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January 2024 | Platinum Living Realty Blog

Thursday, January 25, 2024   /   by Bob Cowan

CALIFORNIA RENTAL MARKET JANUARY, 2024

California Rental Market


Last updated January 23, 2024
Source: Zillow Rentals Data


Market Summary
The median rent for all bedrooms and all property types in California is $2,750.

Median Rent
$2,750
Month-Over-Month Change
$0
Year-Over-Year Change
-$200
Available Rentals
76,956

Median Rental Price over Time
In the last year, rent has decreased by $200 compared to the previous year.

JanFebMarAprMayJunJulAugSepOctNovDec$2,750$2,805$2,860$2,915$2,970


This year (2024)
Last year (2023)




Price Range
The price range for all bedrooms and all property types is $100 to $999,999.

$0$800$1,300$1,900$2,500$3,100$3,700$4,300$5,000+025005000750010000


?Rental Properties

Frequently Asked Questions

1. What is the average rent in California?
The median rent in California is $2,750.
2. How much does it cost to rent a house in California?
Houses in California rent betwe ...

  bob cowan, january 2024, california

Thursday, January 18, 2024   /   by Bob Cowan

THE REAL ESTATE MARKET IN ORANGE COUNTY: EVERYTHING YOU NEED TO KNOW

Trends in the Orange County Housing Market

Orange County's housing market exhibits both positive and negative trends. Due to the limited supply and rising demand, the median sales price of all existing single-family homes climbed overall by roughly 7.9 percent from a few months earlier. This is a notable rise.
Nonetheless, there was a change in the market as seen by the median sold price, which dropped by roughly 4.2% when compared to the same time last year. Higher mortgage rates may be to blame for this, which affects how affordable homes are.

Some buyers might not be able to afford the properties they want due to higher monthly payments caused by rising mortgage rates. As a result, there is less demand overall, which drives down the price of such homes. Borrowers' purchasing power is reduced and their ability to purchase a larger number of properties is diminished as mortgage rates rise.
However, limited demand and purchasing power mean less competition, which could me ...

  bob cowan, platinum living realty, january 2024

Tuesday, January 16, 2024   /   by Bob Cowan

ORANGE COUNTY HOMEOWNERS GUIDE: SELLING YOUR HOME AS-IS IF REPAIRS AND UPDATES ARE NEEDED

Being Informed of "As-Is" Sales


What Does "As-Is" Mean in Real Estate?


"As is" refers to selling a property in real estate without making any repairs or improvements. This method is straightforward and easy to understand since the buyer acknowledges and takes ownership of the property along with all of its requirements and existing defects.

An as-is home's pricing approach is crucial and needs to appropriately represent its state. To give an example, let's look at a situation where a similar, well-kept house in the same neighborhood sells for $1,000,000. The market price for well-maintained properties is represented by this number. A prospective buyer would usually use this market price as a starting point when pricing a home that has neglected maintenance. To arrive at a reasonable offer, they will then subtract the projected expenses of any required modifications and repairs.

Realistic and knowledgeable pricing strategies should be used by sellers when listing an ...

  bob cowan, san clemente, platinum living realty, january 2024

Monday, January 8, 2024   /   by Bob Cowan

OVERCOMING MORTGAGE CHALLENGES: AN OVERVIEW FOR REMAINING SUCCESSFUL IN HOMEOWNERSHIP

The route to financial security can be obstructed by unforeseen financial obstacles in the dynamic world of homeownership. Our goal is to enlighten readers on mortgage payments, grace times, and the possible repercussions of defaulting.
Understanding the Due Date for Your Mortgage

What Is The Due Date on Your Mortgage?
Generally speaking, your monthly mortgage payment is due on the first of the month. Consult the promissory note you signed at closing to determine your precise due date, or get help from your mortgage servicer.
The Mortgage Grace Period: What Is It?
The grace period acts as a safety net for unanticipated circumstances and lasts for an additional 15 days following the payment due date. There are no late fees during this time, and your credit report is unaffected.
Late Payments on Mortgages: Breaking Down the Effects
It is essential to comprehend the consequences of late payments in order to take corrective action.
15 Days Late
 
After the grace per ...

  bob cowan, san clemente, platinum living realty, january 2024

Tuesday, January 2, 2024   /   by Bob Cowan

C.A.R. PUBLISHES ITS CALIFORNIA HOUSING MARKET FORECAST FOR 2024

According to C.A.R.'s "2024 California Housing Market Forecast," the baseline scenario predicts that existing single-family home sales will rise by 22.9 percent in 2019 to 327,100 units, from the anticipated 266,200 units in 2023. The 2023 figure is a 22.2 percent decrease from the 342,000 dwellings sold in 2022.
After a projected 1.5 percent decline to $810,000 in 2023 from $822,300 in 2022, the median home price in California is expected to grow 6.2 percent to $860,300 in 2024. The competitive housing market and ongoing housing shortage will keep driving up home prices in the upcoming year.






“2024 will be a better year for the California housing market for both buyers and sellers as mortgage interest rates are expected to decline next year,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “A more favorable market environment with lower borrowing costs, coupled with an increase in available homes for sale, will motivate buyer ...

  bob cowan, platinum living realty, california, january 2024

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
949-441-9918
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of May 30, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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