Be wary of real estate agents who tell you that your home will sell for a higher-than-supportable price just to get the listing. Then they work on you over time until you reduce the price to market value. Agents refer to this as buying a listing. It's hard to resist the temptation of trying for a higher price than the comparable sales indicate. However, you won't be happy if your home is on the market for months with no activity, and each time you drop the price it feels like too little too late. You can end up selling for less later if home prices in your area are still declining. Refinance appraisals are notoriously inaccurate in terms of market value -- either too high or too low. An appraiser is attempting to gauge what price a buyer would pay when there isn't a ratified contract that states what a buyer will pay. A high refinance appraisal can leave the seller with a false expectation. Listing your home based on what you want or need to net from the sale won't motivate buyers to pay more. Buyers pay market value. They're won't overpay in today's market. Find out what buyers are looking for in your area and see how your home matches up to their expectations. Generally, today's buyers are looking for a home that is well-located, in good condition and is priced right for the market. If your home needs a lot of work compared with the competition, you'll either need to have work done before selling, or discount your price accordingly. Walkable neighborhoods are highly desirable in some areas. If your home doesn't offer this amenity, you may have to make a price accommodation. THE CLOSING: For best results, be realistic about the current market value of your home and what preparation it needs in order to sell successfully in today's market. THIS ARTICLE IS COURTESY OF DIAN HYMER, a real estate broker with more than 30 years' experience and a nationally syndicated real estate columnist. LISTED AND LEASED THE FIRST WEEK ...
40 23rd Avenue . Venice CHEERFUL BEACH BUNGALOW ... Nestled on a charming walk street 1/2 block to the beach, this cheerful two bedroom, one bath beach cottage is a perfect hide-away from the urban lifestyle. Throughout, the original wood trim and floors are beautifully refinished. Open living areas afford a spacious feel while still being cozy ... French doors open to the peaceful garden. The family kitchen has stainless appliances and a breakfast nook. Recently remodeled, the bath features a claw foot tub, sit-in shower and beautiful built-in cabinetry. The home has central heat and each room has a fan lamp to circulate the wonderful beach air. Enclosed with high fences for privacy and security, the outdoor spaces include a large grassy yard below the front porch and a shared rear patio. Included is garage parking for two cars and an equipped laundry room.
In one of LA's most sought-after neighborhoods ... the Venice Canals ... this peaceful waterfront retreat is just 2-3 blocks to all the action on Abbot Kinney & Venice Beach + the weekly Farmer's Market! Beautifully updated, the open first floor spaces extend to an oversized sunny south-facing outdoor oasis ... a spacious deck with built-in BBQ, a delightful garden + a permitted boat dock ... an entertainer's dream! There are 3 bedrooms + 2 baths up and a media room/4th bedroom + bath down! What a Life!!! DOWNLOAD THE BROCHURE SHOWING FOR BACK-UP OFFER ...
217 Linnie Canal . Venice Canals In one of LA's most sought-after neighborhoods ... the Venice Canals ... this peaceful waterfront retreat is just 2-3 blocks to all the action on Abbot Kinney & Venice Beach + the weekly Farmer's Market! Beautifully updated, the open first floor spaces extend to an oversized sunny south-facing outdoor oasis ... a spacious deck with built-in BBQ, a delightful garden + a permitted boat dock ... an entertainer's dream! There are 3 bedrooms + 2 baths up and a media room/4th bedroom + bath down! What a Life!!! DOWNLOAD THE BROCHURE
We invite you to Become a Fan on Facebook. You will find timely Venice news ... what's happening in the community and with Venice real estate. Hope you "like" it and visit often. Thanks ... CJ & Jay. Our page is located at http://facebook.com/VeniceBeachLiving. FAST FACTS ... California median home price - March 2012: $291,080 (Source: CAR) California highest median home price by CAR region/county March 2012: San Mateo: $677,900 (Source: CAR) California lowest median home price by CAR region/county March 2012: Tehama $108,000 (Source: CAR) California Pending Home Sales Index - March 2012: 143.7, an increase from the revised 126.5 recorded in February. (Source: CAR) California Traditional Housing Affordability Index - Fourth quarter 2011: 55 percent (Source: CAR) Conforming mortgage rates - week ending 5/3/2012 Please keep us in mind when you have family, friends or associates who are Thanks ... CJ & Jay
CJ COLE, BROKER Phone: 310.823.3129 . 310.773.6945 |
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PS. I respect your privacy and if I have sent this to you in error, please accept my apologies and reply with "REMOVE" in the subject line for automatic exclusion from future communications. PSS. The information above is deemed reliable but not guaranteed. This is not intended as a solicitation if your property is currently listed. |
