Click here to view online with images.
 
 

Southern California Home Prices Hit an All-Time High

Low Supply is One Factor of Todays Soaring Market 

Once again, home prices are breaking records in Southern California. In April, the city's median home sale price rose 7.2 percent year-over-year and reached an all-time high of $520,000, according to a recent CoreLogic report. This data reflects a jump of $1,000 over March, according to the Los Angeles Times who first broke the news. The median price for new and resale houses and condominiums in Los Angeles County spiked 7.3 percent to $590,000. Prices rose between 4.4 percent and 10 percent for the other five counties in the SoCal region. 

However, sales activity was down 1.5 percent in comparisson to last year. This is likely because of low inventory and prices rising beyond what many buyers can afford or are comfortable shelling out. According to Freddie Mac, average interest rates on a 30 year mortgage also jumped to a seven year high of 4.61 last week. 

These Southern California trends mirror both the state of California, and the nation. California's median sale price has risen for 73 consecutive months since March 2012, according to CoreLogic. National home sales are strong as well, especially sales above the $750,000 mark, tempered only by a low supply of homes, according to the National Association of Realtors. 

There are signs that younger buyers could continue to drive demand. According to the LA Times, first-time buyers made up 38 percent of single-family home purchases last year, the highest percentage since 2000. 

Mark Your Calanders 

June 2nd - Taste of Art Summer in France - The Huntington Library, Art Collections, and Botanical Gardens @ 9:00am - 12:30pm

June 2nd - LA Wine Fest - ROW DTLA, Downtown @ 2:00pm

June 3rd - Bike MS Coastal Challenge 2018 - Rose Bowl Stadium @ 7:00am - 3:00pm

June 3rd - Los Angeles River Ride - The Autry Museum in Griffith Park @ 7:00am

June 3rd - Imagine Tea at The Langham - The Langham Huntington Pasadena @ 10:00am & 1:30pm 

June 3rd - ALTAPASADENA Art Studio Tour - Participating Galleries in Altadena & Pasadena @ 12:00pm - 6:00pm

June 3rd - Castle Green Spring Home Tour - Castle Green @ 1:00pm 

June 3rd - LA Wine Fest - ROW DTLA, Downtown @ 1:00pm

June 4th - Flower Arranging with Roses - The Huntington Library, Art Collections, and Botanical Gardens @10:00am - 12:00pm 

June 5th - Summertime Trivia at One Colorado - One Colorado Courtyard @ 6:30pm - 9:00pm 

June 9th - NASA-JPLs Annual Open House - JPL @ 9:00am - 4:00pm

June 9th - Mountain Lions and More Discovering Wildlife in Los Angeles - Descanso Gardens @ 10:00am - 11:30am 

June 9th - Playhouse Block Party - El Molino at Colorado @ 12:00pm - 10:00pm 

June 10th - R.G. Canning Flea Market - Rose Bowl Stadium @ 5:00am - 4:30pm 

June 10th - Annual San Marino Motor Classic - Lacy Park @ 6:00pm 

June 12th - Neighborhood Nights Gelato Night - Congelato Artisan @ 5:30pm - 7:00pm 

June 13th - Wines of Germany and Austria - The Huntington Library, Art Collections, and Botanical Gardens @ 5:00pm - 7:30pm 

June 16th - June 17th 26th Annual Pasadena Chalk Festival - The Paseo @ 10:00am - 7:00pm 

June 16th - June 17th Fathers Day at The Huntington - The Huntington Library, Art Collections, and Botanical Gardens @ 11:00am - 4:00pm 

June 16th - Tour South Grand Neighborhood and Colorado Street Bridge @ 6:00pm - 8:15pm

June 19th - Free Tuesday at Descanso Gardens @ 9:00am - 5:00pm

June 20th - Summer Songs at Descanso Gardens @ 5:30pm - 8:00pm

June 22nd - Trivia Night - Altadena Library @ 7:00pm

June 23rd - June 24th - Arroyo Seco Weekend @ 12:00pm

June 24th - Pet Tech CPR and First Aid Training - Pet Food Express @ 10:00am - 3:00pm 

June 27th - Barks and Books - Altadena Library District @ 3:30pm

June 29th - Cactus Succulent Early Bird Sale - The Huntington Library, Art Collections, and Botanical Gardens @ 10:00am - 5:00pm 

June 29th - June 30th - 626 Night Market - Santa Anita Racetrack @ 4:00pm - 1:00am

June 30th - Cactus Succulent Show and Sale - The Huntington Library, Art Collections, and Botanical Gardens@ 10:00am - 5:00pm 

.

Contract Corner

Seller License To Remain in Possession Addendum 

In a real estate transaction it is not uncommon for the seller to wish to remain in the property for some period of time after the close of escrow. One potential reason for this could be that the seller is moving and needs more time to prepare, or to solidify the deal on their next home. This situation became frequent enough that the California Association of Realtors® (C.A.R.) produced a contract called the Seller License to Remain in Possession Addendum. This C.A.R. form, often reffered to as the SIP, is intended for a short-term occupancy after the close of escrow. In this case, short-term occupancy is considered thirty days or less. If a seller should require a longer period of time, C.A.R. has a more detailed agreement called the Residential Lease After Sale, often reffered to as a seller leaseback. 

The short-term occupancy agreement, or SIP, allows the seller to specify their occupancy terms as either number of calendar days after close of escrow, or up until a specific date. The consideration section of the agreement indicates the amount to be charged for the given time period whether in the form of cost per day or total cost. It also accounts for a late fee if a payment following the close of escrow is overdue. In addition, this contract covers who shall pay for utilities and maintenance, states that the buyer shall be allowed entry for a variety of reasons with the required 24 hours notice, instructs that the seller shall not assign or sublet any part of the property, and advises the seller to obtain insurance for personal property during this period. 

Navigating through the labyrinth of details and information of a transaction is exactly why you, savvy buyers and sellers, need an experienced team. The SARKISSIAN + PERERA GROUP is here to help guide you through this process and ensure that you achieve all of your real estate goals! 

© 2018 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. Any unauthorized reproduction or use of this material is prohibited. This information is believed to be accurate as of June 1, 2018. It is not intended as a substitute for legal advice in individual situations, and is not intended to nor does it create a standard of care for real estate professionals. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data. Information has been obtained from various sources and will not be verified by broker or MLS. *Sources: TheRealDeal.com, PasadenaNow.com, Car.org, RealtyTimes.com, TimeOut.com

Rowland Partners & SARKISSIAN + PERERA GROUP

Jerry Rowland DRE: 02003589 Tia Rowland DRE: 00543041 Hazel Perera DRE: 01715728 Armen Sarkissian DRE: 01242603
HazelP@BHHSCal.com
626.676.9111 | 626.695.2808
www.spregroup.com

Visit me on FacebookVisit me on Instagram
Share this with someone:
DRE#: 01715728
540 S. Lake Ave. Pasadena, CA 91101
©2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.