California median home price reaches new all-time high in March as nearly two-thirds of homes sell above asking price, C.A.R. reports

  • Existing, single-family home sales totaled 446,410 in March on a seasonally adjusted annualized rate, down 3.5 percent from February and up 19.7 percent from March 2020.
  • March’s statewide median home price was $758,990, up 8.6 percent from February and up 23.9 percent from March 2020.
  • Year-to-date statewide home sales were up 17.1 percent in March.

LOS ANGELES (April 16) – Fierce competition drove California’s median home price to reach a new record high in March, while the state’s housing market continued its momentum with sales remaining solid heading into the spring homebuying season.

Source: https://www.car.org/aboutus/mediacenter/newsreleases/2021releases/jan2021sales


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PAYAM SHIRAZI, Broker

 

Office: (310) 600-8161
Mobile: (949) 436-3936

LOS ANGELES / ORANGE COUNTY

info@payamhomes.com | payamhomes.com

Source: CRMLS, California Regional Multiple Listing Service, Inc.

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Personalized local market report for specific neighborhoods, cities, or ZIP codes is available upon request. Please contact me by phone, text or email.
Call: (949) 436-3936

PAYAM SHIRAZI, Broker

 

Office: (310) 600-8161
Mobile: (949) 436-3936

LOS ANGELES / ORANGE COUNTY

info@payamhomes.com | payamhomes.com

Source: CRMLS, California Regional Multiple Listing Service, Inc.



Five facts why home prices have risen in 20-21

1- Low housing supply and high demand will continue to fuel the housing market in 2021

2- Record-low mortgage rates

3- Orange and Los Angeles counties hit record numbers in luxury home sales in 2020 despite the pandemic

4- Median home price in Los Angeles and Orange counties have jumped by more than 11% year over year

5- With many employers embracing work from home, expect some employees to rethink their living situation and move to larger homes

 

PAYAM SHIRAZI, Broker

 

Office: (310) 600-8161
Mobile: (949) 436-3936

LOS ANGELES / ORANGE COUNTY

info@payamhomes.com | payamhomes.com

Call for other local market reports. Please contact me by phone, text or email.

Source: CRMLS, California Regional Multiple Listing Service, Inc.

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Personalized local market report for specific neighborhoods, cities, or ZIP codes is available upon request. Please contact me by phone, text or email.

PAYAM SHIRAZI, Broker

Office: (310) 600-8161
Mobile: (949) 436-3936

LOS ANGELES / ORANGE COUNTY

info@payamhomes.com | payamhomes.com

Source: CRMLS, California Regional Multiple Listing Service, Inc.

LOS ANGELES (Feb. 19) – California’s housing market kicked off the year on a positive note, following up on December’s strong showing with double-digit price and sales growth on a yearly basis in January, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Source: https://www.car.org/aboutus/mediacenter/newsreleases/2021releases/jan2021sales


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PAYAM SHIRAZI, Broker

 

Office: (310) 600-8161
Mobile: (949) 436-3936

LOS ANGELES / ORANGE COUNTY

info@payamhomes.com | payamhomes.com

Source: CRMLS, California Regional Multiple Listing Service, Inc.

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Personalized local market report for specific neighborhoods, cities, or ZIP codes is available upon request. Please contact me by phone, text or email.

PAYAM SHIRAZI, Broker

 

Office: (310) 600-8161
Mobile: (949) 436-3936

LOS ANGELES / ORANGE COUNTY

info@payamhomes.com | payamhomes.com

Source: CRMLS, California Regional Multiple Listing Service, Inc.

Real Estate Advisor vs. Agent

When you are getting ready to buy, sell, lease, renovate or invest in real estate, it may be one of the most important financial decisions that you, your business, or your family can make. So, it is important to consider information and advice that can help you consider all the factors to make the best decisions. While residential and commercial real estate agents can help you with some of these decisions, there are often a wide variety of factors, circumstances, and options that fall outside the experience and expertise of a typical real estate agent. Here, we will examine the roles of a real estate agent vs. a real estate advisor.

Real Estate Agent
The real estate agent’s primary responsibility is to help you navigate a residential or commercial real estate transaction from selection to final close. Their duties typically include:
• Fiduciary Duties – to you as the buyer or seller
• Search – locating an available property for you as the buyer, or locating a buyer if you are the seller
• Marketing – the property to potential buyers
• Negotiation – helping you obtain the best deal, as a buyer or seller

Real Estate Advisor
A real estate advisor may have a background as a real estate agent, but their experience and resources typically extend far beyond the responsibilities provided by an agent. A real estate advisor works in an advisory capacity to help you plan more strategically and increase the value of your currently owned or prospective real estate assets. With an extensive background in property development, we serve as an advocate to help you evaluate your property and determine its highest and best use. Our services include:
• Evaluating or completing an acquisition or sale
• Capital allocation strategies
• Evaluation of land, zoning, or other factors that could impede or enhance a property’s development
• Feasibility, renovation, and other associated costs for income-producing properties
• Guidance in developing, building, or renovating residential and commercial properties
• Strategies for improving operations and customer satisfaction on income-producing properties
• A neutral party to advise on the best outcomes for owned real estate
• Direction on property management practices

A real estate advisor may enlist many resources to assist with some or all of these services. That is another big part of their role, to understand the who, what, when, and why and to engage the experts who can uncover all of the opportunities and possibilities in any proposed real estate investment. They also act as a knowledgeable coach for the entire process to guide the client step by step to the most ideal scenario for their real estate goals.

In most cases, these constitutional tax initiatives allow senior citizens to transfer the trended base value from their current home to a replacement property if certain requirements are met. This may result in substantial tax savings.

Who Qualifies?
If you or your spouse that resides with you are age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the trended base value to your new property.

This is a one-time only benefit. You must buy or complete construction of your replacement home within two years of the sale of the original property. Both the original home and the new home must be your principal place of residence. A claim must be filed within three years of purchasing or completing new construction of the replacement property. If a claim is filed after the three-year period, relief will be granted beginning with the calendar year in which the claim was filed.

Proposition 60 allows for the transfers of a base year value within the same county (intracounty). Proposition 90 allows for the transfers of a base year value from one county to another county in California (intercounty) if the county has authorized such a transfer by an ordinance.

Source: https://assessor.lacounty.gov/propositions-60-and-90/

Source: https://www.boe.ca.gov/proptaxes/prop60-90_55over.htm