Moraga Drive 1st Quarterly Updates 1 April 2022

Dear Moraga Drive 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!

In making a comparison between the real estate activity between this past quarter and last year, honestly there really is not much to discuss. Neither quarter brought any homes for sale, nor any in escrow, and both quarters brought two (2) closed escrows. While we are talking about just one street, it is still a true reflection of the lack of inventory we are dealing with across the board. I have buyers for homes on the street, so if you are thinking about selling your home, please reach out to me… carole@caroleschiffer.com, 310-442-1384 or ceschiffer@gmail.com

Looking forward to hearing from you

Carole Schiffer

 

Moraga Drive 4th Quarterly Updates 1 January 2022

Dear Moraga Drive 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 on Moraga Drive, and how does it compare to the same quarter as well as last year in the community. As usual, there has not been an enormous amount of real estate activity this past quarter. At the moment, there are no homes listed for sale, nor in escrow and there were two (2) closed escrows. For the same time period in 2020, the numbers are somewhat switched in that there were two (2) homes listed for sale, no escrows and no closed escrows for that quarter. Moraga Drive is honestly one of my favorite streets in Los Angeles with its huge trees over hanging the street, it reminds me of an allee in France! With having Moraga Vineyards on the street, it makes it all the more special.

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.

Cordially,

Carole

Happy New Year and Stay Safe!

Moraga Drive 3rd Quarterly Report 2021

Dear Moraga 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 on Moraga Drive this past quarter? As is typical for your lovely tree lined street, it is been somewhat quiet, just a little more activity than the previous quarter. Currently, there is one home available for sale and that is the extent of real estate activity. No escrows, no closed escrows, no leases, NADA!
Please know I am here for you for any and all of your real estate needs. Please do give me a call  310-442-1384

Moraga Drive 2nd Quarterly Report 2021

1 July 2021

Dear Moraga Drive 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 www.readyforwildfire.org for more information.

What does the real estate activity for the past quarter on Moraga Drive look like? In one word.. quiet. There has not been any real estate activity on the street for the past quarter. This is very typical for the street. Please know I am here to assist you with any and all of your real estate needs and questions. Please reach out to me.

Cordially

Carole

 

 

 

 

 

 

1 July 2021

 

Dear Moraga Drive 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 www.readyforwildfire.org for more information.

 

What does the real estate activity for the past quarter on Moraga Drive look like?  In one word.. quiet.  There has not been any real estate activity on the street for the past quarter. This is very typical for the street. Please know I am here to assist you with any and all of your real estate needs and questions.  Please reach out to me.

 

Cordially

 

 

Carole

310 -442-1384    ceschiffer@gmail.com