Brentwood Circle 1st Quarterly Updates 1 April 2022

Dear Brentwood Circle Neighbor:

March came in like a pussy cat with little rain fall, and we are limping forward, hoping April “showers” really do arrive We do need the rain as drought has again gripped our state, with water reserves dwindling to dangerous levels. Rationing is most likely on the way.

As the war in Ukraine continues to overwhelm the world, on the home front, we are continuing to see rising inflation, gas prices, and now interest rates. The Federal Reserve recently increased interest rates, and we are now seeing mortgage rates nearing 5% level, which causes concern especially with first-time buyers. However, the share of millennial home buyers has significantly increased over the past year, with 43% of buyers in the age range (21 to 41 years), which is up from 37%. But overall, existing home sales feel in February 7.2%, continuing a pattern of ups/downs over the past few months.

According to the National Association of Realtors, housing affordability continues to be the major challenge. But in our market, the lack of inventory is really challenging buyers as home owners are reluctant to move during these high inflation times, compounded by the unknowns brought about the war in Ukraine.

With us now entering the 2nd quarter, I continued a strong sales year that I experienced in 2021, and yes, inventory also remains a challenge for all buyers. We are continuing to see multiple offers on all price points. I recently assisted one of my mentees with writing his first buyer offer on a condo in Playa del Rey which was listed in the lower sevens, and ended up with 9 offers, probably selling over $800,000!

Within the lovely community of Brentwood Circle, in comparing real estate activity between this past quarter and last year, there have not been a ton of changes… This year there is one (1) home for sale vs. two (2) last year Last year found one (1) home in escrow, and none this past quarter. As for closed escrows, currently there is one (1) home in escrow, and last year we found none. Given the general amount of real estate activity in the community the numbers are actually fairly typical, but in the over all scheme of things, a true indication of how low the inventory is across the board. We just need more product to sell. I have two buyers for Brentwood Circle, so if you are at all considering selling your home, please do let me know… Caroleschiffer.com, 310 442-1384, or ceschiffer@gmail.com

Looking forward to hearing from you

Carole

Brentwood Circle 4th Quarterly Updates 1 January 2022

Dear Brentwood Circle Neighbor:

Welcome 2022 & Happy New Year!

Welcome and hail and farewell to 2021. It has been an interesting year to say the least. We are looking forward to another interesting year, particularly as we are about to enter our third year of this pandemic. Yet, through all of this, real estate continues to amaze us on the Westside.

During this past year we have seen median prices in the five communities, Beverly Hills, Beverly Hills Post Office, Bel Air, Brentwood, Westwood I report on continue to surge upward. Sales volumes are setting records every month, and mortgage rates continue to be the lowest in decades, and buyers are taking advantage of that. However, competition remans fierce for quality homes fairly priced — there just aren’t enough of them to satisfy demand.

Inventory continues to stay low, to low actually ,and while interest rates are going to climb a little, they are still quite a bit lower than we had seen in the past.

2022, however, could be different — the Fed promises to raise rates at least three times this year…but that doesn’t necessarily mean mortgage rates are going to escalate out of reach. The last time the Feds raised rates in 2019, mortgage rates actually went down. But affordability remains a challenge for many, and while we are seeing our equity grow, buyers are scampering to get in line for the home of their dreams, only to find many qualified buyers — with cash — in front of them. There are many interesting programs out there, including one from my lender which will enable a non-cash buyer to qualify and present themselves to the seller as an all-cash buyer. Please contact me for more information – carole@caroleschiffer.com.

If one were to make a wish for the New Year, top of my list would be that we end this pandemic which has brought so much damage and heartache to our world, our communities, to our families. As winter and the rainy season descends upon us, we can only pray and strive to stay safe, healthy, and hopeful for a great 2022!

From a real estate perspective, what is happening in Brentwood Circle , and how does it compare to the same quarter as well as last year in the community. Actually, the more things change, the more they basically stay the same. In other words, not much for Brentwood Circle. In the last quarter of 2020, there were no active listings, no properties in escrow, nor were there any closed escrows, only one property that had been listed and was withdrawn from the market. For the last quarter of 2021, there is one (1) house for sale, which interestingly enough sold in 2020 and is up for sale again, there is nothing in escrow, and one (1) closed escrow.

Brentwood Circle is such a lovely, special community tucked away in Brentwood. It is always interesting to me with peoples’ comments, particularly those who live here in West Los Angeles that they are surprised to see it having not known of its existence. Please let me know how I might assist you with all of your real estate needs. I look forward to hearing from you. You can contact me a carole@caroleschiffer.com, ceschiffer@gmail.com or 310-442-1384. Happy New Year – Stay Safe!

Cordially,|

Carole

 

 

 

 

31 December 2021

 

Dear Brentwood Circle Neighbor:

 

Welcome 2022 & Happy New Year!

Welcome and hail and farewell to 2021. It has been an interesting year to say the least. We are looking forward to another interesting year, particularly as we are about to enter our third year of this pandemic. Yet, through all of this, real estate continues to amaze us on the Westside.

During this past year we have seen median prices in the five communities, Beverly Hills, Beverly Hills Post Office, Bel Air, Brentwood, Westwood I report on continue to surge upward. Sales volumes are setting records every month, and mortgage rates continue to be the lowest in decades, and buyers are taking advantage of that. However, competition remans fierce for quality homes fairly priced — there just aren’t enough of them to satisfy demand.

 

Inventory continues to stay low, to low actually ,and while interest rates are going to climb a little, they are still quite a bit lower than we had seen in the past.

2022, however, could be different — the Fed promises to raise rates at least three times this year…but that doesn’t necessarily mean mortgage rates are going to escalate out of reach.  The last time the Feds raised rates in 2019, mortgage rates actually went down.  But affordability remains a challenge for many, and while we are seeing our equity grow, buyers are scampering to get in line for the home of their dreams, only to find many qualified buyers — with cash — in front of them. There are many interesting programs out there, including one from my lender which will enable a non-cash buyer to qualify and present themselves to the seller as an all-cash buyer.  Please contact me for more information – carole@caroleschiffer.com.

If one were to make a wish for the New Year, top of my list would be that we end this pandemic which has brought so much damage and heartache to our world, our communities, to our families. As winter and the rainy season descends upon us, we can only pray and strive to stay safe, healthy, and hopeful for a great 2022!

 

From a real estate perspective, what is happening in Brentwood Circle , and how does it compare to the same quarter as well as last year in the community.  Actually, the more things change, the more they basically stay the same.  In other words, not much for Brentwood Circle.  In the last quarter of 2020, there were no active listings, no properties in escrow, nor were there any closed escrows, only one property that had been listed and was withdrawn from the market.  For the last quarter of 2021, there is one (1) house for sale, which interestingly enough sold in 2020 and is up for sale again, there is nothing in escrow, and one (1) closed escrow.

 

Brentwood Circle is such a lovely, special community tucked away in Brentwood.  It is always interesting to me with peoples’ comments, particularly those who live here in West Los Angeles that they are surprised to see it having not known of its existence.  Please let me know how I might assist you with all of your real estate needs.  I look forward to hearing from  you.  You can contact me a carole@caroleschiffer.com, ceschiffer@gmail.com or 310-442-1384. Happy New Year – Stay Safe!

 

 

Cordially,

 

 

Carole

Brentwood Circle 3rd Quarterly Report 2021

Dear Brentwood Circle Neighbor:

Happy Fall, my favorite time of year….
The long, hot summer is behind us. Or is it? We have drifted into a draught again, and as the leaves turn brown and gold, we look skyward for just a drop of rain. But no luck. Perhaps we should all do a rain dance to see if that will help. It never rains in Southern California…as the song goes. Not true, it just feels that way.

As we enter our 19th month of the global pandemic, we continue to see record sales being posted in our Westside real estate market, especially in the high-end market where we outpaced previous years by as much as 75% increase in homes selling for more than $5 million, year over year. Locally, we are 72% ahead in sales volumes through August compared to 2020. On a national basis, existing home sales fell by 2.0% in August, which has been running counter to rising home prices. You might ask, “What does the future bring?” At this writing we are all looking to and hoping that Congress will be able to find a way to avoid a government shutdown and avoid a financial disaster for the country. That being said, the forecast for the real estate market, especially in “our neck of the woods” will stay strong, we are and will continue to see an increase in prices, just not as much as we have seen recently, and there still will be multiple offers again not as many.

According to Case-Shiller, U.S. home prices rose 19.7% in August for the fourth consecutive month of record price appreciation, but the market could be starting to cool as there are signs the market frenzy might be starting to ease. Price growth is starting to decline in some major markets. A word to the wise — the Fed has indicated that rates will most likely increase in 2022, so it is a good time to look at getting your finances in order if you’re thinking of buying soon. We all must remember that even with the forecast of increasing interest rates, that increase will be somewhat slow in developing and in looking at interest rates historically, even if they go to 4%, they are still low.

From a real estate perspective, what has happened in Brentwood Circle this past quarter? As usual, there has been very little movement this past quarter which is not that different from last quarter. Currently there is one home available for sale vs none last quarter, and there were 2 closed escrows this past quarter which were pending in last quarter’s report. Neither quarter brought any homes available for lease nor leased for that matter.
Please let me know how I can assist you with your real estate needs…

Call me .310-442-1384

Brentwood Circle 2nd Quarterly Report 2021

1 July 2021

Dear Brentwood Circle Neighbor:

First of all, Happy Fourth of July. We have much to be thankful for — California has ‘re-opened’…we’re getting out, shopping, and dining, and seeing our friends again! Yes, while we still face some Covid-19 challenges, we hopefully have gotten through the worst of it and have all done a great job in helping our communities be safer. Hopefully, we don’t back slide with the variants that are out there now. Be safe!

On the real estate front — we have seen a dramatic improvement in pending home sales across the country — experts expected a 1% drop, instead there was an 8% increase in transactions for existing homes, the highest level of sales activity for May since 2005. We too, continue to see increased marketing activity in our communities with median sales price still hovering above 5% compared to 2020.

The good news is that the Fed is committed to keeping interest rates low, meaning mortgage rates will remain near record lows as well. This bodes well for those of you thinking of selling or buying. Mortgage rates remain in the low 3% range, which makes financing or getting a re-fi on your home much easier.

On the mortgage, financing front in one my recent sales meetings we were discussing the fact that a lot of transactions are falling out of escrow. The primary cause is that buyers are bidding up the purchase price only to find out that they cannot qualify for the property, and if there is a “back up offer” in place, which I always encourage, if possible, many times that buyer will become the prevailing buyer and end up with the property. Please give me a call at 310 442-1384 and I will be more than happy to explain the process.

The record breaking heat we are experiencing all over is a major cause for concern given the drought we are experiencing. so once again, I remind you to please be fire safe and clear the brush around your property. In the last week or so, I have received a number of emails from clients telling me they have been cited by the Fire Dept. They are out there inspecting our properties, so please make sure you are in compliance. There is a new mandatory statewide disclosure that goes into effect today, 1 July 2021 where in every property sold in a high fire risk area will need to comply with the brush clearance guidelines. You might want to check out..http:www.readyforwildfire.org for more information.

What is going on as pertains to real estate in Brentwood Circle this past quarter. As usual, it is quiet. There is one house listed for sale, two in escrow and no closed escrows. Generally, I compare the activity between this past quarter and that of a year ago. Unfortunately, I am not able to do so this time. Because the world was just starting to shut down at this time, due to Covid, losing my 98 year old Mom and my being sick myself, I am having trouble extracting the information. Moving forward I will be able to provide you to have that information for my next quarterly update. In the meantime, please know that I am totally fine and back at it and ready to assist you with any and all of your real estate needs and questions.

Looking forward to speaking with you soon.

Cordially,

Carole