What is AB 1482 in California? What is Rent Control in California? Now that Newsom has signed the bill, how will it affect Investors and Renters going forward?

#RealEstate #RealEstateMarket #HousingMarket

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As of October 8th 2019, Governor Gavin Newsom signed the assembly bill ab1482 passing california rent control. The bill limits hiking rents more than 5 percent, plus local inflation , in one year. This means that California rents are now under control of the state. AB 1482 will go into effect on Jan. 1st through year 2030.

All residential rental properties are affected by AB 1482 except: properties built within the last 15 years (this will be a rolling 15yrs going forward) as well as single-family residences & condos, unless those properties are owned by a REIT or Corporation. To you own an SFR or condo that is a rentals and being held in a Limited Liability Corporation (which is fairly common), those properties ARE included in this new law.

AB 1482 also imposes “Just Cause” eviction rules starting on January 1, 2020, which require owners to provide one month’s rent as relocation assistance (or a 1 month rent waiver) for “no fault” evictions, when a renter has been in occupancy for 12 months (or 24 months if two renters are in the same property). These “no-fault” evictions still allow an owner to vacate a unit for a family member to move in, as well as if the owner intends to demolish or substantially remodel the property, however the owner will now need to waive or pay the tenant at least one month’s rent (again, local regulations will apply if stricter than AB 1482). Some owners and property managers have mentioned changing to a 11-month lease term on new leases, in order to maintain their ability to terminate a lease without additional cost. AB 1482 didn’t change the “at-fault” eviction process too much (whereby tenants are being evicted for not complying with their lease terms), however it does spell-out detailed permissible reasons to evict and time periods for a tenant to cure the violation (before issuing a notice of termination).

Starting on July 1, 2020, AB 1482 also requires owners to provide Notice (in both new leases and in renewals), informing tenants about California’s rent increase limits and eviction terms for properties affected by AB 1482. For properties exempted from AB 1482 (SFRs, condos and buildings less than 15 years old), both new and renewal tenants will need to be provided a Notice stating that the property is NOT subject to the rent control limits.

This will affect cities that don’t have rent control bills and also expand rent control in those that do. The bill is designed to keep renters in their homes after rents have risen so much in recent years along with help prevent “rent gauging” which has been a big problem in some areas.

While this measure will likely help renters it will also stymie construction of new housing which we definitely need more of especially with our already low inventory in most areas. Keep in mind the bill does not apply to buildings that opened in the last 15 years and it would exempt Single Family Homes and Condos unless they’re owned by a corporation and duplexes where the owner lives in one of the units.

If you have additional questions about Real Estate or Real Estate Investing, please feel free to contact me by commenting below or by contacting me directly.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Is NOW a Good Time to BUY or SELL? October 2019 Real Estate Market Report – https://youtu.be/irxqqvxpqBg

When is the BEST time to BUY a House? https://youtu.be/-SahLWsC3ak

Is the Real Estate Market Crashing? – https://youtu.be/le_F5MYCwZ0

1st Step in the Home Buying Process – https://youtu.be/tMQap-MV5_I

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

What is Capital Gains Tax on Real Estate? https://youtu.be/zLdpRNPbT3s

Buying a house can be an overwhelming process so in this video I’m going to break the home buying process down to help you understand the first steps to buying a house.

#RealEstate #RealEstateMarket #HousingMarket

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The process of buying a house

The first step of the home buying process starts with you figuring out a budget of how much you can and are willing to spend every month on a mortgage payment or PITI (principal, interest, taxes and insurance). This sounds silly but starting with a budget is where the process should begin as you may actually qualify for more home than you are able to spend and knowing your budget upfront will allow you to have a conversation with your mortgage professional to work backwards and determine how much home you can afford to purchase with that budget in mind.

Once you have established your monthly budget, the next step is to speak with a mortgage professional to start the pre-approval process. I would always recommend getting a referral from someone rather than just going into your local bank and trying to get approved. Your lender is going to ask you to fill out a mortgage application (commonly referred to as a 1003) as well as request a series of documents from you like your tax returns, pay stubs and asset account statements. In addition, the lender is going to ask you about how much you have for a down payment and will run your credit report. From there the lender should have enough information to tell you exactly how much you can afford to purchase. They use what is called a DTI (Debt to income ratio) to determine how much home you can afford to purchase based on guidelines that are set by Fannie Mae, Freddie Mac as well as any other institutions that may be lending their own money.

Now that you are pre-approved, the next step is to meet with a REALTOR. You can always meet with a Realtor prior to getting pre-approved but keep in mind a Realtor can’t really help you with the home buying process until you have been pre-qualified so ideally when you meet with your Realtor, you’ve already starting the pre-approval process.

When meeting with your Realtor for the first time, you want to be as specific as possible in what you are looking for in a home. It’s not realistic to think that you are going to find every single thing you want in a home unless you have an unlimited budget but make sure you are letting them know the items that are non-negotiables as that will set proper expectations from the start and put your Realtor in the best place to help you find the perfect home.

Depending on how your Realtor runs their business, they may set you up on some sort of automated email that will send you properties that match the criteria that you originally discussed with them. In my experience I find that most buyers are still looking on other websites as well as the emails that get sent to try and find the right home. I always encourage home buyers to see as many homes as possible both online and in person as I believe it really helps you know what you want in a home. The more homes you see, the more of the subtle details you start to notice.

Once you find the perfect home,the next step is putting in an offer with your Realtor. Because you have already been pre-approved with your lender and you know your budget, you should already have a good idea of what your payments will be on the home. Nevertheless, it’s always a good idea once you find the right house to have your lender rerun the numbers so you have a more accurate idea of your monthly payment as rates could have changed, etc……

In order to submit your offer, your Realtor will need to verify a few things with you in order to correctly fill out the residential purchase agreement (RPA).

This is the general process for buying a home but I will do a 2nd video that picks up the process once you go into escrow in order to keep this video on the shorter side.

If you have additional questions about buying a home, please comment below or contact me directly.

Thank you for taking the time to watch.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

October 2019 Real Estate Market Update – Pending Home Sales Grow 1.6% in August – https://youtu.be/irxqqvxpqBg

What STAYS when BUYING or SELLING a Home? – https://youtu.be/XH6c9-omN24

Selling a house with SOLAR PANELS – Are Solar Panels Worth it – https://youtu.be/X8hlnByc2pc

What is a POCKET LISTING – https://youtu.be/D7JJhy7RAd4

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

What is a SELLERS Market? Is 2020 a BUYER or SELLERS Market? –https://youtu.be/dtuaYc143vg

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, climbed 1.6% in August. What does this mean for Buyers and Sellers and in today’s Real Estate Market? I discuss all of this as well as interest rates in my latest Real Estate Market Update 2019

#RealEstate #RealEstateMarket #HousingMarket

Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6

Pending Home Sales are now up month over month and year over year in all 4 major regions of the US. What does that mean? It means that buyer demand is strong and there are a lot of buyers out there still searching for the perfect home.

The strong buyer demand is likely due to low interest rates and low inventory in most major cities. Keep in mind that it all depends on your price point whether or not it’s a buyer or sellers market especially in the Orange Count and Huntington Beach area of California.

While buyer demand is still strong, once you get into the luxury price points of $1M and above, the market starts to slow with days on market and the time it takes for a home to go from listing to escrow. In fact, the days on the market almost double in some price points with it taking nearly 555 days on market on average for homes in the $4M+ range while homes in the $2-4M range are selling on average around 155 days.

With that said, it’s as imperative as ever to price according to fair market value from the start to ensure you are positioning your home to receive top dollar in the shortest possible time.

It’s still a Sellers Market when priced under $1M with the average days on market around 85 days and even shorter in some areas of Orange County. This means that Sellers still have the upper hand in negotiation when priced accordingly in this price range while the $1M+ market has turned into more of a Buyers market.

Is the real estate market crashing?

No, No, No…………There is no Real Estate Bubble at the moment and the market will continue on this same path for at least the next year. The fundamentals of the economy are still strong with interest rates near all time lows. In addition, the inventory is still low especially in the lower price ranges meaning we will likely see continued appreciation in that price range for the next year or so.

If you have additional questions about the housing market 2019 or a potential real estate crash, please comment below or email me directly.

Thank you for watching.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Making an OFFER on a HOUSE – How to MAKE your OFFER more APPEALING – https://youtu.be/31j-jQW4wVg

What is AB 1482? California Assembly passes statewide rent control bill – https://youtu.be/fboY53FngFs

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

What is a SELLERS Market? Is 2020 a BUYER or SELLERS Market? –https://youtu.be/dtuaYc143vg

Selling a house with SOLAR PANELS – Are Solar Panels Worth it – https://youtu.be/X8hlnByc2pc

How to make an offer on a home – In this video, I give my professional advice on how to make your real estate offer stand out from the competition. These Real Estate Tips are easy to implement and will help you get ahead of the competition.

Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6

How to MAKE your OFFER more APPEALING?

How do you make your offer stand out among the competition when buying a home? Below is a list of items that I discuss in more detail in the video on how you can make your real estate offer more appealing to Sellers when buying a property.

1. Know the comparable sales in the area so that your offer price is
   based on actual data and not just pulled from thin air.
2. Have your Real Estate Agent call the listing agent to figure out
   what is important to the Seller(s) of the home.
3. Make your escrow period in-line with the time frame that the
   Seller(s) want to close
4.  Your earnest money deposit should be around 2-3% assuming
   you have the available funds.
5. Shorten your contingency time frames to as short as possible
6. Let the Seller(s) and the Selling Agent choose the Escrow and
   Title Company
7. Only ask for the Termite Report as part of the original offer (ask
   for the section 1 clearance as part of the repair request)
8. Avoid asking for a closing cost credit or any non-traditional fees
   to be paid by the Seller
9. WRITE THE SELLER A LETTER AND TELL THEM WHY YOU LOVE
   THEIR HOME, PROVIDE A PHOTO OF YOUR FAMILY TO HELP TIE
   IN SOME EMOTION.
10. If you are up for it, film a short video of yourself and your family
    where you are talking to the Seller about what you love about
    the home. If you have kids, have them in the video Videos are
    rare and will help you stand out from the competition.
    Remember, selling is an emotional process so if you can tie into
    the emotional side of the Seller, you will likely have a leg up on
    the competition.

How to Make an Offer on a House

The first step in making an offer on a house is getting pre-approved to purchase (below is a link to a video that talks more about this). After the pre-approval is complete, you will want to speak directly with a professional REALTOR who can guide you through the process of making an offer.

That person should be able to give you direction on the price of the home by providing comparable sales of similar homes as well as answer any questions you have about the real estate buying process.

If you have questions about buying a house or any other real estate related questions like finding a Real Estate Agent to help you make an offer, please contact me directly by either commenting below or emailing me at jeb@jebsmith.net.

Thank you for taking the time to watch, I appreciate you!

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Is NOW a Good Time to BUY or SELL? – https://youtu.be/nFSZaVURRjY

When is the BEST time to BUY a House? https://youtu.be/-SahLWsC3ak

Buyers Agent Commission – Who Pays Real Estate Commission? – https://youtu.be/DGg_2Rm14zk

1st Step in the Home Buying Process – https://youtu.be/tMQap-MV5_I

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

What Stays when Buying or Selling a Home? – https://youtu.be/XH6c9-omN24

What is Capital Gains Tax on Real Estate? https://youtu.be/zLdpRNPbT3s

Who is responsible for paying the Buyers Agent Commission when buying real estate? Is it paid by the Buyer or the Listing Broker?

#RealEstate #RealEstateMarket #HousingMarket

Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6

What is a Buyer’s Agent Commission?

A Buyers Agent Commission is the money that is paid to the Buyers Agent representing the Buyer on the purchase of Real Estate.

Who pays Real Estate Commission?

Traditionally in Real Estate, the commissions that are paid to both the buyer’s agent and listing agent are negotiated by the Listing Broker in the Residential Listing Agreement. That means that the Listing Agent/Seller are responsible for pay the Buyers Agent Commission.

There are cases when the Seller or Listing Broker doesn’t offer a Buyer side commission like in For Sale By Owners. In this case, your Buyers Agent may ask that the Buyer pay the compensation to them for representation. This is NOT something that we see very often but there are definitely cases where it comes up.

What is the buyers agent commission percentage?

There is no set commission for buyers agents or listings agents in the Real Estate Industry but traditionally speaking commissions range from 2.5%-3% in most markets. Keep in mind that out of that commission there is typically a commission split with the Company and then the agent needs to pay taxes, expenses, etc……. The REALTOR isn’t walking away with the full commission in most cases.

If you have any questions about buying a home or selling a home, please contact me directly as I’d love the opportunity to guide you in the right direction.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Is NOW a Good Time to BUY or SELL? – https://youtu.be/nFSZaVURRjY

When is the BEST time to BUY a House? https://youtu.be/-SahLWsC3ak

Is the Real Estate Market Crashing? – https://youtu.be/le_F5MYCwZ0

1st Step in the Home Buying Process – https://youtu.be/tMQap-MV5_I

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

What is Capital Gains Tax on Real Estate? https://youtu.be/zLdpRNPbT3s

What is AB 1482? California Assembly passes statewide rent control bill – https://youtu.be/fboY53FngFs

When you BUY or SELL a House, what is required to stay as part of the sale? In this video, I talk about what is customary with regards to what stays and what goes when it comes to buying or selling a home.

#RealEstate #RealEstateMarket #HousingMarket

Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6

What stays when buying a home?

Traditionally speaking, fixed items stay in home. What is a fixed item? A fixed item is something that has been attached to the home like decorations, equipment or appliances. They are regarded as part of the property and should stay with the property unless negotiated out in the residential purchase agreement.

What appliances will be part of the home?

Traditionally speaking the dishwasher, stove and wine refrigerators that are under-mount stay for the buyers while the refrigerator and the washer and dryer typically go with the Seller. In cases, where the refrigerator is a built-in refrigerator, then typically it would stay with the home as well but you want to be clear in your negotiation as to what is staying and what is going so that you don’t have issues at the close of escrow.

Items such as the refrigerator and washer and dryer are typically requested by the Buyer in a lot of cases when purchasing a home. The Seller can either negotiate those items out or agree to leave them in as part of the sale but this is something you want to confirm in your original offer to the Seller. If those are items you would like to come with the home then you need to make sure you check the appropriate boxes on the purchase agreement so that what you want is clearly explained to avoid any concerns.

Do TV’s stay when buying a home?

Typically, Televisions go with the Seller but the mounting brackets stay since they are fixed/attached to the wall. These are also items that can be negotiated when buying/selling a home.

At the end of the day, anything in the home can be negotiated as part of the sale but it needs to be in writing so that the request is clear to avoid confusion.

What stays when Selling a Home?

When selling a home, any items that are attached to a wall typically stays and passes on to the buyer like curtains, light fixtures, video or surveillance equipment and the list goes on unless other negotiated out of the initial contract. There are way too many items to mention so if you have a question about a specific item, make sure you speak to your Real Estate Professional before signing any contracts.

If you have any questions about buying a home or selling a home, please contact me directly as I’d love the opportunity to guide you in the right direction.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Is NOW a Good Time to BUY or SELL? September 2019 Real Estate Market Report 

When is the BEST time to BUY a House?

Is the Real Estate Market Crashing?

1st Step in the Home Buying Process

Appraisal vs Home Inspection – What’s the Difference?

What is Capital Gains Tax on Real Estate? 

What is AB 1482? California Assembly passes statewide rent control bill

What is AB 1482 in California? What is Rent Control? I discuss the status of the assembly bill and how it affects renters in the State of California.

#RealEstate #RealEstateMarket #HousingMarket

Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6

As of yesterday, September 11th 2019, the State Assembly of California approved Assembly Bill 1482 which if signed by Governor Gavin Newsome would bar landlords from hiking rents more than 5 percent, plus local inflation , in one year. This means that California is on the verge of having statewide rent control. Gov. Newsome has said they he will sign the bill which will go into effect on Jan. 1st through year 2030.

This will affect cities that don’t have rent control bills and also expand rent control in those that do. The bill is designed to keep renters in their homes after rents have risen so much in recent years along with help prevent “rent gauging” which has been a big problem in some areas.

While this measure will likely help renters it will also stymie construction of new housing which we definitely need more of especially with our already low inventory in most areas. Keep in mind the bill does not apply to buildings that opened in the last 15 years and it would exempt Single Family Homes unless they’re owned by a corporation and duplexes where the owner lives in one of the units.

If you have additional questions about Real Estate or Real Estate Investing, please feel free to contact me by commenting below or by contacting me directly.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Is NOW a Good Time to BUY or SELL? September 2019 Real Estate Market Report – https://youtu.be/nFSZaVURRjY

When is the BEST time to BUY a House? https://youtu.be/-SahLWsC3ak

Is the Real Estate Market Crashing? – https://youtu.be/le_F5MYCwZ0

1st Step in the Home Buying Process – https://youtu.be/tMQap-MV5_I

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

What is Capital Gains Tax on Real Estate? https://youtu.be/zLdpRNPbT3s

What is a Seller”s Market? In this video, I discuss the difference between a Buyer and Sellers Market as well as whether 2020 going to be a buyers or sellers market?

Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6

Definition of a Sellers Market

A Sellers Market is one that favors Sellers over Buyers much like the one we have been experiencing in California for the last 7 to 8 years. A Sellers Market is generally caused by a supply and demand issue, where demand exceeds supply. In a Seller’s Market, prices tend to move up to sideways because of the amount of Buyer Demand, this causes home prices to continue to increase which benefits Sellers.

During a Seller’s Market, buyers generally have less room to negotiate price because of buyer demand, assuming the home is priced at fair market value.

Is 2020 going to be a buyers or sellers market?

Based on the current economic metrics like the Unemployment Rate, GDP and Consumer Confidence, the overall market seems to be pretty stable in a good position. This coupled along with a shortage in inventory and low interest rates, tells me that 2020 will likely be a Sellers Market.

During the recession, there were a lot of restrictions put on home builders which has made the inventory issue even more prominent which is going to take years to change. Assuming nothing crazy happens economically, the market should continue to favor Sellers for the foreseeable future.

How do you determine if it’s a buyers or sellers market?

The best way to determine a buyers or sellers market is to look at available homes for sale (inventory). If inventory is low, it is likely a sellers market whereas if inventory is high and homes are sitting longer on the market, then it’s likely a buyers market.

 

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Is NOW a Good Time to BUY or SELL? September 2019 Real Estate Market Report – https://youtu.be/nFSZaVURRjY

First Time Home Buyer MISTAKES | #1 Mistake First-Time Home Buyers Make | First Time Home Buyer Tips – https://youtu.be/wtXMl5hUTZM

Is the Real Estate Market Crashing? – https://youtu.be/le_F5MYCwZ0

1st Step in the Home Buying Process – https://youtu.be/tMQap-MV5_I

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

Do I get my deposit back if I cancel escrow? –https://youtu.be/0RMy9iNTu54

When is the best time to buy a home? While this is a relative question depending on your circumstance, I talk about seasonal and historical trends of the market and when the best time to buy a home is if you’re looking for the best deal.

#RealEstate #RealEstateMarket #HousingMarket

Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6

Hey guys, good afternoon. This is Jeb Smith, Coldwell Banker Residential Brokerage in Huntington Beach. Today I’m back talking about the best time to buy a house. This comes up a lot in talking to buyers that are just entering the housing market, even people that have owned a house for some time, maybe looking to sell, and just trying to find out when the best time to actually purchase a home is. Honestly, there’s not really a straight forward answer as you might imagine when asking that question.

The easy answer to it is that the best time to buy is when you find the right house. Clearly you’ve already been through the pre-approval process. So you have an idea of what your payments are going to be, and you’re comfortable with the price on that property. At the end of the day, it’s not really as much about being comfortable with the price of the property as it is being comfortable with the monthly payments of the property.

The easy answer is when it’s right for you, or when you find the perfect home. Right? But historically speaking, if we talk about just the market in general, the springtime is usually the best time of the year to list the house for sale. And that’s traditionally because there’s more buyers in that time of the market looking. If you look at it from a historical perspective and you look at trends, if you will. So the springtime is usually the best time to list a house for sale. Most of those houses go into escrow in April, May, and June, which means they close during, June, July, August. Then the best time to buy a house. again, it’s all relative. But the most number of transactions close during the summer. That is because a lot of them went into escrow during that April, May, June time frame that I mentioned earlier. So they’re closing during the summer. So the summer gets a lot of the credit for the best time to buy a house. But honestly speaking, if you look at the trends, the best time to buy is probably towards the end of the year, if the right property presents itself. And the reason for that is because you have less demand out there, less buyers looking traditionally. Then you also have people that if their home is on the market during the holiday season, during the holiday market, Thanksgiving, between Halloween and Christmas or the end of the year, those people are traditionally people that need to sell, that really wants to sell their home.

Otherwise, they wouldn’t have people coming in their house during that time of the year. So as a buyer, if you’ve been through the preapproval process, the right home presents itself during that time of the year, that’s a really good time to quote, unquote get a deal on a property. Because that’s traditionally when people are looking to … they want to close it by the end of the year. They’re looking to get out of that property.

If I were a buyer, and I had the opportunity to say purchase at anytime of the year, I would probably pick towards the latter part of the year for those reasons. But again, as I mentioned it’s relative. It really comes down to what’s causing you to move, why you’re looking to move, timeframes, etc. When the right house presents itself, you’re comfortable with the monthly payment, that is honestly the best time to buy. But if you’re a person looking for a deal, traditionally speaking, I would moved towards the latter part of the year for those reasons.

So I hope that’s helpful. If you do have questions about the process, you’re looking to buy or sell a property, feel free to reach out to me. Would love the opportunity to help. All real estate is local. So it may be different in different markets. This year may be a little bit different for our market as well because buyer demand is still pretty high. There’s not a lot of property on the market. Our inventory is somewhat stabilized, but it’s still lower than it has been.

So this year may be a little bit different. The market may not soften as much as we expect it to during this time of the year. But from a historical perspective, this is the best, well, not right now, but we’re moving into the best time of the year to buy a house and actually get a deal on it. So again, I appreciate you taking the time to watch. If you got this far, do me a favor, like the video. Comment on the video, subscribe to my channel. Would greatly appreciate it. We’ll talk again soon. Have a great day. Bye bye.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Other videos you might find helpful:

Is NOW a Good Time to BUY or SELL? September 2019 Real Estate Market Report – https://youtu.be/nFSZaVURRjY

First Time Home Buyer MISTAKES | #1 Mistake First-Time Home Buyers Make | First Time Home Buyer Tips – https://youtu.be/wtXMl5hUTZM

Is the Real Estate Market Crashing? – https://youtu.be/le_F5MYCwZ0

1st Step in the Home Buying Process – https://youtu.be/tMQap-MV5_I

Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go

Do I get my deposit back if I cancel escrow? –https://youtu.be/0RMy9iNTu54

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Hey there, Jeb Smith, Coldwell Banker Residential Brokerage, and I’m back with your September, 2019 real estate market report for Orange County and Huntington Beach. So we are now transitioning into the autumn market, which is essentially, we’re coming out of the end of summer, kids are going back to school, the family vacations are done, and generally during this time of the year, the market starts to slow a bit, right?

Because people are getting ready for the holidays that are coming up soon, and just in general, buyer demand kind of slows as does inventory in the market. And we’re starting to see that, a little bit. But things are still moving, right? So, homes that are priced correctly, fair market value, are still moving. But keep in mind, the average market time for our area is about 66 days on the market. Which means that homes aren’t necessarily selling the first weekend with multiple offers, even if they’re priced correctly.

Sometimes it’s taken a couple of weeks, even a couple of months for properties to go into escrow. And I feel like it has a lot to do with people just wanting to see what’s happening in the market. There’s a lot of uncertainty with regards to trade war with China. What’s going to happen with interest rates? Is there a housing bubble?

A lot of these factors play into people making decisions, and over the last couple of weeks to months, things have started to slow a little bit. And slow in the sense that they’re still selling, still selling for fair market value, but things aren’t going gangbusters like they were a couple of months ago, when a new property would come on the market and just have multiple offers at first weekend. Now keep in mind, there are certain price ranges.

You know, if you’re in our market and you’re priced under, say 700,000, things are still moving fairly quickly because there’s not a lot of property in that price point to start with. And as you move up into the luxury price points, things tend to slow as well.

But let’s take a minute. Are we in a real estate bubble? The easy answer is no. No, we’re not in a bubble at all. Properties that are priced correctly are still moving. Rates are at three year lows, I believe at the moment. So buyer demand is still pretty strong. And like I’ve said, things are selling, it’s just taking a little bit longer to get to that point, versus people making erratic decisions as soon as a property comes on the market. Because they’ve missed out on opportunities, or they just haven’t seen something that they’ve liked in that price point before.

So people were jumping to make decisions months ago, whereas now they’re just kind of sitting back, seeing if more properties are going to come on the market, and just trying to make informed decisions, which honestly is the best possible resolution to being a buyer, right?

You want to make the right decision, make sure you’re buying the right house, versus just buying a house to buy a house. So if you’re a seller, the number one thing … Because you’re not in the best time of the year to sell a property. This is not the best time of the year to sell it, to put a home on the market. That time of the year is the early spring market, when you want to get on the market.

Right now, if you’re going on the market, you want to be priced correctly, you want to look at fair market value, see what properties have sold for, maybe even price a little bit below the last property that’s listed, just to put yourself in the best possible position to sell quickly, and for top dollar.

If you’re a buyer, interest rates are really low. Chances are they’re not going to go up over the next couple of months. So you still have time. Find the right property. Don’t make decisions just because a property comes on the market. Find the correct property for you, your needs. And when you find it, make an offer. Have your agent look at the comparables, see what they’ve sold for, and give you an idea of what the price point is.

This isn’t a market to be overpaying for property. It is still a sellers market, so sellers are still making a lot of the choices with regards to who the escrow company is, who the title company is, and still have control with regards to the price. So prices aren’t … You can’t go into a seller just because they’ve been listed for 60 days and offer 5%, 10% less. That’s not the market we’re in. We’re still in a strong market. It’s just a little more balanced than it was, say, a year ago this time.

So as a buyer, make sure you’re finding the right property. You know, interest rates are really, really low. Now’s a good time to buy. And going forward, I think the market probably continues along this path for some time. generally speaking, as we move into our holiday market, if you will, things are going to slow a little bit, and we’re going to see that this year, right? Less properties are going to be listed for sale. People are going to pull properties off the market. Less properties go on the market during that time.

And interest rates are probably gonna stay the same, but buyer demand is probably gonna pull back a little bit too, just because people aren’t usually in the market during the holidays to buy property.

But I think the path continues. Home prices are going to be stable, they’re not going to drop by any large amount. Properties, at the same time, aren’t gonna go up by any large amount. So I think our market is in a good position. It’s stable, it’s moving forward. So if you’re a buyer, just keep in mind the things I said. And sellers, make sure you’re pricing right.

If you have additional questions about the market, feel free to reach out to me, would love the opportunity to help. And as always, I do appreciate you taking the time to watch. If you made it this far, please like the video, subscribe to my channel. It helps me out, helps me understand what people want to see with regards to videos. And again, thanks for watching. We’ll talk again soon. Bye-Bye.