Feb. 1, 2024

Pending Sales Rising Year-to-Year in January - Market Update for 2/2/2024

Urban condo with floor to ceiling windows and ocean view

Recent economic data demonstrates that the U.S. has consistently out-performed the more gloomy outlooks that called for slower growth in 2023. While a stronger economy has, thus far, meant upward pressure on mortgage rates, the average 30-year fixed-rate mortgage remains below 7% where it has been since early December. This has helped to thaw the housing market, which has seen pending sales rise for the first time since rates hit bottom in early 2021. However, as the rebound in housing demand has yet to be accompanied by an equal (or greater) supply response, the market in California is quickly becoming competitive once again as fewer sellers are reducing prices and the median price continues its upward trend that began last summer.

 

Mortgage Rates Are Still Below 7%: Despite a relatively upbeat GDP report last week that had the economy expanding at a 3.3% rate to close out 2023, mortgage rates remained below 7%--continuing the rally that began in December following the Federal Reserve’s latest meeting. Inflation continues to trend down and that has bolstered hopes that the Fed is through raising interest rates and will begin to make cuts to the Fed Funds Rate later this year. This should help to bolster home sales during the spring and summer months as gradually declining rates help to slowly alleviate the “lock-in” effect that many homeowners currently feel as a result of their historically low rate on their existing mortgage. Although many homeowners are below 3%, the ones with 5% rates or higher will begin to see the financial disincentive for moving dissipate as rates slowly creep downward.

 

Pending Sales Rising Year-to-Year in January: Although December marked a new low for existing single-family transactions for California, pending sales through the weekend ending January 28th show pending home sales rising on a year-to-year basis for the first time since the spring of 2021. The recent reprieve on 30-year fixed-rate mortgages from over 8% to consistently below 7% over the past month has helped to bring buyers back off of the sidelines. However, new listings remain relatively depressed and the market is becoming more competitive as demand outpaces the supply response to lower rates. The percentage of active listings that have reduced prices fell for the 8th week in a row last week and prices look to be on track for their 7th increase in a row when the January numbers become finalized next week.

 

Fewer Sellers Locked-In Below 5%: According to data from the National Mortgage Database, the percentage of Californians with an interest rate below 4% has shrunk for the 6th consecutive quarter after peaking during early 2022. As of the third quarter of 2023, there were 67.9% of the mortgages outstanding at or below 4%--down from nearly 72% 18 months prior. At the same time, the percentage of mortgages at a 5% interest rate or higher has climbed for the 6th quarter in a row. Despite the relatively low level of transactions, the sales closed during the past two years have helped to put a growing number homeowners in rates that are closer to current market rates and that should begin to help with housing inventory as we enter the spring homebuying season.     

 

New Home Sales Back Up: After dropping by 9% during November, new home sales bounced back and almost erased the previous month’s decline—rising by 8%. As existing housing stock remains very tight, home builders are taking advantage of the recent reduction in mortgage rates that has brought more buyers back to the market following a quiet holiday homebuying season. Unfortunately, new home sales in California are unlikely to be leading the charge as new single-family construction has been very depressed in recent years, but it is a hopeful sign that demand for housing persists, which will help to motivate more builders to take on new projects and add much-needed supply to housing stocks across the nation.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

Road in California

 

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As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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For Sale

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

 

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

In Escrow

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

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Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

 
Jan. 25, 2024

With Rates Declining To A 7-Month Low, Americans Are Feeling More Positive About The Market

contemporary living room with open concept view through to dining room kitchen and a marble fireplace with gas fire

The housing market had a tough year in 2023 as tight supply and high costs of borrowing continued to have a negative impact on supply and demand. Easing inflationary pressure and a soft economic outlook, however, suggest that there will be some interest rate cuts on the horizon in 2024, which bode well for a housing market recovery. With rates declining to a 7-month low, Americans are feeling more positive about the market, and we could begin to see some increase in market activity. Meanwhile, home prices should maintain their upward momentum as tight supply remains the norm and the market will likely observe a mid-single-digit year-over-year growth rate in the statewide median price in at least the early part of 2024.

 

California home sales remain stagnant at the end of 2023: California home sales in December remained near the 16-year low reached in November and continued to drop year-over-year for the 30th straight month. For the year as a whole, 2023 recorded an annual sales level of 257,630, a decline of 24.8% from the revised sales level of 342,530 reported in 2022. The annual sales decline in 2023 was the biggest drop in existing home sales in California since 2007. With rates moderated sharply at the end of 2023, home sales should see a bounce back in January and February, but the improvement will be mild in the next couple of months.

 

Tight supply continues to be the norm but market could see more inventory this spring: Active listings at the state level declined on a year-over year basis for nine straight months, and the decline for the current month remained above 10%. New active listings at the state level also dipped from a year ago for the 18th consecutive month but the annual decline remained below three percent for the second month in a row. Twenty-four of the fifty-one counties tracked by C.A.R., in fact, increased in new active listings from December 2022. With mortgage rates remaining well below the cyclical peak reached last October, the market will hopefully see more for-sale properties being listed in the first quarter of 2024. 

 

Housing starts dip from November but builder sentiment boost hopes for spring: The U.S. Census Bureau reported a seasonally adjusted annual rate of 1.46 million units of housing starts in December, a drop of 4.3% from November but an increase of 7.6% from 1.36 million in December 2022. Single-family starts dipped 8.6% on a month-to-month basis but jumped 15.8% from 12 months ago. The monthly decline in December was attributed partly to a change in weather conditions, as an unseasonably warm November could have pulled some constructions forward. Building permits, on the other hand, inched up slightly by 1.9% from November and by 6.1% from 12 months ago. Builder sentiment continues to improve as lower mortgage rates motivate more potential homebuyers to return from the sidelines. The National Association of Home Builders’ Housing Market Index (HMI) increased seven points to 44 in January, reaching the highest level since September 2023. More permits and higher builder confidence level suggest that housing construction could rise again in coming months.     

 

Retail sales remained strong and exceeded expectations: Consumers spent more than expected in the final month of 2023, with December retail sales up 5.6% (not inflation adjusted) year-over-year. The latest retail sales report showed broad-based solid growth at the end of last year, with spending at Restaurants and Bars surging the most (11.1%) from the prior year, followed by Electronics and Appliances (10.7%) and Health and Personal care (10.7%). Many shoppers have used the “buy now, pay later” financing option during the holidays, with the payment plans racking up $16.6 billion in online spending during the holiday season. As such, there could be a pullback in consumer spending in the months ahead as bills come due for shoppers who borrowed forward at the end of last year.

 

Biggest 2-month surge in consumer sentiment in 30+ years: Consumer sentiment reported by the University of Michigan jumped to the highest level since 2021 as Americans began to feel more upbeat about the economy. The sentiment index climbed 9.1 percentage points to 78.8 and the surge was the biggest monthly increase since 2005. On a two-month basis, the index rose 29% cumulatively and posted the largest 2-month increase since 1991. Compared to the all-time low registered in June 2022, the reading in January 2024 was 60% higher. With inflation cooling and the labor market remaining solid, it is not a surprise that consumer sentiment began to pick up in recent months. Inflation expectation a year from now, in fact, declined to 2.9% in January from 3.1% in December, the lowest level since December 2020. The rapid improvement in consumer sentiment is a positive sign for the general economy but is also a signal that rates could remain higher for longer.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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For Sale

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

OPEN HOUSE

Sat (1/27) & Sun (1/28) 12 - 3pm

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

In Escrow

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Jan. 19, 2024

Homebuyers Are Starting To Come Off The Sidelines - Market Update for 1/19/2024

Modern Updated Beautiful Kitchen Design

Despite inflation rising slightly more than expected at the end of last year, news headlines in 2024 so far have been mostly positive. Consumers begin to believe that overall price growth is slowing, while rates are stabilizing, and more homebuyers on the sidelines are coming back to the market. These are encouraging signs that could kick start the housing market in the new year and could help turn the market around. If the sentiment remains upbeat and the upward momentum continues, we could see a bounce back in market activity in the near term.

 

Inflation rises more than expected in December: Consumer prices rose more than expected, with the headline inflation increasing 0.3% month-over-month and 3.4% year-over-year in December. Economists were expecting the Consumer Price Index (CPI) to have an increase of 3.2% for the final month of the year, an inch-up from 3.1% recorded in November. Most of the increase in the overall prices came from rising shelter costs, as the category jumped 6.2% year-over-year. The Core CPI – inflation excluding food and energy – continued to fall on an annual basis in December, with the index dipping to 3.9% from November’s 4%. It was the first time in two and a half years that the core CPI dropped below the 4% threshold. Despite a slight uptick in the headline CPI, inflation continues to ease, but the downward trend is somewhat sticky and is moving at a slow pace. Looking ahead, the headline CPI should decline further in coming months and will likely drop below 3% year-over year by the end of 2024.

 

Short-term inflation expectation dips to the lowest point in three years: Americans began to take note of the slower growth in prices and started to believe that inflation is cooling. The median inflation expectation at the one-year ahead horizon fell to 3.0% in December from 3.4% recorded in the prior month, as reported by the New York Fed in its Survey of Consumer Expectations. The year-end number has come a long way from the high of 6.8% registered in June 2022, but remained above the pre-pandemic 5-year average of 2.7%. Consumers in December continued to expect home prices to grow at 3.0% a year from now, unchanged from the prior month, but continued to stay above the survey series 12-month trailing average of 2.4%. The slowdown in inflation expectations is a positive sign that prices will continue to ease later this year, as expectations can feed into actual inflation and could turn them into self-fulfilling prophecy.   

 

Mortgage Rates Decrease to Lowest Level Since May of 2023: The average 30-year fixed rate mortgage (FRM) reported by Freddie Mac as of January 18 declined to 6.6%, its lowest rate since May 2023. With CPI coming in slightly higher than expected though, rates could see some volatility in the coming weeks. Lower rates brought some homebuyers off the sidelines at the start of the year, with mortgage applications surging 9.9% week-over-week in the first week of 2024, according to Mortgage Bankers Association. Purchase applications, while still down 16% from the year-ago level, were up 6% from the prior week. 

 

U.S. foreclosures up in 2023 but remain below pre-pandemic levels: Foreclosure filings on U.S. properties increased to 357,062 in 2023, a jump of 10% from 2022 but a decline of 28% from 2019, according to ATTOM. Foreclosure activity was also well below the Great Recession level, with filings in 2023 down 88% from the peak of 2.9 million in 2010. The 357k plus properties with foreclosure filings represented 0.26% of all U.S. housing units, a slight uptick from 0.23% in 2022, but a dip from 0.36% in 2019 and a steep decline from the peak of 2.23% in 2010. For the month of December, 20,490 properties in the U.S. started the foreclosure process, an 8% decline from the prior month, and a drop of 3% from the same month in 2022. Nationwide, one in every 4,606 properties had a foreclosure filing in the last month of the year. At the state level, California had 29,180 foreclosure starts in 2023, an increase of 7% from 27,269 reported in 2022. With home prices expected to increase in 2024 and the economy likely to experience a mild growth this year, foreclosure activity could fluctuate but is not expected to increase sharply in the next 12 months.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

In Escrow

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story, single-family home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Jan. 11, 2024

Americans are feeling more confident about the housing market at the beginning of 2024 - Market Update for 1/12/2024

Romance. Full length of beautiful young couple in casual clothing dancing and smiling while standing in the kitchen at home

Americans are feeling more confident about the housing market at the beginning of 2024 as buyers and sellers start seeing a glimpse of hope at the far end of the tunnel. While rates had a slight uptick the first 2 weeks of the year, easing inflationary pressure and a soft economic outlook prompted many to believe that mortgage rates will decline, albeit slowly, in the next 12 months. The housing market should see a bounce back in activity in the coming months if the sentiment can maintain its upward momentum. The improvement, however, will likely be gradual as tight housing supply remains the norm in 2024.

 

Mortgage rates go up slightly to start off 2024: After reaching a 7-month low in the last week of December, mortgage rates kicked off the year with a mild uptake in the first 2 weeks of 2024. The average 30-year fixed rate mortgage (FRM) reported by Mortgage News Daily inched up from 6.67% on the last trading day of 2023 to 6.72% at the closing on January 11, 2024. The boost in rates was due partly to more upbeat economic data and partly to the recent increase in traders’ doubts about the Fed’s rate cuts in the next 12 months. With the latest jobs report suggesting a stronger-than-expected labor market, rates could continue to see some volatility in the coming weeks. Mortgage demand, meanwhile, remained soft as mortgage applications dropped again at the end of last year. Despite the recent downward trend in rates, the latest purchase application index reported by Mortgage Bankers Association decreased 5% compared to two weeks ago, as supply constraints continued to hold back market activities.

 

Home purchase sentiment bounces back at year-end: With interest rates dropping to the lowest level in seven months, optimism about the housing market began to come back at the end of 2023. The home purchase sentiment index released by Fannie Mae jumped 2.9 points to 67.2 in December and reached the highest level since April 2022. The share of consumers who said that it is a good time to buy rose to 17%, an increase from the survey low of 14% recorded in the prior month. The surge in confidence last month was driven primarily by the increase in optimism that mortgage rates will soften, as a record-high 31% of the respondents believed that rates will decline over the next 12 months. While rates have been moving mostly sideway in the past couple of weeks, receding inflationary pressures coupled with the expectation of the Fed’s policy rate cuts will likely lead to more downward drifting in mortgage rates later this year.

 

Solid residential market pushes up construction spending in November: Despite a slowdown in new home sales pace in November, construction spending advanced again in November as single-family construction continued to provide support to new building activity. Total outlays for residential and non-residential posted a solid gain with an increase of 0.4% month-over-month in November and improved for the eleventh consecutive month. Residential spending was up 1.0% from October, with single-family outlays surging 2.9% as inventory remained low in the existing housing market. Multifamily outlays inched up 0.1% month-over-month in November but continued to moderate, as apartment demand remained on a normalizing trend. Builders are expected to pull back further in 2024 as the apartment supply pipeline remains saturated in the next 12 months.

 

December job gains top expectation: The December jobs report came in stronger than expected yet again, with employers adding a seasonally adjusted 216k jobs last month. Employers added a total of 2.7 million for the year 2023, a sharp decline from 4.8 million in 2022, but still a stronger number compared to the few years preceding the pandemic era. The unemployment rate was unchanged at 3.7% in December, but the labor force participation dipped an unusually large 0.3 points to 62.5%. A slip in the rate is a discouraging sign for the Fed officials, as fewer people being drawn into the labor force could put upward pressure on wages. Average hourly earnings, in fact, rose 4.1% year-over-year in December, a tick-up from 4.0% in November. The latest jobs report, while more robust than the consensus expectation, continues to suggest that the labor market has cooled over the past year. As such, it is unlikely to have a change on the Fed’s rate movement perspective in the next FOMC meeting.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Sale

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story, single-family home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

 

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space.

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Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Jan. 4, 2024

Mortgage Rates Move Sideways As Market Digests Incoming Data - Market Update for 1/5/2024

The 30-year-fixed-rate mortgage remained flat this week, averaging 6.62%, relatively the same as last week’s decline to 6.61%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac. 

 

This week’s numbers: 

 

  • The 30-year FRM averaged 6.62 percent as of January 4, 2024, up slightly from last week when it averaged 6.61 percent. A year ago at this time, the 30-year FRM averaged 6.48 percent. 

 

  • The 15-year FRM averaged 5.89 percent, down from last week when it averaged 5.93 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.

 

What the experts are saying:

 

“Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data,” said Sam Khater, Freddie Mac’s chief economist. “Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.”

 

Realtor.com Senior Economic Research Analyst Hannah Jones commented: “The Freddie Mac fixed rate for a 30-year loan leveled off this week, increasing just 1 basis point to 6.62% as the new year began and markets adjusted to incoming economic data. The recent mortgage rate plummet past 7% is likely to bring some buyers into the market. Per a recent Realtor.com survey, 11% of prospective buyers say rates would need to dip below this threshold to make it feasible for them to purchase their next home. Though the recent decline in rates has inspired optimism, 12% of prospective homebuyers say rates would need to dip below 6% and more than one-quarter (28%) say rates would need to dip below 4% to bring them into the market. The typical outstanding mortgage has a rate of less than 4%, more than 2.5 percentage points below today’s rate. This gap is likely to keep many sellers on the sidelines, waiting for mortgage rates to come down further. 

 

“Pending home sales leveled off in November, matching the previous month’s record-low level. Mortgage rates fell each week in November, but remained above 7% throughout the month, which kept contract signings stable at a low level. Moving forward, the continued decline in mortgage rates will be contingent on cooling inflation and employment data. The current path of falling inflation and employment activity suggests that the Fed’s goal of a ‘soft landing’ may be within reach. Though 2% inflation has not yet been achieved, progress towards this level is good news for the housing market,” Jones concluded. 

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Hope you are having a great New Year! 

 

Road in California

 

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As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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In Escrow

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

Recently Sold

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle. 

5417 Bonfair Ave 

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood. 

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

 

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space. 

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WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Dec. 22, 2023

Home mortgage rates drop to their lowest level since June - Market Update week of 12/22/2023

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Home mortgage rates continued to plunge this week – good news for home buyers who have been facing the least affordable housing market since the 1980s.

 

After dropping under 7% last week for the first time since mid-August, rates fell again this week. The 30-year fixed-rate mortgage rate fell to an average of 6.67% in the week ending December 21, down from 6.95% the previous week, according to data from Freddie Mac released Thursday. A year ago, the average 30-year fixed-rate was 6.27%.

 

It was the eighth-straight week of declines, dragged lower by the anticipation of Federal Reserve rate cuts beginning next year.

 

The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. A current buyer’s rate may be different.

 

“Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market,” said Sam Khater, Freddie Mac’s chief economist said in a statement.

 

Rates expected to continue falling

 

With the Fed signaling in its most recent meeting that rate cuts may be coming in 2024, many experts are expecting mortgage rates to continue falling.

 

While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them. Mortgage rates track the yield on 10-year US Treasuries, which move up or down based on anticipation about the Fed’s actions, the Fed’s policy changes and investors’ reactions to them.

 

The average on a fixed-rate mortgage rate is forecast to fall to 6.5% by mid-year and is expected to decline further, reaching 6.2% by the end of next year, according to many projections.

 

Lower rates will improve affordability. At 7.5%, the typical monthly payment on a loan for a $800,000 home is about $6,000. If a buyer had a rate of 6.2%, that monthly payment drops to about $5,400.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Wishing you a Merry Christmas and a Happy Holiday!

 

Road in California

 

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Save Thousands for Dollars With Our 

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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DRE #01399855

Dec. 14, 2023

The Fed brought some relief to the housing market - Market Update 12/15/2023

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The Federal Reserve's forecast brought some needed relief for mortgage rates causing them to drop for the 7th week in a row to 6.82% yesterday, the lowest since May.

 

While the Fed kept its benchmark rate unchanged on Wednesday, its Summary of Economic Projections nodded to the potential for as many as three rate cuts next year. Daily rates on the 30-year fixed mortgage dipped to 6.82% on Thursday, according to Mortgage News Daily, the lowest since May.

 

The fed funds rate does not entirely determine mortgage rates—other factors include mortgage demand, inflation, and general economic conditions—but it does help influence them up or down. Mortgage rates on the most popular home loan haven't moved below 7% since July, and the housing market seems to be cheering on Jerome Powell and the central bank's guidance. 

 

As recently as October, mortgage rates hit 8% for the first time since 2000. Now, based on Wednesday's decision and market reaction, the Fed appears on track to help ease housing affordability after two years of tough markets dynamic that both potential buyers and current owners have had to navigate.  

 

Current homeowners who have been reluctant to move because of high mortgage rates could be unshackled, bringing more homes on the market for potential buyers. 

 

Yet it is still possible a sharp drop in mortgage rates throws the housing market further out of whack in the near term, with lower rates opening the gates to a flood of demand before more supply comes online. 

 

"If rates come down too much — and mortgage rates follow — we'll see the current supply-demand imbalance exacerbated as pent-up demand gets released into an undersupplied market, putting upward pressure on home values – and inflation," Jack Macdowell, chief investment officer at Palisades Group, wrote in a note Wednesday. 

 

"Until mortgage rates drop below 6%, it is unlikely that pent-up deferred sales will meaningfully contribute to supply," Macdowell added.

 

Strategists at Goldman Sachs, meanwhile, wrote in a note prior to the Fed meeting Wednesday that housing starts and home prices will crawl higher in the coming years, while existing home sales will remain flat. - Article provided by Business Insider

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our 

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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For Sale

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,650,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle. Starting at $2,650,000, based on options and interest.

In Escrow

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

Recently Sold

5417 Bonfair Ave 

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood. 

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

930 E 1st St. #2

Long Beach 90802

1 Bed | 1 Bath | 557 SF | $283,000

 

Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat. 

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

 

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space. 

Facebook  Twitter  Instagram  Linkedin  Youtube   

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Dec. 7, 2023

Some encouraging news for the housing market - Market Update 12/8/2023

Wooden icon of house with hole in form of heart with red home Christmas decor and blurred bokeh background in daylight. New Year card with copy space. Concept of sweet home.

The housing market received some encouraging news this past week as the Federal Housing Agency announced an increase in conforming loan limits in 2024, while interest rates declined this week for the sixth consecutive week. Tight supply and high cost of borrowing are the two primary factors that slowed the housing market this year. With loan limits rising and mortgage rates declining, more people should be able to afford to buy a home, and the market should begin to turn around in the first quarter of next year. In the meantime, an improvement in consumer confidence last month is a welcome sign that suggests the economy is doing fine as the Fed continues to engineer a soft-landing scenario. A recession is still expected by many as we are about to enter 2024, but a mild one is what most people anticipate in the upcoming year.

 

Conforming loan limits up for 2024: To keep up with higher home prices, the maximum baseline conforming loan limit for one-unit properties will increase 5.6% to $766,550 in 2024 from $726,200 in 2023, the Federal Housing Finance Agency (FHFA) announced last week. For high-cost states like California and New York, higher loan limits will also be adjusted with the new ceiling being raised to $1,149,825 next year from $1,089,300 this year. The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or “guarantee.” As conforming loans typically have lower interest rates than non-conforming loans, the increase in the limits next year should benefit many California homebuyers, especially since home prices are expected to grow moderately in 2024. 

 

Mortgage rates at lowest level in eleven weeks: Mortgage rates fell for the sixth consecutive week as the U.S. economy slowed in recent weeks while inflation showed further signs of cooling. The average 30-year fixed rate mortgage reported by Freddie Mac dropped another nineteen basis points (bps) to 7.03% yesterday from the prior week and reached the lowest level since mid-September. Meanwhile, mortgage applications for the week ending November 24 inched up 0.3% from the prior week as lower rates stimulated demand, according to Mortgage Bankers Association. The number of purchase applications (seasonally adjusted) was 5% higher than one week earlier but was below the same week of last year’s level by nearly 20%. While mortgage demand is still below the historical norm, the increase observed in the past month is encouraging and the market will hopefully continue to bounce back in the final month of the year. 

 

Consumers feel slightly more upbeat in November: Consumer confidence bounced back after dropping three months in a row and remained near its recent low. The Conference Board’s index increased in November to 102.0 from a revised 99.1 in October, but the latest monthly figure was still the second-lowest reading of the year. Consumers, in general, were more positive last month with 19.8% of them saying business conditions were good, a slight increase from 18.3% in October. Their overall expectation on the short-term outlook was also less pessimistic, as 19.5% expected business conditions to get worse in the next six months, down from 20.9% in October. Recession expectations over the next 12 months also receded to the lowest levels seen in 2023, but two-thirds of the respondents still anticipated a downturn. Buying plans in the next six months for big-ticket items - including homes - trended down last month, reflecting persistent concerns about elevated interest rates and shrinking Americans’ savings. 

 

Construction spending continues to rise in October: Construction spending improved for the tenth consecutive month in October, with total outlays rising 0.6% month-over-month in October. Total residential construction increased 1.2% from September and registered the fifth straight month with a gain at the start of the fourth quarter. Compared to the same month of last year, residential outlays were up 0.9%, and recorded the first year-over-year improvement since November 2022. Tight inventory in the existing housing market continued to propel residential construction, with spending on single-family climbing 1.1% month-over-month and posting its sixth consecutive increase in October. Multifamily outlays, on the other hand, dipped again for the second straight month as builders pulled back on new starts due to the anticipation of an abundance in supply in coming months. Commercial construction remained weak in October as macroeconomic headwinds intensified and new development lending continued to be restrictive.

 

If you would like to discuss if now is a good time for you to buy, sell, or invest in a home or investment property, please feel free to contact me.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our 

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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For Sale

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,650,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle. Starting at $2,750,000, based on options and interest.

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

Recently Sold

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

930 E 1st St. #2

Long Beach 90802

1 Bed | 1 Bath | 557 SF | $283,000

 

Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat. 

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

1669 E 65th St.

Long Beach 90805

2 Bed | 2 Bath | 1,023 SF | $635,000

 

Charming Spanish style home with large living room with ample windows allowing plenty of natural Light, original hardwood floors, updated kitchen, central heat and AC, and a permitted rumpus Room with ADU potential.

4200 Via Norte

Cypress 90630

4 Bed | 3 Bath | 2,915 SF | $1,470,000

 

This luxurious 4-bed/3-bath Cypress home was expertly upgraded from the inside - out! No stone was left unturned in the vigorous pursuit of redesigning and upgrading this nearly 3,000 sqft Greenbrook home.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

 

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space. 

Facebook  Twitter  Instagram  Linkedin  Youtube   

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Tim Majka

(562) 900-9430

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DRE #01399855

Nov. 22, 2023

Market Update - Week of 11/22/2023 - Mortgage rates decline for fourth week

California had a relatively lackluster month for home sales in October as rising rates during August and September weighed on home buyers and further depressed housing inventory. This contrasts with relatively strong economic data for October where job growth re-accelerated and unemployment remained below 5%. However, there are signs that the economy may not be as strong as some labor market indicators suggest, as new unemployment insurance claims trend higher. Fortunately, rates have begun to fall, which should help to motivate some buyers to take advantage of a less competitive winter market.

 

Mortgage rates drop for 4th consecutive week: After rising sharply for nearly two months straight, Freddie Mac’s average 30-year fixed-rate mortgage has dipped for the past four weeks in a row. Currently, per Mortgage News Daily, rates for a 30 year mortgage are averaging around 7.33%, which is less than 7.44% from last week, and down by roughly 46 basis-points from the high of 7.79% at the end of October. This is still significantly higher than where rates were last year and is helping to keep buyer demand restrained, but the recent reprieve does appear to be helping mortgage applications shrug off some of their downward momentum (even if they have yet to turn positive).

 

California nets 40K jobs, but unemployment claims rise: California job growth re-accelerated in October as the Golden State added 40,200 net new jobs even as the unemployment rate ticked up to 4.8%. The jobs data is collected in a separate survey from the unemployment data, and the two sources have been disagreeing of late. A recent upswing in new unemployment insurance claims suggests that the unemployment data could be picking up a slowdown in labor market that is yet to be reflected in the jobs numbers and that employment levels for 2023 may be revised down next year. Although this would mean that the economy hasn’t grown as fast as is currently being reported, it may enable the Fed to take a less aggressive tact on interest rates in 2024.

 

Home sales relatively flat in October amidst higher rates: Sales of existing single-family homes in California continued to be soft in October as the cost of borrowing remained elevated. On an annualized basis, there were more than 240,000 transactions statewide, which was slightly higher than September, but remains near the winter lows reached in 2022. The statewide median price in October took a step back from the month prior, it rose again from the year-ago level for the fourth month in a row. If the market follows its traditional seasonal pattern, we could see home prices leveling off in the coming months from its spring homebuying peak. However, positive year-over-year growth is likely to persist as long as housing supply remains tight.

 

Mortgage applications remain depressed, but declines slowing: The overall index for new purchase mortgage applications fell on a year-to-year basis for its 130th consecutive week last week. The first two weeks of November are at their lowest level since December of last year and haven’t been below current levels since 2014 suggesting that sales will remain low through the end of the year. However, the pace of recent declines has slowed and last week was the first time new applications were down by less than 20% for the first time since October as rates have moderated slightly.

 

California mortgage delinquencies remain low: Despite the rapid increase in interest rates this fall, mortgage delinquencies in California barely budged during the third quarter. The Mortgage Bankers Association reports that just 2.3% of all mortgages in California were delinquent during the 3rd quarter of 2023. Although this is up from just 2.2% during the second quarter, it does not show a significant increase in the number of distressed mortgages in the state. With the vast majority of mortgages locked into mortgages with interest rates below 6%, Californians have been able to prioritize their payments and keep their mortgages on track. Although these low rates are likely to continue to weigh on transactions as existing homeowners remain reluctant to walk away from their current mortgages, it is helping to prevent a surge in delinquencies that would be needed to precipitate another foreclosure crisis. 

 

If you would like to discuss if now is a good time for you to buy, sell, or invest in a home or investment property, please feel free to contact me.

 

Hope you have a great Thanksgiving!

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our 

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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HOME SEARCH 

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For Sale

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

In Escrow

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,750,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle. Starting at $2,750,000, based on options and interest.

Recently Sold

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

930 E 1st St. #2

Long Beach 90802

1 Bed | 1 Bath | 557 SF | $283,000

 

Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat. 

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

1669 E 65th St.

Long Beach 90805

2 Bed | 2 Bath | 1,023 SF | $635,000

 

Charming Spanish style home with large living room with ample windows allowing plenty of natural Light, original hardwood floors, updated kitchen, central heat and AC, and a permitted rumpus Room with ADU potential.

4200 Via Norte

Cypress 90630

4 Bed | 3 Bath | 2,915 SF | $1,470,000

 

This luxurious 4-bed/3-bath Cypress home was expertly upgraded from the inside - out! No stone was left unturned in the vigorous pursuit of redesigning and upgrading this nearly 3,000 sqft Greenbrook home.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

 

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space. 

211 Saint Joseph

Long Beach 90803

3 Bed | 2 Bath | 1,057 SF | $1,299,000

 

Welcome to this charming Belmont Shore home located just 4 blocks to the beach! Enjoy the open concept floor plan, granite countertops, hardwood flooring, and a serene primary suite with a spa-like bathroom. Don't miss this opportunity for coastal living at its finest!

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Tim Majka

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Tim@ImagineRealty.com

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DRE#01399855

Nov. 17, 2023

Market Update - Week of 11/17/2023 - Mortgage rates decline for a third week

Autumn kitchen interior. Red and yellow leaves and flowers in the vase and pumpkin on light background

The 30-year fixed-rate mortgage averaged 7.44%, down again from last week’s average of 7.5%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac released yesterday. 

 

This week’s numbers:

 

  • 30-year fixed-rate mortgage averaged 7.44% as of November 16, 2023, down from last week when it averaged 7.5%. A year ago at this time, the 30-year FRM averaged 6.61%.
  • 15-year fixed-rate mortgage averaged 6.76%, down from last week when it averaged 6.81%. A year ago at this time, the 15-year FRM averaged 5.98%.

 

What the experts are saying:

 

“For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. “The combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential homebuyers into the market.” 

 

Realtor.com Economist Jiayi Xu commented: “The Freddie Mac fixed rate for a 30-year mortgage dropped for a third week in a row and declined to 7.44 percent this week, as markets absorbed the latest economic indicators. In October, headline inflation held steady from the previous month, and core inflation, which includes goods and services excluding volatile food and energy, slowed on a monthly basis. Meanwhile, October’s producer price index experienced its largest monthly decline since April 2020, and U.S. retail sales had its first monthly drop in seven months, both encouraging signs of a cooling economy. These data combined with the slowing jobs market data suggest that the Fed’s restrictive monetary policy is passing through to the economy. 

 

“While Chair Powell would not rule out the possibility of another rate hike in December after the November Fed meeting, the Federal Reserve remains committed to being data dependent. Recent incoming data, such as that from this week, is making a rate hike far less likely. Mortgage rates are likely to continue dropping, as they have in recent weeks.

 

“Despite mortgage rates dropping below 7.5 percent, they remain at nearly multi-decade highs. An unexpected consequence of this heightened rate environment is the surge in down payments, climbing to a new peak in the third quarter of 2023, as reported by Realtor.com. This finding may appear counterintuitive given the deceleration in home price growth over the past year, but elevated mortgage rates could be a key factor contributing to this phenomenon. For example, high mortgage rates could drive buyers to consider larger down payments to minimize the size of their mortgage loan at today’s elevated rates. Realtor.com’s October 2023 estimates reveal that although the median listing price remained unchanged from the previous year, elevated mortgage rates have raised the cost of financing a typical listed home with a 20% down payment by over $166 (or 7.4%) when compared to last year. To maintain the same monthly payment as one year ago, a buyer would need to increase the down payment to 25.5%, requiring an upfront payment of more than $23,300,” Xu concluded. Article provided by RIS Media.

 

If you would like to discuss if now is a good time for you to buy, sell, or invest in a home or investment property, please feel free to contact me.

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For Sale

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

436 N Bellflower Blvd #104

Long Beach 90814

1 Bed | 1 Bath | 693 SF | $475,000

 

Resort living in the heart of Long Beach. Stoneybrook is a highly desirable Gated Community. Walking distance to shopping, restaurants, Cal State Long Beach, the VA Medical Center and the Colorado Lagoon.

In Escrow

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,750,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle. Starting at $2,750,000, based on options and interest.

Recently Sold

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

930 E 1st St. #2

Long Beach 90802

1 Bed | 1 Bath | 557 SF | $283,000

 

Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat. 

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

1669 E 65th St.

Long Beach 90805

2 Bed | 2 Bath | 1,023 SF | $635,000

 

Charming Spanish style home with large living room with ample windows allowing plenty of natural Light, original hardwood floors, updated kitchen, central heat and AC, and a permitted rumpus Room with ADU potential.

4200 Via Norte

Cypress 90630

4 Bed | 3 Bath | 2,915 SF | $1,470,000

 

This luxurious 4-bed/3-bath Cypress home was expertly upgraded from the inside - out! No stone was left unturned in the vigorous pursuit of redesigning and upgrading this nearly 3,000 sqft Greenbrook home.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

 

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space. 

211 Saint Joseph

Long Beach 90803

3 Bed | 2 Bath | 1,057 SF | $1,299,000

 

Welcome to this charming Belmont Shore home located just 4 blocks to the beach! Enjoy the open concept floor plan, granite countertops, hardwood flooring, and a serene primary suite with a spa-like bathroom. Don't miss this opportunity for coastal living at its finest!

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SEARCH HOMES FOR SALE

HOME SEARCH

APP

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

Tim@ImagineRealty.com

www.ImagineRealty.com

 

DRE#01399855