How to Rock a Bridge Loan   If you've been lamenting how tough it is to get your offer to buy a home accepted these days, think about how much more difficult it is for those who must buy a new home BEFORE selling their existing one.  After all, it's practically impossible to make a contingent offer --- defined as one that would allow you to sell your existing home first. It's usually in this stressful environment that someone well-meaning; a friend, a co-worker, even a Realtor, will swoop in and advise our buyer to "Just get a bridge loan!," as if there is a simple, ready-made solution for our otherwise complex problem.  So, let's go under the bridge and learn about the waters that run the "buy before sell" dilemma.  Let's figure out if a bridge loan is the right fit for you, or if perh... 04/21/2022

 There are a total of 120 homes for sale in all of Palos Verdes. Below is a breakdown of the number of homes for sale per neighborhood, average days on market, and average asking price per square foot.Lunada Bay: 23 homes for sale, 91 days on market, $834Monte Malaga: 12 homes for sale, 120 days on market, $922Malaga Cove: 8 homes for sale, 109 days on market, $1,060.00Valmonte: 3 homes for sale, 64 days on market, $824Palos Verdes Drive North: 19 homes for sale, 126 days on market, $730Rolling Hills: 10 homes for sale, 75 days on market,  $1,050.00Palos Verdes Drive East: 12 homes for sale, 50 days on market, $563Mira Catalina: West Palos Verdes: 3 homes for sale, 243 days on market, $928Country Club: 2 homes for sale, 70 days on market, $726La Cresta: 6 homes for sale, 71 days on mark... 05/21/2020

The single family home market for Palos Verdes Estates struggle during the 1st quarter of 2019. There are 66 homes listed for sale in the City of Palos Verdes Estates at the end of March , which is 38% higher than this time a year ago. The number of homes sold over the last 3 months, averaging only 9 sales per month, is 35% lower compared to the same period last year . This equates to almost 7 months of inventory, based on the average sales per month over the last 3 months. There are 19 homes in escrow at the end of March, however, the most since June last year.       The average price per square foot over the last 3 months has been $757 per sq. ft. a 4% decrease over the similar period last year.   The average days on market for homes sold during the quarter was about 2 months.The perc... 04/15/2019

Mortgage interest rates for buying a home on the Palos Verdes Peninsula decreased slightly this week. The following are excerpts from the newsletter on interest rates published by HSH Associates :"A measurable decline in mortgage rates to close March held on this week, but it appears that underlying pressures are kicking mortgage rates back up at least a bit. In the current climate, the fact of the matter is, if the economic news isn't universally dire it will be difficult for interest rates to stay at present levels, let alone decline.Although Freddie Mac noted that 30-year FRMs did edge higher this week, the increase fell short of our expectations. Given that the yields on the influential 10-year Treasury rebounded pretty smartly off last week's lows (as did secondary market quotes fo... 04/05/2019

Mortgage interest rates for buying a home on the Palos Verdes Peninsula decreased significantly this week. The following are excerpts from the newsletter on interest rates published by HSH Associates :""In like a lion, out like a lamb" is an old saying about the weather in March. Given that 30-year fixed mortgage rates are ending the month more than a third of a percentage point below where they began (not to mention they are now at 15-month lows), this old aphorism might be applied to mortgage rates this month, too.Relentless pessimism in financial markets about prospects for growth, benign and perhaps dwindling inflation and accommodating central banks around the globe have all contributed their part to the decline in longer term interest rates. In turn, long-term fixed mortgage rates... 03/29/2019

The following are excerpts from the newsletter on interest rates published by HSH Associates :The Fed certainly has a lot of shifting sand to ponder when it meets next week. In the current domestic and global economic climate, interest rates will have difficulty getting any kind of reliable upward traction. That said, the Fed has a bit of a difficult job when it comes to the message it releases Wednesday afternoon, as too optimistic an outlook risks confusing the market as to what and where they are seeing brightening skies, while too pessimistic an outlook would also roil markets, who would then start the drumbeat for the Fed to consider cutting interest rates sooner than later. Cautious optimism is about the best message they can convey, and we expect that's what we'll get.There's not... 03/15/2019

The single family home market for Palos Verdes Estates continued to slow to seasonal levels during the 4th quarter of 2018. There are 43 homes listed for sale in the City of Palos Verdes Estates at the end of December , which is 19% higher than this time a year ago. The number of homes sold over the last 3 months, averaging 11 sales per month, is 3% higher compared to the same period last year . This equates to almost 4 months of inventory, based on the average sales per month over the last 3 months. There are only 8 homes in escrow at the end of December, with contingencies waived.       The average price per square foot over the last 3 months has been $717 per sq. ft. a 2% decrease over the similar period last year.   The average days on market for homes sold during the quarter was ab... 01/11/2019

Summary: The number of homes listed for sale on the Palos Verdes Peninsula of 155 homes is 19% higher than last year and the number of homes sold during the last three months is 1% higher compared to the prior year, resulting in unsold inventory of 4 months supply. Prices per square foot are down approx. 2% compared to the prior year's quarterly average. Lower priced homes are moving faster than the upper end of the market. The market has also been very active with houses taking 1 to  2 months to sell.The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of December of 155 properties is 19% higher than at the same time last year, and the average number of homes sold per month of 45 over the last 3 months is 1% higher than the comparable period last y... 01/11/2019

Summary: The number of condos and townhomes listed for sale on the Palos Verdes Peninsula at the end of December is 28% higher than at this time last year and the number of homes sold during the last three months is down 40% compared to the prior year, resulting in unsold inventory of 3 months supply. Prices of $460 per square foot are down approx. 3% compared to the prior year's quarterly average. Lower priced homes are moving faster than the upper end of the market. Condos and townhomes taking only approx. 1 month to sell.The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 27 units at the end of December is 28% higher that at the same time a year ago. The average number of sales per month over the last 3 months of 10 units per month down approx. 40% compared ... 01/11/2019

Palos Verdes Estates home owners were happy to hear that on January 4, 2019, USA Today ranked their city #5 on America’s 50 best cities to live in. 24/7 Wall Street created a weighted index of over two dozen measures to identify the best city to live in each state.  The cities seemed to have much in common beyond the index components upon which they were ranked.  They were often within commuting distance of a major metropolitan area, since the close proximity to a major city provided residents with access to more job opportunities, which in turn can help lower unemployment and improve financial security.  They also looked at quality of life factors including close relationships and personal health (the most important) to the local community and environmental impact. Here’s what USA Tod... 01/10/2019

On November 27, 2018 The Federal Housing Finance Agency (FHFA) announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019.    The loan limit effective 1/1/19 for a conforming loan is $484,350(previously $453,100). For certain high cost areas such as Los Angeles there is a higher limit for so-called "Jumbo conforming loans"  between $484,350 and $726,525  (previously $679,650  ).   Jumbo loans in excess of $726,525 also require a much higher down payment of 25 to 30%. The new FHA limit for FHA guaranteed loans for 2019 have not been announced. 12/04/2018

The single family home market for Palos Verdes Estates began to slow significantly during the 3rd quarter of 2018. There are 61 homes listed for sale in the City of Palos Verdes Estates at the end of September , which is 9% higher than this time a year ago. The number of homes sold over the last 3 months, averaging 16 sales per month, is 6% lower compared to the same period last year . This equates to almost 4 months of inventory, based on the average sales per month over the last 3 months. There are only 12 homes in escrow at the end of September, with contingencies waived.       The average price per square foot over the last 3 months has been $723 per sq. ft. a 1% decrease over the similar period last year.   The average days on market for homes sold during the quarter was 1 to 2 mon... 10/16/2018

Mortgage interest rates for buying a home on the Palos Verdes Peninsula rose significantly this week. The following are excerpts from the newsletter on interest rates published by HSH Associates :" It's certainly hard to ignore the noise surrounding the biggest spike in mortgage rates since November 2013, let alone that the run up puts 30-year fixed-rates at more than seven year highs.No one should be surprised that interest rates are rising, even though the speed or size of the move may have caught some off guard. Economic growth has been very strong for a while now, job growth continues apace, inflation has made its way back to the Fed's desired levels, and the Fed itself is not only continuing on a path of raising rates and trimming its balance sheet but is no longer providing the ki... 10/13/2018

There are 66 homes listed for sale in the City of Palos Verdes Estates at the end of June , which is 15% lower than this time a year ago. The number of homes sold over the last 3 months, averaging 17 sales per month, is 9% lower compared to the same period last year . This equates to over 3 months of inventory, based on the average sales per month over the last 3 months. There are 25 homes in escrow at the end of June, however, with contingencies waived.  The following are the 51 properties sold in Palos Verdes Estates during the 2nd quarter of 2018:     The average price per square foot over the last 3 months has been $748 per sq. ft. a 4% increase over the similar period last year.   The average days on market for homes sold during last 3 months was about 2 months. The percentage of l... 07/26/2018

Interest rates for buying a home on the Palos Verdes Peninsula stayed steady this week but the rate of increases is slowing and may decline slightly next week. The following are excerpts from the newsletter on interest rates published by HSH Associates :" In recent weeks we've seen a number of economic conditions that have helped mortgage rates reverse course, at least a little. Of course, shaving about an eighth of a percentage point off a 61 basis point rise in 2018 isn't much of a retreat, but homebuyers and even some refinancers in the market welcomed the chance at a slightly lower rate in the last couple of weeks.A few factors have contributed to this minor decline: The Fed has so far expressed a willingness to let inflation run a little warmer than they would prefer for a time wit... 06/09/2018

Interest rates for buying a home on the Palos Verdes Peninsula stayed steady this week but the rate of increases is slowing and may decline slightly next week. The following are excerpts from the newsletter on interest rates published by HSH Associates :"Global investors found reasons to shift cash to the safety and security (not to mention comparatively high yields) of U.S. government-backed debt this week, driving yields down and dragging mortgage rates along with them. The decline in the conforming 30-year FRM reported by Freddie Mac wasn't the first decline this year, but was the first meaningful fall as it totaled ten basis points.Political instability in Italy was the proximate cause of investor concern, sparking fears that a new debt crisis ala the one back in 2011 and 2012 might... 06/02/2018

 There are 48 homes listed for sale in the City of Palos Verdes Estates at the end of March , which is 7% lower than this time a year ago. The number of homes sold over the last 3 months, averaging 14 sales per month, is 20% lower compared to the same period last year . This equates to a bit over 3 months of inventory, based on the average sales per month over the last 3 months. There are 16 homes in escrow at the end of March with contingencies waived.  The following are the 41 properties sold in Palos Verdes Estates during the 1st quarter of 2017:       The average price per square foot over the last 3 months has been $736 per sq. ft. a 1% increase over the similar period last year.   The average days on market for homes sold during last 3 months was about 2 months. The percentage of ... 04/21/2018

Interest rates for buying a home on the Palos Verdes Peninsula stayed steady this week but the rate of increases is slowing. The following are excerpts from the newsletter on interest rates published by HSH Associates :"It would be hard to characterize a four basis point decline in the average 30-year fixed rate mortgage as meaningful, but the dip in rates this week was the largest since the turn of the year, so it's at least notable, if nothing else.The factors that produced the 2018 run-up in mortgage rates are all still largely in place, so the odds of a continued or substantial decline are still quite small. Tempering of the 2018 tendency for rates to climb comes in the form of highly-volatile stock markets, which continue to see investors looking for places to shelter cash, and som... 04/07/2018

Interest rates for buying a home on the Palos Verdes Peninsula stayed steady this week but the rate of increases is slowing. The following are excerpts from the newsletter on interest rates published by HSH Associates :" As expected, the Federal Reserve decided to raise its key short-term policy rate this week, lifting the federal funds rate by another quarter of a percentage point to a range of 1.5% to 1.75%. The impact on mortgage rates is negligible, if any, but odds favor some upward pressure on ARMs in the days ahead. Fixed-rate mortgages have little direct relationship to the federal funds rate, responding instead to inflation, economic growth and the expected future path for interest rates moreso than their present stance.The Fed has now raised short-term interest rates six times... 03/24/2018

Interest rates for buying a home on the Palos Verdes Peninsula stayed steady this week but the rate of increases is slowing. The following are excerpts from the newsletter on interest rates published by HSH Associates :"Fresh economic data this week doesn't seem to have answered the open question of whether the Fed it likely to raise short-term interest rates three times or four this year; for explicit clues to that, we'll need wait for the updated Summary of Economic Projections which will accompany the close of the Fed meeting later this month.Near term, though, federal funds futures market place about a 89 percent chance that the Fed will move at the March meeting. This coming move was likely cemented by the February employment report, where an outsized 313,000 new jobs were filled d... 03/10/2018