Dear Moraga Estates Neighbor:
Summer arrives…has it ever really left?
Many believe we have only one season…summer. While we are blessed with great weather year ‘round, we do enjoy the occasional rain (which we need much more of!), nippy cold mornings, and the golden colors of fall. So, with summer now officially here, enjoy your longer, hotter days, but there are caution flags, too.
On the summer front…Be prepared for fire emergencies that have a habit of recurring in our nearby canyons and mountains…. follow precautions cited by the LAFD — clear the brush and clutter around your home, have emergency exits preplanned, and insure your electrical systems are not overloaded. As we all love our beaches, there has been a major campaign to improve beach safety….be mindful of official warnings posted by life guards, be aware of rip tides, use plenty of sunscreen, and don’t venture into dangerous surf conditions. Most importantly, watch your family members at all times. And if you are grilling, stay away from the house, use charcoal and gas safely, and check for gas leaks…and be ready to put out a fire.
On the real estate front…. Case-Shiller reported US home prices have surged for the 72nd straight month. Home prices rose an average of 6.4%, year over year, down slightly from last month’s 6.5%. This really isn’t ‘new’ news…I have been reporting these increases monthly for the past five years. Low inventory levels are primarily the culprit here…yes, interest rates are beginning to rise, but the reality is, demand far exceeds supply. Everywhere I go, I am asked, how much longer can this last with the value of homes going up and interest rates now, while still low rising? The answer is. “I don’t know, but the majority of the economists seem to feel we are looking at another good year or so.
From a real estate perspective – what is happening in Moraga Estates? – Basically, the activity is somewhat similar to that of last year. Currently there are 3 homes available for sale vs. 2 for the same time period last year. Neither year brought forth any homes in escrow, last year there was 1 closed escrow, with none this year. With regard to homes available for lease or leased, there were none this past quarter, and last year there was 1 home available for lease.
I am here to assist you with all of your real estate needs.
Looking forward to speaking with you soon.
Coldwell Banker Global Luxury Director
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