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David Watkins is a professional committed to providing excellent service to his clients, colleagues and Featured Calabasas Communities. David Watkins incorporates various methods that specialize in the marketing, listing, and sale of Calabasas Homes for Sale. David aims to provide knowledge and sound advice regarding the ever-changing real estate market, so that his clients are not merely bystanders, but active participants involved in the sale or purchase of their home. He ambitiously implements new ideals and explores new avenues of technology to make the selling and buying of real estate faster, easier and more efficient.
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Calabasas Real Estate Newsletter – February 2017
What’s one more earthquake? After election, California abides
Election Day shake-ups have been known to lead to economic gains, and there might even be a method to the madness. Now that the presidential election is over and Republicans have seized control of the executive branch as well as both chambers of Congress, what lies ahead for America’s economy in general and real estate market in particular? Do you go on your gut feelings or look to historical precedence for answers, even when no historical precedents seem to apply to the current situation?
“Historically there’s not a lot you can say about a presidential election’s real and clear impact on the housing market, even in Washington, D.C.,” said Jonathan Smoke, chief economist at Realtor.com.
Having analyzed five presidential elections from the past 20 years, Smoke found no discernible impact on home sales or prices outside of Capitol Hill’s 3-mile orbit. “Roughly six to nine months following the election, there were abnormally stronger sales [around Capitol Hill] relative to the prior year,” he said.
Aftershocks (or not)
The Obama administration left aspiring homeowners with high hopes, along with a loan fee reduction that was scheduled to go into effect January 9 at the Federal Housing Administration. The 0.25 percent cut would have saved the borrower $1,000 on a $400,000 home – the more the house costs, the merrier the homebuyer.
Unfortunately, that is not to be, since President Donald Trump has put the kibosh on the plan. Until his administration completes what it deems as necessary review and analysis of the plan, it will be “suspended indefinitely.” Oh well – you can’t have what you never got.
The good news is, according to Freddie Mac, interest rates are hanging low at 4.19 percent, which is pretty much where it was when they were first increased at the beginning of the year.
As the dust settles
In January, when 1,564 homes were sold the Los Angeles area, the median price had fallen to $580,000. Only a handful of those houses were in or near Calabasas, where available homes were listing for an average $2.4 million and selling at a median price of $1.4 million.
Clearly there is a demand for expensive homes, but people want to know that what they buy will be worth their efforts and resources. They want high-quality homes with top-of-the-line amenities. Sellers who are realistic about their expectations, and price their homes accordingly, will see lower list-to-sale price ratios but quicker sales.
Leslie Appleton-Young, CAR’s senior vice president and chief economist, is cautiously optimistic. “While we had a decent fourth-quarter performance, it by no means indicates that the market will be easy in the upcoming year,” she said. “Looking ahead, we expect plenty of headwinds in 2017, including rising interest rates, scarce housing inventory and a persistent affordability crunch, along with many uncertainties in the policy arena, to challenge the housing market.”
Even in the best of times, the real estate market is at the mercy of whatever affects consumer confidence. No matter what the morning may bring, if you wake up breathing and then go shopping for a home in Calabasas, life is good.
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