Los Angeles Area Buyers Agent & Equestrian Specialist

San Fernando Valley Housing Data ending April 2008

Jennifer Mann (Prudential California Realty) — Fri, 20 Jun 2008 11:01:04 -0500

With all the doom and gloom in the news on housing, some perspective is in order if only to show our local situation in the San Fernando Valley area and how it relates to you!

Local San Fernando Valley Housing Data

In a sign that the local housing marketing is beginning to rebound, sales in the San Fernando Valley of existing single-family homes increased during April and posted the first year-to-year gain in 30 months, as reported by the Southland Regional Association of Realtors. Not since September 2005 has the monthly total been higher than the prior year. The 547 sales closed by Realtors during April was up dramatically compared to April 2007 - 100 transactions or 22.4 percent higher. The April total also was 31.5 percent above March and has climbed each month since January, gaining momentum as the traditional Spring home buying season gets underway and as lenders start writing loans again. There’s plenty of pent-up demand for homes as lenders slowly resume making affordable loans. Single-family home prices hit the record high of $655,000 in June of last year but have been inching lower at a much slower pace than condos. Last month the median came in at $465,000, down 25.6 percent from the prior year and off 1.1 percent from March. That was only the second time in this cycle that the price decline was above 20 percent. At the current pace of sales, the inventory represents a 10.4-month supply, clearly a buyers’ market, but significantly lower than the 15- and 16-month supply of recent months or the record high 23-month supply set in February 1993. During the height of the recent sellers’ market, inventory frequently dipped below a 1-month supply. A balanced market appears around the 5- to 6-month range. More people can afford to buy a median priced home today than at any point in a decade, with one-third of families in Los Angeles County now earning enough to purchase an entry-level home. Pending escrows – a measure of future resale activity – suggest that April’s strong sales numbers likely will continue into summer. Open escrows, totaling 1,082 transaction, were down a modest 4.7 percent from a year ago, but increased on a month-to-month basis by 21.2 percent. April marked the first time in a year that the pending escrow total rose above the 1,000 benchmark.

Client Testimonials

Jennifer Mann (Prudential California Realty) — Tue, 25 Mar 2008 12:42:06 -0500

Client Testimonials

Terri in Los Angeles, Ca writes:

I am a first time homebuyer and Jennifer took me through the myriad
of steps, from finding the right home, to securing a mortgage. She
was instrumental in helping me find my condo. We spent almost a
year looking and she took the time to really understand what I was
looking for. She understood my concerns and was very patient with my
ever-changing needs. We explored various areas of town, different
styles and price points. When we walked into the condo that I
ultimately purchased, we both knew this was the right one. She took
me through the offer, the escrow and the closing. I will be forever
grateful for her expertise, support and her honesty.
I have already recommended her to others looking for a home and know
when the time comes to sell this one, she will be my first call.

Buky writes:

I recently purchased my first home in the U.S and therefore was not at all familiar with the home buying process here. I was very fortunate to have Jennifer as my Realtor. She made a usually complex transaction uncomplicated and stress free. Jennifer always went the extra mile and nothing was too much for her. She explained every last detail to me , whether it was going through contracts, discussing mortgages, current market factors and finding the right insurance etc., Jennifer seemed to know about everything. No matter what the question was, she was always well prepared and able to provide me with answers, solutions and alternatives when needed.

Despite my busy work schedule (which sometimes made it challenging to get hold of me) Jennifer was always very diligent and tenacious and would call and leave messages or email me until she was able to reach me. Jennifer always returned my calls promptly - we would often speak at least twice a day to get updates. This was great as I felt well informed and confident that I was in capable hands. She was also flexible enough to meet me on my way to various meetings in order for me to sign documents and would often fit her schedule around mine to make this happen.

I felt that Jennifer really took the time to understand my needs and listened attentively. She didn't show me anything that I actually disliked - all the homes closely matched the criteria I had communicated to her at the outset.

I have purchased homes outside of the US and never thought that the home buying experience could be such a painless one! This is wholly attributable to Jennifer and her professionalism and excellent customer service. She listened to my needs and found me a great place to live and ensured that the moving in process went with ease. No job is beneath Jennifer -she even changed my light bulbs and bought me a new lock for my mail box and supplied the tools to fix the lock! She still contacts me regularly to see how I am settling in to my new home.

I would highly recommend Jennifer not only is she a professional, knowledgeable and highly competent Realtor but she will always do more than she should to ensure that you not only find the right home, but that the process of finding a home, completing the purchase and moving in to your new home is as easy and stress free as possible.

Buky Famosa

Taniya & Joe write:

Jennifer Mann is a friendly, knowledgeable, patient and dedicated real estate agent. During our house hunt, Jennifer helped us explore numerous areas in the San Fernando Valley. She was always well prepared and able to discuss any neighborhood we wanted to explore. After a year long search, she helped us find a home that met all of our needs and wishes. She guided us through the entire process, always ready to offer help and advice. We always felt she had our best interests at heart and would happily work with her in the future.

February 2008 Home Sales for Los Angeles County

Jennifer Mann (Prudential California Realty) — Tue, 25 Mar 2008 12:32:10 -0500

Home Sales Recorded in February 2008

These are the median prices where half sold for more and half sold for less (NOT an average).

County/City/Area # Sold Feb. 2008 Feb. 2007 % Change
Yr-to-Yr

Los Angeles Selected Areas:

Westside 35 $1,210,000 $732,750 65.13%

West LA 92 $752,000 $759,000 -0.92%

Downtown LA/Central City 139 $663,000 $710,000 -6.62%

South LA 110 $387,500 $450,000 -13.89%

North East LA 58 $445,000 $490,000 -9.18%

San Fernando Valley Selected Areas:

San Fernando Valley 497 $451,000 $560,000 -19.46%

West San Fernando Valley 287 $460,000 $580,250 -20.72%

Northeast San Fernando Valley 158 $428,000 $525,000 -18.48%

Southeast San Fernando Valley 52 $549,500 $600,000 -8.42%

Select Cities:

PACIFIC PALISADES 12 $1,977,000 $1,547,500 27.75%

PASADENA 59 $539,000 $716,000 -24.72%

SIERRA MADRE 4 $570,000 $748,500 -23.85%

SOUTH PASADENA 2 $719,500 $699,500 2.86%

STUDIO CITY 17 $855,000 $871,500 -1.89%

Toluca Lake and Los Feliz have no data listed this month however they typically fall in line with the strongest markets.

November 2007 Sales Report for Los Angeles

Jennifer Mann (Prudential California Realty) — Tue, 18 Dec 2007 12:46:22 -0600

A quick update on the market: Folks, in a nutshell, the market practically shuts down through the holidays. We don't really know what's in store for us after the first of the year, however here is a graph of numbers county by county in the Southland.

Happy New Year!

Christmas Trees-The Eco-Friendly Choice

Jennifer Mann (Prudential California Realty) — Sat, 01 Dec 2007 12:11:22 -0600

If you want a tree for the holiday, the experts at Grist and TreeHugger say it's actually better to buy a cut real Christmas tree than an artificial tree. Yippee, now we can march thru the tree lot with our heads held high!

Fake trees are made of polyvinyl chloride (PVC). Producing this type of plastic creates a lot of pollution, and PVC is difficult to recycle. Also, lead has been found in PVC. According to a report (PDF) in the Journal of Environmental Health, lead levels are higher in older artificial trees.

Living trees also have a down side. You can only keep them inside for 4 to 10 days, depending on the type of tree or it will die. Second, you have to live in the right climate to plant a tree after Christmas. If the ground is frozen outside, you can't do it. Some can live in containers for a year or two, but eventually they grow too big to bring back inside, or even to grow in your yard.

Ultimately, Farmed Christmas trees are the best choice renewable resource. Growing trees in farms absorb carbon dioxide, and after the holidays, the trees can be fully recycled into mulch. Check Earth 911 to see where to take your dead tree after the 25th. Look for locally grown trees (saves carbons from long distance transport), and ask if the farm uses integrated pest management instead of tons of chemicals.

Latest Housing Report Explained By Me!

Jennifer Mann (Prudential California Realty) — Fri, 30 Nov 2007 00:17:09 -0600

November 29, 2007

So What’s the skinny in the Los Angeles area?

This is the low-down for the San Fernando Valley including Burbank and Calabasas, but not including Santa Clarita etc. Single-family home sales throughout the San Fernando Valley during October dropped 54.1 percent compared to the prior year, the Southland Regional Association of Realtors reported on Wednesday, Nov. 28^th. “WOW” you might say! But let’s break it down: This really means that buying/selling activity has been reduced by slightly less than half of the volume we saw during the end of the “bull market”. However, the lower volume of transactions is not necessarily translating to the same degree in lower prices here. While many buyers think prices should be down dramatically, the reality is that resale prices are holding relatively steady in large measure because even with more properties listed for sale there still are not enough homes throughout the region to satisfy demand (see population data below).

Interestingly, the median price of single-family homes sold during October fell a modest 3.3 percent to $590,000, down $20,000 from a year ago when the median was $610,000. It was the first time in six months that the median fell below the $600,000 mark. The record high of $655,000 was set in June. A total of 7,730 properties were listed for sale at the end of October. That was up only 13.8 percent from a year ago. Even with the increase, the current inventory is far below the record high of 14,976 active listings set in July 1992 when a recession swept the nation and Southern California’s economy was in the process of a total restructuring. Since 1990, according to the U.S. Census, the population of Los Angeles County grew by 656,286 (or 7.4%). That's alot of additonal housing needed!

In the current market, homeowners who do not have to sell and purchased prior to the recent peak in the market will weather this cycle. Even if they had to sell now, they still would reap a handsome profit, although not as much as a year ago. It is now considered a buyers market in many areas, though don’t expect the killer deals to be the best house on the block, which are still commanding full value.

First-Time Home Buyers Preparation Checklist

Jennifer Mann (Prudential California Realty) — Thu, 08 Nov 2007 13:46:49 -0600

1) Work on your credit:

a) Contact credit agencies to correct errors.

b) Setup automatic bill payments to prevent late payments.

c) Payoff/pay-down credit cards (do-not close them).

d) Avoid buying any big-ticket items like TV's, appliances or cars.

2) Savings: Even if you think you'd like to shoot for 95%-100% financing, you will still need money in the bank for rainy days, and the bank will want to see this.

a) Decide on a weekly savings and STICK TO IT!

b) Sign up for your companies savings plan.

c) Eat home more often /have coffee at home! You can save $40-60 per month on Starbucks alone!

d) By driving your car to death you can save up to $31,000 vs. buying new or leasing!

3) Get Pre-Approved by a reputable Mortgage professional. The reason for the current crisis is that credit standards have been too loose and mortgage brokers just could not say "No". Everyone seems to know someone in the mortgage business. But what you really want is someone who will tell you honestly what you can expect so you don't get into trouble either in the middle of your escrow process or worse, down the road. Also, find someone who is knowledgeable about the many government programs available to first time homebuyers. Contact me for mortgage professional referrals.

4) Research neighborhoods in your price range by contacting a Buyers Coach and area specialist like myself. You should expect NO FLUFF real estate advice and support, responsiveness, knowledge of the local marketplace, and a commitment to hard work and integrity. By starting now, your Realtor can answer questions along the way, and will be able to periodically send you properties as you work toward your goals. Then, when the right one becomes available you will be ready to jump!

The Internet- Home Buyers Friend or Foe?

Jennifer Mann (Prudential California Realty) — Mon, 29 Oct 2007 14:37:07 -0500

By Jennifer Mann-Home Buyers Coach

October 29, 2007

Let me just begin by saying that in my opinion the Internet is the best thing that has happened for the sake of anyone yearning for information. I am a huge Internet fan as it is essential to my business. Real Estate, consumers are able to obtain information and/or push information out to the masses on just about any property. Data, data, data, there is plenty of it. And how about advice? There’s lots of that too. Who is right? There is plenty of conflicting data and quite possibly both sides of a situation may be right. For example right now, is the sky falling in real estate or not and if so where? When is the right time to buy and sell?

What is the difference between information and knowledge? Answer: interpretation. The way I see it, consumers today are drowning in information yet thirsting for knowledge! So how is everyone going to interpret all this data? The answer is simple. Find yourself a Real Estate Coach. This is not the same thing as a sales agent, but it can be. The main difference is whether or not your agent is committed to doing more for you than just making a sale. I consider data interpretation and client-specific advisory services the core of my duties in providing full service to clients. Some things you should expect from your Consultant/agent are:

A reputation for superior service and honesty.
Listening skills: Ascertaining your specific needs and desires short and long term.
Commitment: Do they put your interest first at all times? Will they return your calls promptly throughout the process? Will they be there for you once the escrow is closed?
Honest coaching on how to obtain your expressed goals. This includes affordability and qualifying for a mortgage, saving, credit and debt advice.
Honestly interpret location-specific market conditions. This may include discussions on the global economy and federal monetary policy, as well as the local job market, housing availability and affordability.
Knowledge of the area of interest.
Home valuation and/or appraisal experience.
Strong knowledge of the purchase contract and documents/disclosures required. Your coach/consultant can save you money here.
Strong knowledge of the escrow process.
Your local coach/consultant is a bank of knowledge on everything from property related fact-finding to locating a good restaurant, locksmith or pet. Use it!

If you are considering buying a home in the near future I would be happy to provide you with superior service. Let’s get started!

Story of Tarzana

Jennifer Mann (Prudential California Realty) — Fri, 05 Oct 2007 01:08:26 -0500

It is interesting where Tarzana is today in terms of it’s development. Where it was once the central point from which the developmental land sprawl in the San Fernando Valley began, it is currently one of the last remaining sections of Ventura Blvd that has yet escaped significant revitalization. Dilapidated strip malls with vacancies still remain dotting the boulevard. Nowadays, small independent new businesses are springing up as mostly neighborhood eateries.

Redevelopment is indeed arriving though painfully slowly with a plan by Bryan Gordon of Pacific Equity Properties Inc. a real estate investment and Development Company. It recently purchased 85,000-square feet in Tarzana, formerly called the Brown Center, and will create an upscale urban living center with retail, restaurants, a supermarket and town homes and lofts, valued at $150 million. With the first phase to be completed by the end of 2007, the model may end up by May of 2010 similar to what was done in Pasadena. This is a much-needed endeavor for Tarzana’s culture to once again blossom.

Tarzana is woven with interesting history. The area was known as the South Hills of Van Nuys prior to March of 1919, which was when Edgar Rice Burroughs purchased what was known as the Miraflores Estate and renamed it “Tarzana”. The estate, comprised approximately 540 acres, along the south side of Ventura Boulevard (which was then the State Highway), and West of what was known as Encino Acres. With the newly paved Reseda Avenue at the center, the property extended back to the skyline of the Santa Monica range of mountains. Edgar Rice Burroughs was best known as author of “Tarzan of the Apes”. He began subdividing approximately 4 years later.

More…

SEARCH TARZANA LISTINGS

CLICK BELOW to sign-up for my E-NEWSLETTER!

Jennifer Mann (Prudential California Realty) — Mon, 01 Oct 2007 23:24:46 -0500

HOW COOL IS THIS?

Jennifer Mann (Prudential California Realty) — Mon, 01 Oct 2007 23:09:13 -0500

For my local Southland clients and friends, I've compiled an extensive list of links to schools in the Los Angeles area. The coolest link is the "Search By Address" feature. You can search TEST SCORES here too! I hope you enjoy it!

Schoolfinder

Find test results for your childs school here!

Los Angeles Area Market Update- Sept 07

Jennifer Mann (Prudential California Realty) — Fri, 28 Sep 2007 12:06:48 -0500

Los Angeles Area Market Update

September 28, 2007

Economic Quickies:

Spending and construction both rise above expections, while core consumer prices posted their smallest rise in 3 ½ years.
Former Federal Reserve Chairman Alan Greenspan sees chance of recession at less than 50/50.
Oil Prices are at record highs due to the latest hurricane threat, while the dollar is weaker.
The volume of home sales nationwide drops to new lows, while nationwide housing prices/values have grown by 0.2% since August 2006.

Locally:

According to Dataquick Info Systems, August numbers may be skewed overall by the jumbo loan mess largely affecting high-end home purchases, which includes the San Fernando Valley with 50% of home prices being over $545,000.

The median price of a home in California lowered 1.1% from one year ago August 2006, as Stockton California as the foreclosure capital continues it’s drag on the numbers.
Los Angeles County as a whole is up 4.76% from one year ago.
The San Fernando Valley overall is off 2.68%.

For city-by-city numbers which vary widely go to: http://www.dqnews.com/ZIPCAR.shtm

Recession or No Recession?

Jennifer Mann (Prudential California Realty) — Wed, 12 Sep 2007 19:52:52 -0500

September 12, 2007

By Jennifer Mann

The latest report out today outlined the idea that, due to a strong economy in virtually every sector other than real estate, the U. S. and California will avoid recession. The report by UCLA Anderson Forecast as summarized in approximately 168 news articles out today, includes a special portion of the report focusing on foreclosure trends and points out that it is investors who are being most affected. It also stated that California, foreclosures are highest in counties with the combination of lower home prices and high usage of adjustable rate mortgages - a sign of working families overstretching to buy a home. For the full article go to:

BusinessWire

Search the MLS for Free!

Update on foreclosures in the San Fernando Valley Sept. 2007

Jennifer Mann (Prudential California Realty) — Wed, 12 Sep 2007 18:25:54 -0500

Update on Foreclosures in the San Fernando Valley

September 12, 2007

By Jennifer Mann

Here is the latest data available to me relating to the condition of the housing market. The current inventory of homes on the market in the San Fernando Valley consists of approximately 4% Real Estate Owned (known as foreclosures). Of these bank-owned listings 80% are under $600,000 price, with the majority being under $500,000. This is not at the percentage said to negatively affect the prices of the general inventory.

What also may be contributing to keeping values in the green in our area is the fact that this time around, there really are very few bargains to be had among the foreclosures for sale. When scanning the available inventory in the vicinity of a foreclosure property, you can often find regular listings very closely priced if not lower! Why is this you may ask? While there have been several up and down cycles in real estate, this is the first time where lending standards have become so relaxed that almost any Tom, Dick, or Henrietta had been able to commonly borrow 100% or more of the purchase price of real estate. Yes I said "or more", it's true! As a result, the banks that are now on the hook for these loans now have foreclosure costs to recoup as well, and this is only two of the factors contributing to high sales prices of foreclosure properties.

Now back to the conversation on REO inventory in the San Fernando Valley. If you're looking for a foreclosure to buy, here is a list of a few cities with the highest concentrations of foreclosures under $500,000:

Arleta

North Hills

North Hollywood

Reseda

San Fernando

CLICK HERE TO SEARCH THE MLS

Sources: San Fernando Valley Board of Realtors, Southland Regional Association of Realtors, So Cal Multiple Listing Service, Dataquick

Go to: Jennifers NO_FLUFF Real Estate News for money saving real estate tips!

"HOW TO SAVE FOR A HOME" Series

Jennifer Mann (Prudential California Realty) — Thu, 06 Sep 2007 15:24:22 -0500

Part of "HOW TO SAVE FOR A HOME" Series

Topic: Cars

What is the most cost effective way to own a car? Leasing, buying, replacing, or keeping your car?

Folks, don't waste money on cars! They present an image yes, but what good is an image of success if you have nothing to back it up? Better yet, buying that first home adds so much to your security and sense of pride. Nothing says "SUCCESS" better than hosting various events in your own home.

Follow the advice given below. Buy one of the listed reliable (and cool) cars and the $31,000 you save can be your down payment on a NEW HOUSE!

Did you know you can......

Drive Your Car to Death and Save $31,000?

According to Consumer Reports magazine, by keeping your car for 15 years, or 225,000 miles of driving, you could save nearly $31,000! That's compared to the cost of buying an identical model every five years, which is roughly the rate at which most car owners trade in their vehicles.

In its annual national auto survey, the magazine found 6,769 readers who had logged more than 200,000 miles on their cars. Their cars included a 1990 Lexus LS400 with 332,000 miles and a 1994 Ford Ranger pick-up that had gone 488,000 miles.

For the full article including the magazine's list of "Good bets" and "Bad bets", go to:

Money.cnn.com

For more money saving real estate tips contact me at:

Jennifer Mann

Prudential California Realty

23925 Park Sorrento

Calabasas, CA 91302

Jm4re@yahoo.com

www.jennifermannhomes.com

818.251.2440

What will the Fed Chairman do, What SHOULD he do?

Jennifer Mann (Prudential California Realty) — Fri, 31 Aug 2007 00:09:18 -0500

The great news folks! There is no one asleep at the wheel with this one. Bernanke has a full plate to balance. Too many mashed potatoes on one hand could upset the whole cart. We all seem to be asking him for what will please our most current agenda. Options for Ben: does he leave rates the same in order to slow the brisk pace of growth in our economy reducing the risk of inflation), 2) does he reduce rates to minimize borrowers risk as their loans reset. This is a double edges sword folks, or even triple. Lowering the benchmark rate could possibly throw gasoline on an already briskly growing economy and force serious inflation. It is also essentially bailing out irresponsible lenders as well as irresponsible borrowers. Banks will be able to get money cheaper without passing this savings on as they have done recently at the discount window. Our deficit, that was recently (back in 2000) a major surplus, is now hovering around a $456billion dollar deficit that will cost each taxpayer approximately $30,000. Do you think this bail-out of the mortgage companies will be free? I say that minimal Federal involvement right now is best only to allow the cream to rise to the top. In other words, the poorly managed companies SHOULD FAIL! Guidlines will be reformed, home prices will become reasonable again, and everyone will be happy......until the next cycle......go figure.

Real Estate means nothing without the Earth and Living Creatures

Jennifer Mann (Prudential California Realty) — Wed, 29 Aug 2007 14:53:50 -0500

"OUR LIVES BEGIN TO END THE DAY WE BECOME SILENT ABOUT THINGS THAT MATTER"

Michael Vick's dog fighting conviction has brought to the for-front all that is wrong with America.

Why is everyone on antidepressants, Starbuck's, energy drinks? Why do we need so many material things?

Where have our society's values gone? It seems that everything we believe in has been sacrificed in return for monetary gains. Too busy keeping up with the Jones' to do something....anything about animal cruelty, environmental destruction, polluted foods, war, disease, poverty.... I could go on and on. Many of you may say you contribute to particular causes financially. But simply throwing money at the problems just creates more problems. Do you know that there are not enough people involved in all these causes to put the money to work or get much done? Have you volunteered your time lately? Did you know that speaking up, having a voice, standing up for something around the water cooler goes much farther than that $25 dollar donation check?

When we stand up for what we believe in, it is like a Starbucks fix or the good feeling you get from exercise but it lasts much, much longer. A sense of pride makes every day worth living, yet too many of us are not willing to alter our priorities. Our public leaders and role models have set a poor example and we have not made them accountable. No veil of religion justifies judgement or oppression of others, hypocritical behavior, corruption, or violence yet civilized people regularly use this cover.

HAVE YOU BECOME ASHAMED of being an American? Whether we do something about it, or not we are making a choice. And to play helpless by saying you can't make a difference is irresponsible and an excuse. We can and must stop this assault on the helpless in order to once again be proud Americans. Who are the helpless you may ask? Poor and starving countries exploited for their natural resources and cheap labor. Our environment, our polluted oceans, clear-cutting of forests and jungles, the very air we breath, the ecological balance of species of animals we have not protected from extinction, the cruel bludgeoning of harp seals, dogs forced to fight to the death or electrocuted or drowned, companion animals tortured by children, beaten by spouses.

ACCOUNTABILITY, KINDNESS AND CORE VALUES ARE EITHER ESTABLISHED OR DESTROYED IN THE HOME.

Lets do something folks! Incorporate some good old fashioned neighborly deeds and spread the word!

Are you a Polluter or Clean and Green Homeowner?

Jennifer Mann (Prudential California Realty) — Wed, 11 Jul 2007 18:59:25 -0500

Are you a Polluter or Clean and Green Homeowner?

Tips for homeowners looking to reduce their carbon footprint!

The new theme for this blog is the homeowners impact on our environment. Each entry will offer a different issue and solution/contribution we all can make. Though many real estate professionals can write about the condition of the real estate market itself, I believe like-minded individuals will expect the professionals they deal with to have a similar sense of environmental and social responsibility. So here is my contribution!

By: Jennifer Mann

July 11, 2007

Todays peeve: How many of you walk your dogs as I do regularly in your neighborhood, (I’m in the San Fernando Valley), only to discover that what your neighbors doing the same have left behind? It gets worse: Weekly then, all our neighborly gardeners arrive to mow, but before they do, the doo gets kicked to the curb! “What a pitty” I think and say “hey, that’s really pretty s____” but true because I see it peppering the gutter every week on that same day. In all fairness, what many homeowners may already know but don’t think to tell their gardeners, is that what washes down our raingutters does NOT go to the same place as the sewer systems our homes are connected to! Where then, does all that trash, motor oil, and yes doo-doo that gets washed into the streets go, you may ask? The answer is: the ocean! So then, what happens to all that trash in the ocean? Well, what can be eaten by sea creatures is, and what’s left over usually either entangles, strangles and poisons them. So, when you go out for that $100 seafood meal, what are you eating? Are you catching my drift? SOLUTION: Let’s all do our part and 1) Clean up after our pets. 2) Instruct our gardeners to place the waste in the trash, not the gutter. 3) Go to http://www.liveearth.org/ to learn how a few small changes can make a huge impact! Other valuable resources can be found on the environmental page of my website at: http://jennifermann.prudentialcal.com/Content/Content.aspx?ContentID=422022

To search the MLS for free go to: http://jennifermann.prudentialcal.com/Public/listing/ListingSearch.aspx?Clear=2

C.A.R. May 2007 Real Estate Report

Jennifer Mann (Prudential California Realty) — Wed, 27 Jun 2007 18:01:31 -0500

A summary of the C.A.R. report for May 2007(read the full report below), we note the following:

1-VOLUME of sales decreased 25 percent in May
2-Median Price of a home in California up 4.8% from one year ago.
3-The most impacted by the tightening of lending guidelines and subprime shakeout is the lower end of the real estate market, which has seen greater declines in sales and weaker prices.

How does this affect buyers in the Southern California marketplace? Buyers are wise to get off the fence if they desire homeownership. Inventory is the best it's been in years meaning lots to choose from and more flexible sellers. Interest rates are still around 40 year lows. Entry level buyers in outer-lying areas may look forward to a more favorable lending environment in 2008, along with stabilizing home values in the lower end.

In more urban and high end markets, prices are still rising and therefore, waiting beyond 2007-2008 may prove futile, at least for the next several years.

FULL REPORT BELOW:

Monday, June 25, 2007

C.A.R. reports sales decrease 25 percent in May, median price of a home in California at $591,180, up 4.8 percent from year ago

LOS ANGELES (June 25) – Home sales decreased 25 percent in May in California compared with the same period a year ago, while the median price of an existing home increased 4.8 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“Concerns about subprime lending will be with us well into next year, but improving economic conditions should bolster consumer confidence in the economy as we move through the second half of this year,” said C.A.R. President Colleen Badagliacco. “However, with prices holding steady or showing marginal declines in many parts of the state, affordability will continue to be a problem even with mortgage rates that remain near historic lows. In a competitive market with a wide range of properties for sale compared with a year ago, those homes that are in top shape and are well priced are in the best position to attract buyers in today’s market.”

Closed escrow sales of existing, single-family detached homes in California totaled 366,370 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 25 percent from the 488,260 sales pace recorded in May 2006.

The statewide sales figure represents what the total number of homes sold during 2007 would be if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during May 2007 was $591,180, a 4.8 percent increase over the revised $563,860 median for May 2006, C.A.R. reported. The May 2007 median price decreased 1.1 percent compared with April’s revised $597,640 median price.

“The decline in sales continues to be driven by both tighter underwriting standards since the start of the year and the adverse psychological impact of news regarding foreclosures and the subprime situation,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In particular, the lower end of the market – which is the part of the market that is most affected by the subprime situation – has seen greater declines in sales and weaker prices than the higher end of the market. This will likely be a recurring theme in the coming months.”

Highlights of C.A.R.’s resale housing figures for May 2007:

. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2007 was 10.7 months, compared with 6 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

. Thirty-year fixed-mortgage interest rates averaged 6.26 percent during May 2007, compared with 6.6 percent in May 2006, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.52 percent in May 2007 compared with 5.63 percent in May 2006.

. The median number of days it took to sell a single-family home was 51.7 days in May 2007, compared with 44.5 days (revised) for the same period a year ago.

Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 36.7 percent, or 136 out of 371 cities and communities, showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/index.php?id=Mzc1NDY.

. Statewide, the 10 cities and communities with the highest median home prices in California during May 2007 were: Los Altos, $1,680,000; Burlingame, $1,665,750; Saratoga, $1,650,000; Manhattan Beach, $1,455,000; Beverly Hills, $1,425,000; La Canada-Flintridge, $1,420,000; Newport Beach, $1,400,000; Laguna Beach, $1,362,500; Mill Valley, $1,287,500; Los Gatos, $1,225,000.

. Statewide, the 10 cities and communities with the greatest median home price increases in May 2007 compared with the same period a year ago were: La Habra, 57.6 percent; Moorpark, 37.5 percent; San Juan Capistrano, 36.9 percent; Atascadero, 28 percent; Mill Valley, 27.2 percent; Lake Forest, 24.5 percent; Burlingame, 21.5 percent; Hawthorne, 21.4 percent; Dana Point, 19.9 percent; Manhattan Beach, 17.2 percent.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

California April 2007 Home Sales

Jennifer Mann (Prudential California Realty) — Tue, 29 May 2007 17:52:19 -0500

by Real Estate Analyst John Karevoll May 16, 2007

A total of 34,949 new and resale houses and condos were sold statewide last month. That's down 12.2 percent from 39,811 for March, and down 28.5 percent from 48,894 for April 2006. Last month's sales made for the slowest April since 1995 when 27,625 homes were sold. April sales from 1988 to 2007 range from the 27,625 in 1995 to 66,938 in 2005. The average is 46,141. On a year-over-year basis, sales have declined the last 19 months.

The median price paid for a home last month was $484,000, unchanged from March's record high. That was up 3.4 percent from $468,000 for April a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,258. That was up from $2,230 in March, and down from $2,271 for April a year ago. The peak was $2,372 last June. Adjusted for inflation, mortgage payments are 8.2 percent above the spring 1989 peak of the prior real estate cycle.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The numbers cover all sales, new and resale, houses and condos.

Indicators of market distress are moving in different directions. Financing with adjustable-rate mortgages is declining significantly. Foreclosure activity is rising but is still within the normal range, except for some inland communities that saw particularly strong activity during the 2004-2005 sales surge. Down payment sizes are stable and flipping rates and non-owner occupied buying activity is down, DataQuick reported.

FREE MLS Search here!

Looking for a Buyers Advocate?

School Performance

Find cheap gas here!

Quick Market Update-February 2007!

Jennifer Mann (Prudential California Realty) — Tue, 29 May 2007 17:48:52 -0500

Nationally:
The push for higher loan standards may slow home sales in the coming months, while median prices will remain flat, according to NAR's most recent forecast. "Tighter lending standards will dampen home sales a bit, but by less than a couple of percentage points from initial projections," said NAR Chief Economist David Lereah.
California:
The median price of an existing single-family home is expected to drop 2 percent to $550,000 compared with $556,600 last year, with the exclusion of the Los Angeles market.
Locally in Los Angeles:
With 13 million residents, the Los Angeles metropolitan continues to be the second most populous metro area in the nation, according to the report. The Los Angeles-Long Beach-Santa Ana region gained more than 584,500 people during the six-year period between April 1, 2000, and July 1, 2006. (U.S. Census Bureau News).
Source: National Association of Realtors

Fast Facts
Calif. median home price - February 07: $564,700
(Source: C.A.R.)

Calif. highest median home price by C.A.R. region February 07: Santa Barbara So. Coast $1,000,000
(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region February 07:
High Desert $319,860
(Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Fourth Quarter 06: 25 percent
(Source: C.A.R.)

Mortgage rates - week ending 4/5:
30-yr. fixed: 6.17%; Fees/points: 0.4%
15-yr. fixed: 5.87%; Fees/points: 0.5%
1-yr. adjustable: 5.44%; Fees/points: 0.6%
(Source: Freddie Mac)

Looking for your own buyers agent advocate?

DO I NEED A BUYER'S AGENT ? A Benefit That Costs You Nothing!

Jennifer Mann (Prudential California Realty) — Tue, 22 May 2007 15:14:07 -0500

Listing Agents and Selling Agents

You see there are two "sides" to every sale. The listing agent and their office/broker represent the seller’s side. The selling agent and their office/broker represents the buyer’s side. A selling agent is also referred to as the “buyer's agent”. Selling agents (buyer’s agents) do not usually list very many homes for sale. They deal mostly with homebuyers. Selling agents "sell" the homes that are placed in the Multiple Listing Service by the listing agents.

Most agents concentrate primarily on one side or the other. This is not a "hard and fast" rule. There are also agents who split their time equally between buyers and sellers. Often, these are the very best Realtors. The fact of the matter is if you are buying a home, whom do you want on your side? A Realtor who deals primarily with sellers? Or one who deals mostly with buyers?

If you call on a single classified advertisement in a newspaper, or a listing on the Internet, you are most likely calling the listing agent.

Should You Call the Listing Agent vs. finding your own Realtor?

First, very few people actually buy the house they call about. However, for argument's sake, lets say you call the Realtor who is listing the property you "might" be interested in. It turns out that the house is absolutely perfect and affordable and you want to make an offer. Do you want the same agent who represents the seller to also represent you? If the answer is “no” then get yourself a buyers agent to show you the home.

Remember, when you make an offer to buy a house, you are entering a negotiation. The seller wants as high a price as possible and the buyer wants the lowest price possible. Plus, there is much more to buying a house than just settling on a price. If a Realtor represents both sides, there is a potential for conflict of interest, although an ethical Realtor can often do a fair job of representing both sides. The best-case scenario however, is that the dual agent, in an effort to stay neutral, becomes nothing more than the transaction facilitator, other than an agent working actively on behalf of either the buyer or seller. There are so many things that come up during the home buying process, for peace of mind, it may be best to have your own advocate who will tell it to you straight and fight for your best interests.

Other Benefits:

Buyers agents have varying areas of expertise. An understanding economically, of the current supply/demand cycle within a particular area of interest will affect your initial offer price, strategy, and what you can ultimately expect to pay. Buyer’s advocates with experience in renovation and design can help a novice buyer spot a diamond-in-the-rough needing simple enhancements. A knowledge about niche properties i.e.: equine, green, historical, etc. can help buyers find or avoid certain features.

Buyers agents typically stay with you long after everyone else has gone and as the years go by continue to be a valuable resource in your community.

Lastly, the commission paid to your Realtor comes from the seller’s proceeds so ultimately, having your own advocate costs you nothing!
__________________________________________________________________________________________________________

__________________________________________________________________________________________________________

California Buyers Agency

In California, a homebuyer can choose to work with a buyer’s agent or a selling agent. Either way, your agent is a specially trained professional, licensed by the state of California, who is obligated by law to treat all parties to a real estate transaction fairly.

Selling Agent

If you work with a selling/listing agent, there is no contract between you and the agent, and you are not the agent’s client. You will, however, receive a Disclosure of Real Estate Agency form that lists the fair treatment duties owed to you and indicates that the selling agent is the home seller’s agent.

Buyer’s Agent

If you work with a buyer’s agent, you are the buyer’s agent’s client. If you are satisfied working with a particular buyers agent you may sign a WB-36 Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate Agency. The Disclosure lists the fair treatment duties owed to all parties and the duties owed to you as the client, and indicates that the buyer’s agent is the agent of you the buyer. The buyer’s agent works specifically for the interests of the homebuyer, but also must know how to work with the listing agent. A buyer’s agent can:

Give advice within the scope of the agent’s expertise as a licensed real estate professional.
Give an opinion or critique of a seller’s property beyond disclosing defects.
Give you an opinion about whether a particular house is priced too high or too low, and/or suggest an offer price and strategy.
Structure the offer, draft offer provisions, and present the offer with the buyer’s best interests in mind.
Recommend and assist the buyer with negotiation strategies for the best price and terms.
Assist in the buyer’s investigations of all information including disclosures and history, so the buyer can make an informed decision.
Manage/oversee the purchase/escrow process, in order to keep the buyer in compliance and within the guidelines of the contract as desired by the buyer.

FREE MLS Search here!

Looking for a Buyers Advocate?

School Performance

Find cheap gas here!

Housing update put in perspective for Los Angeles Property owners

Jennifer Mann (Prudential California Realty) — Tue, 15 May 2007 18:44:38 -0500

Los Angeles property owners, is your investment safe? Real Estate Update for Southern California. Los Angeles property owners and clients take note in the table below demonstrating Los Angeles' relative market strength.

Further slowdown for Southland home sales

May 15, 2007

La Jolla,CA----Southern California home sales sank to a 12-year low last month, led by striking sales drops in affordable neighborhoods. Prices were fairly stable overall, with declines largely concentrated in lower-cost markets that sizzled a year ago, a real estate information service reported.

A total of 19,269 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 11.8 percent from 21,856 for the month before, and down 28.9 percent from 27,114 for April last year, according to DataQuick Information Systems.

Last month's sales were the lowest for any April since 1995, when 15,303 homes sold. The April 1995 total was the lowest for any April in DataQuick's statistics, which go back to 1988. The strongest April was in 2004, when 37,905 homes sold. April has averaged 25,796 sales.

"The drop-off in sales of more affordable homes was expected. That was the part of the market that was last in line for price and sales increases during the upside of the cycle. What we're in for now is the somewhat painful endgame of that cycle," said Marshall Prentice, DataQuick president.

"In addition to cyclical factors, there are other potential culprits behind the current lull: a buyer-seller standoff, the huge rush to buy during the frenzy (leaving less demand for today), tighter mortgage money, or something more ominous like a severe market correction. The falloff in starter home sales has the effect of pushing median prices up a bit, although it's still somewhat surprising prices haven't declined more," Prentice said.

The median price paid for a Southland home was $505,000 last month, the same as the March record. It was up 6.1 percent from $476,000 for April last year. When adjusted for shifts in market mix (i.e. fewer lower-cost homes selling now), year-over-year price changes went negative in January and are roughly one percent below year-ago levels. They are about two percent below the peak in June last year.

The typical monthly mortgage payment that Southland buyers committed themselves to paying was $2,356 last month, up from $2,326 the previous month and up from $2,310 a year ago. Adjusted for inflation, current payments are 9.3 percent above typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 4.1 percent below the current cycle's peak last June.

Indicators of market distress are moving in different directions. Financing with adjustable-rate mortgages has declined significantly. Foreclosure activity is rising but is still within the normal range in most areas. Several inland markets are showing early signs of distress. Down payment sizes are stable and flipping rates and non-owner occupied buying activity is down, DataQuick reported.

All Homes	No Sold April-06	No Sold April-07	Pct. Chg	Median April-06	Median April-07	Pct. Chg
Los Angeles	9,284	7,225	-22.2%	$510,000	$540,000	5.9%
Orange	3,563	2,682	-24.7%	$630,000	$629,000	-0.2%
Riverside	5,444	2,987	-45.1%	$413,000	$409,000	-1.0%
San Bernardino	3,841	2,049	-46.7%	$360,000	$370,000	2.8%
San Diego	3,974	3,436	-13.5%	$505,000	$490,000	-3.0%
Ventura	1,008	890	-11.7%	$586,000	$572,000	-2.4%
All SoCal	27,114	19,269	-28.9%	$476,000	$505,000	6.1%

Source: DQNews

Media calls: Andrew LePage (916) 456-7157
or John Karevoll (909) 867-9534