Brentwood 1st Quarterly Updates 1 April 2022

Dear Brentwood 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!

WOW, what a difference a year makes when we are looking at the real estate activity in Brentwood for this past quarter vs. the same time period last year! Currently, there are two (2) homes listed for sale, last year there were six (6) . There are no escrows, and last year there were eight (8). And five (5) closed escrows vs. 6(6) last year. These numbers are a clear commentary on the lack of inventory available for sale. The prices are still quite strong, and interest rates still low, all be not as low as they have been, but still historically low. What this says is that we need more inventory for all of the buyers who are out there looking for homes to purchase. If you are at all considering selling, please contact me… caroleschiffer.com, or 310 442-1384 or ceschiffer@gmail.com. This is prime selling season, let’s take advantage of it!

Looking forward to hearing from you

Carole

Brentwood 4th Quarterly Updates 1 January 2022

Dear Brentwood 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 your part of Brentwood, and how does it compare to the same quarter as well as last year in the community. Wow a difference a year makes! Last year at this time, there were 13 homes available for sale vs. two (2) now! Currently there is one (1) home in escrow which is the same as last year at this time. We had four (4) closed escrows this past quarter, against five (5) the 4th quarter of 2020. If you look at the overall closed escrows for 2021, as compared to 2020 with the numbers at 17 closed escrows for ’21 and 14 for ’20. Please remember these numbers do not reflect the entire community of Brentwood, only west from Brentwood Circle, north of Sunset to Bundy.

I love working and selling homes in Brentwood and look forward to meeting with you to discuss the marketing of your home. I am so very proud to share with you that this past year has been a banner year for me and I am looking forward to another one. Let’s work together to make that happen. Contact me at carole@caroleschiffer.com, ceschiffer@gmail.com or 310-442-1384. Happy New Year and Stay Safe! Talk with you soon

Cordially,

Carole

Brentwood 3rd Quarterly Report 2021

Dear Brentwood 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.

What has happened in Brentwood this past quarter? While there has been a fair amount of real estate activity this past quarter, it certainly doesn’t hold a candle to that of the previous quarter. For example, currently there are 4 homes available for sale currently vs. 6 in quarter #2, and 2 home in escrow which was the same last quarter. The big difference is in the number of closed escrows, we had 5 this past quarter, vs. a whopping 11 in the last quarter. This is a perfect example of my point that the market is still quite strong, just getting a little more sensible and reasonable.
Please let me know how I can assist you with your real estate needs. I am here for you…

Call me 310-442-1384.

Brentwood 2nd Quarterly Report 2021

1 July 2021

Dear Brentwood 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.

The real estate activity in Brentwood this past quarter has been off the charts! Currently there are 6 homes listed for sale with price ranges from $2,450,000 – $23,500,000. There are 2 homes in escrow, and a whopping 11 homes have closed escrow this past quarter! Because of the beginning of Covid during the 2nd quarter of last year, my having it myself, losing my 98 year old Mom and the market in general, I do not have a reliable breakdown to give you a comparison between the 2 quarters.

I am completely cured and back at it, and here to assist you with all of your real estate needs.

Cordially,

Carole