Westlake Village Real Estate Blog » Oak Park CA real estate

Market Spin: March 2012

Sher Hann — Wed, 04 Apr 2012 17:18:27 +0000

My grandmother used to say, “We are running around like chickens with our heads cut off!” That’s the way it’s beginning to feel out here in the trenches of Conejo Valley real estate. The supply of homes on the market is down 28% from last year, and sales are running strong. So far, the number of closed sales is trending about 7% higher than last year, but I expect this number to grow, because the number of pending sales is up dramatically.

There are winners and losers in every market. For the past few years we considered the losers to be, sadly, those who lost their homes to short-sales and foreclosures. Now, with a growing number of buyers chasing a dwindling supply of homes, and with multiple offers commonplace, the losers are those buyers who are losing to higher offers or to offers with more cash behind them.

If you would like an estimate of your home’s value, please contact me. Likewise, if you have considered selling a home, call me! We need you now! For those sitting on the fence, remember the words of business guru Peter Drucker: “People who don’t take chances generally make about two big mistakes a year. People who do take chances generally make about two big mistakes a year.”

Market Spin – Febraury 2012

Sher Hann — Thu, 01 Mar 2012 23:30:01 +0000

Reason to cheer? Perhaps! For the Conejo Valley, the February 2012 supply of homes and the number of homes entering escrow set encouraging benchmarks. At day’s end on February 29, there were only 580 active listings, fewer than at the end of 2011 (see last month’s spin). In fact, we’ve not seen such low inventory since the first half of 2005 and then again in the last quarter of 2009 and early 2010.

Meanwhile the number of opened escrows – a leading indicator – hit 300, a number not repeated since 2005. For the past year we’ve dealt with a low supply of homes throughout the Conejo Valley, but demand has been light.

Tune in to next month’s “Spin” to see if this good news bodes a positive trend!

Market Spin: So How’s the Market?

Sher Hann — Wed, 08 Feb 2012 22:56:58 +0000

With all the numbers that are bandied about as indicators of the health of the housing market, it’s hard to sort out what is really happening in our own backyard. In a nutshell for the Conejo Valley, the number of homes on the market, the number of homes sold and the average and median prices are all down from 2010 – but not dramatically lower. For single-family homes, the number of sales dropped almost 11%, while the average sales price fell 6%. For condos and townhomes, the drop in sales was close to 13%, with prices down about 6%.

As we look forward, is there any reason for optimism? The answer appears to be “yes,” with a drawl. To quote national real estate sales coach Tom Ferry, those people in the market to buy a home who don’t do so in the first half of 2012 will be sorry five years from now. He does not predict a huge leap in prices but rather a gradual uptick.

His assessment coincides with my perception of what’s happening in our local area. At the end of January, the supply of homes for sale was down almost 20% from January 2011, and closed sales were up 20%. Tales of homes selling with multiple offers abound, and almost daily I get an email from an agent in my company who needs a particular property for a buyer and can’t find it in current inventory. Eventually the law of supply and demand should kick in and nudge prices upward. And although worries persist about the shadow inventory, most short sales and REOs (bank-owned properties) are selling at market value when their condition is taken into account.

As for my personal barometer, I am no longer getting coupons in the LA Times for the Macaroni Grill and CPK. Surely that is cause for optimism in the long run!

If you would like a market update for your neighborhood, please call or reply to this email. I am always happy to give you an update, be it for refinancing or simply a need to know.

Can You Refinance If You Are “Upside Down”?

Sher Hann — Sat, 23 Jul 2011 03:11:42 +0000

Many people think that if their mortgage balance equals or exceeds the market value of their home, they cannot get new financing. Actually, they may be wrong. If your loan is owned by one of the three big government entities – FHA, Fannie Mae or Freddie Mac – you might be eligible for a “streamline refi.” (Remember: these programs do not hold loans that are higher than $417,000 or $729,750, depending on when you got your loan.)

Questions to ask yourself: First of all, are you a mortgage holder in good standing? If you have never missed a payment, have excellent credit and the underlying owner of your loan is one of these government programs, you may be in good shape. If you have one of these loans plus a second trust deed, the task may be tougher or impossible.

What to do: Call your loan servicer – the company you make your payments to – and ask if Fannie, Freddie or FHA holds your loan. If so, ask to speak with the department that could discuss refinancing.

Next, ask if FHA, Fannie or Freddie is the underlying owner of your loan. You have a legal right to know this. If the answer is yes, discuss refinancing the loan. You cannot “shop’ the loan between servicers (again, the name of the company on the mortgage statement) but you may be able to do a streamline refinance without an appraisal.

What NOT to do: Do NOT ask for a loan modification if you want to find out about refinancing. These two departments don’t know what the other is doing, and the “loan mod” folks have no incentive to forward your inquiry. (In fact, they have very little incentive to process your loan modification, which explains why only some 1,350,000 loan modifications had been approved by March of last year.)

Botton line: A streamline refi is worth a try if you meet the basic criteria.

Headline Spotting

Sher Hann — Wed, 16 Feb 2011 03:48:50 +0000

If you want to follow the trends, just follow the headlines. In the past two weeks we have seen headlines pointing to a more positive real estate market. From the Huffington Post and other news outlets, 30-Year Mortgage Rates Top 5%. Why is this positive? As interest rates creep up, sooner or later home buyers begin to notice. The sentiment that there is no hurry, that an even better deal will be there tomorrow, begins to slip away. As this article points out, if interest rates rise from 5% to 6% and the price of a home drops from $500,000 to $450,000, the actual cost of the home over 30 years will be $90,000 higher.

From the LA Times, California Luxury Home Sales Jump 21% (even the wealthy like a bargain). And the Wall Street Journal, Cash Buyers Lift Housing, cites data from the National Associations of Realtors indicating 28% of home sales last year were all-cash deals – double the rate in 2008.

Finally, from the LA Times again, Now May Be the Time to Buy a Home. Says the usually pessimistic economist Christopher Thornberg, principal with Beacon Economics in Los Angeles, “Certainly, we’re pretty sure we’re at the bottom” for home prices, as quoted in the luxury home sales article.

What does it all mean? If you are a home buyer, it may be time to step up to the plate. Stories of homes selling in multiple offers are not uncommon. This means you could soon find yourself paying both a higher interest rate for your mortgage and a higher price for your home.

If you are a seller who is buying up, now may be the time to pick up that dream home. And if you are selling because of a personal or financial situation, don’t wait for prices to rise dramatically unless you have a lot of time. During the 1990s, in the LA area,it took 9.5 years for home prices to regain their 1990 peak.

New Video on Westlake Village and Beyond

Sher Hann — Fri, 16 Jul 2010 22:42:58 +0000

Welcome to my blog: Westlake Village Real Estate Blog: Real Estate, Life and Times in Westlake Village and Beyond! Here you will find snippets and tidbits about everything from the local real estate market and home loans to happenings and openings around our town.

If you know of anyone you could benefit from what’s here, please share it, become a follower on Facebook and/or subscribe to my RSS feed. If you have friends or employees who are relocating or thinking about a move, please pass on the information.

Now, enjoy this short YouTube video about Westlake Village and beyond!

Oak Park Market Stats

Sher Hann — Thu, 20 May 2010 23:54:09 +0000

If you would like to receive reports for your area on a regular basis, please send me your e-mail address and geographic area of interest. This information is part of a bi-weekly report offered through Ewing and Associates Sotheby’s International Realty.

Broker Tour Pick – Oak Park

Sher Hann — Fri, 12 Mar 2010 23:38:06 +0000

6821 Pala Mesa Dr., Oak Park

This charming Country Meadows home is surrounded by open space; the view from the back is especially nice. There are three bedrooms and a loft in three stories. amenities include a fireplace, vaulted ceilings, and a kitchen with granite countertops and splash and new stainless-steel appliances. Outside there is a large patio area and a private rear yard. The HOA also includes sewer, front yard maintence and insurance on common areas, including pools. The school district is Oak Park. Listed by Alex Gandel of Troop Real Estate. $600,000

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