Sherman Oaks Prices Are Still On The Rise

Forty-seven Sherman Oaks Single Family Homes For Sale closed escrow from July 1 to July 28th of 2014. The average sales price was $1,135,019. Average sales price per square foot was $484. The highest price sale, Owned by Neil Patrick Harris, sold for $2,995,000 & boasted 6 bedrooms, 4 baths and 4,191 square feet. The lowest priced home had 3 bedrooms, 2 bath and 1,283 square feet and sold for $611,000
 
Sixteen Sherman Oaks Condos/Townhomes closed escrow in the same time frame. The average sales price was $442,375. Average sales price per square foot was $311.30. The highest sales price was $645,000 for a 3 bedroom 2 bath, 1,922 square foot condo. The lowest price sale was a condo (short sale) that with 1 bedroom, 2 bath, 1,052 square foot.

For more information on Sherman Oaks Home Values visit our website.

If You Are Thinking About Buying Or Selling Real Estate In Sherman Oaks Get the FACTS HERE

Sherman Oaks Home Values Are UP!

Sales prices have appreciated 13.4% over the last 5 years in Sherman Oaks. 

The *median sales price for Sherman oaks Properties sold from May 13th to July 13th was $665,000. This is an increase $26,000 or 4.1%, compared to the previous quarter and an increase of 15.7% compared to the previous year. The average listing price for Sherman Oaks homes was $1,059,497 for the week ending August 28th, which is an increase of $45,848 or 4.5%, compared to the previous week and an increase of $20,238 or 1.9%,  compared to the week ending August 7th. Average price per square foot for Sherman Oaks CA was $402, an increase of 22.2% compared to the same period last year.

Want to know what the value of your Sherman Oaks home is. Visit http://www.WhatsMyShermanOaksHomeWorth.com to find out. Use our quick and easy tool and in 2 easy steps you will have all the information you need delivered to your inbox.

*The median sales price is the midway point of all the properties over a dtermined period (monthly, yearly, quarterly, etc.) So if there were 101 properties sold during a particular month the median house price would be the house price in the middle. (50 properties over that price and 50 homes under that price).

Los Angeles Homes Prices On The Rise

Zillow predicts that home prices in the Los Angeles area are set to rise moderately over the next year. A report released by the website Tuesday found that home prices have risen 2.7% over the last year in the Los Angeles metro area -- which consists of Los Angeles and Orange counties -- to hit $397,000 by the end of the third quarter.
The website called a bottom for the Los Angeles area in the first quarter of 2012 and expects home prices to increase 3.5% throughout the region over the next year, according to its report.   If you have been thinking of owning your own home now is the time to jump off the fence. Interest rates are still low but prices are going up.

Tough Market For Owner Occopied Buyers

SEATTLE, Oct. 11, 2012 /PRNewswire/ -- The inventory of lower-priced homes for sale, which are commonly sought by first-time home buyers, has dropped by more than 40 percent in California over the past year, according to a new Zillow analysis, which tracks changes in the number of homes listed for sale on Zillow across the country as of Sept. 30, 2012 and compares inventory changes in the bottom, middle and upper tiers of home prices.
California has the highest annual rate of inventory reductions across all three housing tiers (-37.5 percent), but the inventory in the bottom tier of homes saw the biggest decline (-42.7 percent); with lower-priced homes in the Fresno (-59.7 percent), Sacramento (-55.4 percent), San Francisco (-53.2 percent) and Modesto (-50.5 percent) metros seeing the largest annual reductions. These homes commonly are purchased by first-time home buyers and, more recently, investors. Nationally, the bottom price tier has experienced an inventory reduction of 15.3 percent over the past year.
"First-time homebuyers are being squeezed out of the market by falling inventory and the rapid influx of investors looking to buy basic homes to rent out to the growing population of people who have recently been foreclosed upon," said Stan Humphries, Zillow chief economist. "Investors are paying in cash and can close sooner, which is more favorable to banks and homeowners looking to sell."

This is great news for sellers. Properties are selling with multiple offers and sometimes well over asking.  If you have been thinking of selling now just might be the time. Contact me and we can go over your options and see if now is the time for you to sell your home.

Heather Farquhar
Keller Williams Realty
www.HeatherHouseHunter.com
Heather@HeatherHouseHunter.com

Home prices signal recovery may be here

The S&P/Case-Shiller national home price index, which covers more than 80 percent of the housing market in the United States, climbed 6.9 percent in the three months ended June 30 compared to the first three months of 2012.

California Homeowner Bill of Rights signed into law


California Governor Jerry Brown signed into law yesterday the Homeowner Bill of Rights to help struggling Californians keep their homes. This law aims to avoid foreclosure where possible to help stabilize California's housing market and prevent the other negative effects of foreclosures on families, communities, and the economy. The new law will generally prohibit lenders from engaging in dual tracking, require a single point of contact for borrowers seeking foreclosure prevention alternatives, provide borrowers with certain safeguards during the foreclosure process, and provide borrowers with the right to sue lenders for material violations of this law.

Making sense of the story

• The Bill of Rights prohibits “dual track” foreclosures that occur when a mortgage servicer continues foreclosure while also reviewing a homeowner’s application for a loan modification.

• Under the new law, homeowners must be provided with a single point of contact when negotiating a loan modification.

• It expands notice requirements that must be provided to a borrower before taking action on a loan modification application or pursuing foreclosure.

• Additionally, the bill allows injunctions against foreclosure until violations are corrected and permits civil penalties against servicers that file multiple, inaccurate mortgage documents or commit reckless or willful violations of law.

• These new laws make California the first state in the nation to take provisions in the National Mortgage Settlement, which covered the nation’s five largest mortgage loan servicers, and apply those rules to all mortgage servicers.

• The law will go into effect January 1, 2013.

"Brace yourself real estate prices are going back up! House prices, after falling for more than five years, are rising again. All the major sales-price indexes show that there have been modest national increases in recent months, even after adjusting for seasonal patterns. "
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How Far Will They Go?

Lenders’ data mining goes deep. Mortgage makers are going beyond tax returns and bank statements to determine whether you’re a good risk. They’re checking such things as where you have pizza delivered and where you shop online.

Click Here To Read The Entire Los Angeles Times Article

Fast Facts From the Callifornia Association Od Realtors

Calif. median home price - May 09: $267,570 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region May 09: Santa Barbara So. Coast
$875,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region May 09: High Desert $106,210 (Source: C.A.R.)Calif.
First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)Mortgage rates - week ending 7/16/09
30-yr. fixed: 5.14% Fees/points: 0.7%
15-yr. fixed: 4.63% Fees/points: 0.7%
1-yr. adjustable: 4.76% Fees/points: 0.5% (Source: Freddie Mac)

Thought For The Day

"Look for sale prices, and never regard falling prices as inherently bad news. Instead, falling prices create the opportunity to buy even more of something that was already worth owning. " Warren Buffet

Studio City California Real EstateFast Facts

Calif. median home price - November 08: $285,680(Source: C.A.R.)

Calif. highest median home price by C.A.R. region November 08: Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region November 08: High Desert $148,580 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: C.A.R.)

Mortgage rates - week ending 12/31/08 30-yr. fixed: 5.10% Fees/points: 0.7% 15-yr. fixed: 4.83% Fees/points: 0.7% 1-yr. adjustable: 4.85% Fees/points: 0.5% (Source: Freddie Mac)

Just in from C.A.R

Home sales increased 56.7 percent in August in California compared with the same period a year ago, while the median price of an existing home fell 40.5 percent, C.A.R. reported Sept. 25.