If you need assistance, please call 949-441-9918

May 2024 | Platinum Living Realty Blog

Wednesday, May 29, 2024   /   by Bob Cowan

DISCOVER WHERE TO LOCATE THE LOWEST AND HIGHEST-PRICED HOMES IN CALIFORNIA, RANGING FROM A MERE $205,000 FOR A HOUSE

If you're eyeing a house purchase in California, brace yourself for significant expenses.

As per the April home sales and price report by the California Association of Realtors, the median price for an existing single-family home in California surged to a record high of $904,210.


Since April 2023, the statewide median home price has climbed approximately 11%. Jordan Levine, the association's vice president, noted that although the market showed robust performance in April, a swift recovery isn't expected due to persistent inflation and fluctuating mortgage rates, despite recent decreases. As of Monday, the average interest rate for a 30-year fixed mortgage in California stood at 6.64%, as reported by Zillow.


Levine highlighted that the uptick in housing inventory will furnish much-needed supply to the market, potentially fostering a higher volume of home sales in the latter half of the year. For those on the hunt for a new residence, the California Association of Rea ...

  bob cowan, your home sold guaranteed, platinum living realty, california, may 2024

Wednesday, May 22, 2024   /   by Bob Cowan

14 CALIFORNIAN CITIES WHERE SIGNIFICANT DROPS IN HOME PRICES ARE OBSERVED FOR PURCHASE

California's diverse and extensive natural beauty, spanning from ski-worthy mountains to lakes, hiking paths, and vibrant urban centers, has always drawn people to settle among its renowned golden landscapes. Yet, alongside these attributes, come notably steep costs.


Although many regions of the state continue to command high housing prices, certain cities in California are witnessing a downturn in the housing market, potentially advantageous for prospective homebuyers. Several of these cities are situated in the northern region of the state, where coastal fog envelops the lush redwood forests for which the area is celebrated.
GOBankingRates presents a list of 14 Californian cities experiencing rapid declines in home prices, offering prospective buyers an opportunity to acquire a home in the all-encompassing West Coast state.
Photo disclaimer: Images are provided for illustrative purposes only. Certain pictures may not accurately depict the town featured on the slideA ...

  bob cowan, california, may 2024

Monday, May 13, 2024   /   by Bob Cowan

CASH OFFERS AND AFFLUENT PURCHASERS DRIVE SOUTHERN CALIFORNIA HOUSING PRICES TO UNPRECEDENTED LEVELS

In March, Southern California witnessed a historic peak in home prices, fueled by soaring mortgage interest rates, resulting in the most expensive housing market in decades. Zillow reported the average price for the six-county area surged to $869,082, marking a 9% increase from the previous year and surpassing the previous peak set in June 2022 by 1%. With mortgage rates averaging in the upper 6% range, the monthly payment on an average home exceeds $5,500, assuming a 20% down payment.
“It's insane,” remarked Tommy Kotero, a 43-year-old refinery worker, over the past weekend as he inspected a dated house priced at $899,000 in north Torrance, noting visible cracks in the ceiling and walls. "The asking prices for what we are getting is outrageous."


The narrative of how home prices reached a record despite the expensive borrowing costs revolves around a scarcity of homes for sale, coupled with a wealth gap enabling some buyers to offer substantial cash payments thar ...

  bob cowan, your home sold guaranteed, platinum living realty, california, southern california, may 2024

Thursday, May 9, 2024   /   by Bob Cowan

CALIFORNIA'S HOUSING MARKET: ANALYSIS AND PREDICTIONS FOR 2024

The California housing market has been under scrutiny and analysis, especially as we progressed through April 2024. As summer approaches, real estate agents and analysts are discussing the potential trends that might influence the market in the upcoming months.


According to the California Association of Realtors (CAR), they anticipate a 6.2% increase in median prices within the next year, citing positive factors such as declining mortgage rates, escalating prices, economic growth, and robust home demand. Nevertheless, they highlight that housing affordability is expected to remain stagnant.


Looking forward to summer patterns, real estate agents anticipate increased activity in the housing sector. The emergence of more affordable and smaller residences, particularly in the Southern region, is likely to draw in buyers. Furthermore, the market is adapting to the new norms, with sellers becoming more proactive in listing their properties. This shift could result in a more b ...

  bob cowan, platinum living realty, orange county, california, may 2024

Thursday, May 2, 2024   /   by Bob Cowan

TAKING ADVANTAGE OF OPPORTUNITIES IN ORANGE COUNTY'S MULTI-FAMILY PROPERTY MARKET: PERSPECTIVES FROM BOB COWAN REAL ESTATE TEAM

Opportunity is present in Orange County's multi-family property market, and savvy investors can take advantage of the current conditions. The Bob Cowan Real Estate Team is well-prepared to navigate this evolving terrain, identifying distressed properties and mortgages to capitalize on the growing opportunities.

In the past four years, some major industry players have overextended themselves before a sudden spike in interest rates, leading to unexpected challenges such as rising rates, the Covid-19 tenant relief act, and the eviction moratorium. As the Federal Reserve raised rates, mortgage payments increased while rental income decreased, posing unforeseen difficulties for investors. However, as the saying goes, every crisis harbors an opportunity, and those with foresight can make a difference. For informed investors, this presents a moment of promise and potential.

In the coming year, a record number of commercial mortgage-backed securities (CMBS) multi-family loans ae ...

  bob cowan, your home sold guaranteed, san clemente, platinum living realty, california, may 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 June 14, 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.
This site powered by CINC: www.cincpro.com