Tuesday, March 31, 2015

March 2015 National Housing Trends Newsletter

Angela Yglesias

Levesque Realty 

Cell: 805-490-4944   
Phone: 805-490-4944 

Housing Trends

March 2015


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Take a look at our real estate glossary to learn definitions of common words and phrases used in the industry.

National market update

Existing-Home Sales Slightly Improve in February, Price Growth Gains Steam

WASHINGTON (March 23, 2015) – Existing-home sales increased modestly in February, but constrained inventory levels pushed price growth to its fastest pace in a year, according to the National Association of Realtors®.

Read more

5 Spring Home Buying Strategies

The spring home-buying boom is underway, and this year buyers in some markets will face an increased amount of competition due to low housing inventory. In fact, the most recent existing-home sales report from the National Association of REALTORS® cautions that "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices."

Read more

National housing indicators

Existing home sales (March)

4.88 millions units*

Existing home median price (March)

$202,600

Housing Starts (March)

8.97 millions units*

New home sales (March)

4.81 millions units*
*Seasonally adjusted annual rate. Source: NATIONAL ASSOCIATION OF REALTORS®.

National economic indicators

Home ownership

4th Qtr 2014

+64.0%

4th Qtr 2013

+65.2%
The homeownership rate in the fourth quarter 2014 was 64.0 percent, down 1.2 (+/- 0.4) percentage points from the fourth quarter 2013 rate of 65.2 percent. The homeownership rates in the Northeast, Midwest and South were lower than the rates in the fourth quarter 2013, while the rate in the West was not statistically different from the rate a year ago.

New home sales

February 2015

+7.8*%

January 2015

+4.4*%
Sales of new single-family houses in February 2015 were at a seasonally adjusted annual rate of 539,000. This is 7.8 percent (+/- 15.2%)* above the revised January 2015 estimate of 500,000.
Source: U.S. CENSUS BUREAU

How much is your home worth? Get a real-time report on the value of your home. Start now

Regional market updates

View market statistics for your region.

Click on the links below to view data from two different industry sources. Choose information on local prices & state sales from any of 150 metropolitan housing markets prepared by the National Association of REALTORS® or information on sales & price activity from local area markets in 25 states prepared by Clarus MarketMetrics.

Local Prices & State Sales

Local Sales & Price Activity

Representing residential and commercial buyers and sellers in Ventura and LA Counties.
Disclaimer: The views, opinions, statements and/or ideas expressed in this Message Section do not reflect the ideas, policy, position, views or opinion of Move,Inc.

Consumer tips & hot properties

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Where America’s Affordable Homes Are—and Aren’t—in 2015

Our team crunched the numbers and created color-coded maps showing where homes are most and least affordable.

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Is Spring the Best Time to Buy?

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At an Open House, Open Up

When you're checking out someone's home, don't be shy when the broker asks for feedback–you can all benefit.

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Kick Back in One of These Affordable Homes in the 25 Best Cities for Retirement

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In Priciest U.S. Cities, Mortgage Affordability Seems Bad—but It’ll Get

Realtor.com’s first Mortgage Affordability Report pulls data from the 25 largest housing markets in the U.S. for a picture of what Americans can afford in terms of buying or renting a home.

Read more

Existing Home Statistics

View statistics based on national data, regional data and data gathered from 159 cities & metropolitan areas.

National Statistics

Statistics by City or Metropolitan Area

Regional Statistics

Source: NATIONAL ASSOCIATION OF REALTORS®.
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Saturday, March 28, 2015

Conejo Valley Homes For Sale


Our brokerage has several residential home buyers looking in and around the Conejo Valley.  If you or anyone you know is thinking about selling your home, please contact Angela Yglesias via email:  yglesias75@gmail.com and/or cell: 805.490.4944.  A free home estimate and comp analysis of your property is available to you anytime.  We currently have residential home buyer clients looking in Newbury Park, Thousand Oaks, Westlake Village, Agoura Hills, Lake Sherwood, Hidden Valley, Simi Valley, Santa Rosa Valley, Calabasas and Malibu.  Let Angela show them your property today.

 http://conejovalleyrealestateservices.blogspot.com/
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Friday, March 27, 2015

Why Home Owners Need to Get Moving

An article in CNNMoney recently highlighted several reasons why this spring would be the perfect time for home owners to get off the fence.  After all, many markets across the country are still tilting in sellers’ favor. Here’s why:
A Sellers' Opportunity
  • Less competition: A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers. The National Association of REALTORS® reports that inventory levels nationwide were at a 4.6-month supply in February. A balanced market is considered to fall between a five- to seven-month supply.
  • Mortgage rate hikes loom: Mortgage rates are still sitting near historical lows, with the 30-year fixed-rate mortgage hovering under 4 percent. The low rates have helped push more buyers into the marketplace, but they could also be a good thing for sellers who are looking to rebuy. However, rates aren’t expected to remain this low for too much longer, which may prompt a rush this spring. "When interest rates are thought to be escalating, we see a wave up activity with people getting off the sidelines," says Budge Huskey, president and CEO of Coldwell Banker Real Estate.
  • Soaring rental costs: Also spurring more potential home buyers off the sidelines: Rising rental costs. Rental prices have increased 15 percent nationwide in the past five years in 70 metro areas across the U.S., according to NAR research. "Every time there's an increase, it triggers the decision processes on whether [renters] should go into the market and buy," Huskey told CNNMoney. "It allows others to move up the chain in the market."
Source: “4 Reasons to Sell Your Home Now,” CNNMoney (March 25, 2015)
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Friday, March 20, 2015

Tips for Increasing a Home's Property Value

Today is officially the first day of spring and selling season is already in full swing.  If you are planning to sell your home, you may want to consider making changes to improve its comfort level and the way it functions to make it more appealing to potential buyers.
Where should you begin? With the four home improvement basics: foundation, roof, plumbing, and electrical.  Of these the roof is the most important.  I am almost always asked “How old is the roof?”.  And keeping the roof in good shape alleviates other problems; for example, water can run laterally and once a leak starts it can follow plumbing and even electrical conduits. So what you think is a plumbing leak might really be a hole in the roof.

Here are some suggestions to help with your planning:

·   Repair: First take a good look at the state of the home, inside and out. Fix the obvious areas that need maintenance.

·    De-clutter: Find ways to store odds-and-ends in containers and cabinets or donate belongings to charity.

·    Lighten up: Brighter, light-filled rooms are more appealing and make a house feel more spacious. Consider replacing heavy drapes with shutters, shades, or blinds.

·   Add eco value: Replace old windows with energy-efficient versions to reduce home energy costs and add value.

·   Update: Water heaters, furnaces, and toilets are also good to update for energy and water conservation but probably will not add significantly to the home's value.

·   Refinish: If wood floors are looking tired, refinish them. Replace worn carpeting where possible.

·   Kitchen clean-up: The kitchen is an obvious focal point for buyers. Consider a light upgrade in the kitchen, by replacing the sink or replacing cabinets. If you are planning to replace counters try solid surface quartz-based materials, which have become the popular alternative to granite.

·   Better bathrooms: Bathrooms are typically less expensive to remodel than kitchens so there is more potential for a return on the investment. Buyers frequently request double vanities and a walk-in shower so consider upgrading accordingly.

·   Remodel: It is usually more cost-effective to remodel attics and basements than to add entirely new rooms.

·  Spruce up: Add curb appeal by weeding and sprucing up the garden with low maintenance, drought-tolerant plantings -- also called xeriscaping. Giving the front door a new coat of paint is a low cost way to add curb appeal.

Please feel free to contact me if you would like a free estimated value assessment of your property.
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Tuesday, March 17, 2015

‘Green’ Is Important for Buyers

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 17, 2015
Green may be a popular color on St. Patrick’s Day, but decor and costumes aren't the only places we've been seeing the trend pop up. More home buyers are adding green home features to their wish list, according to the National Association of REALTORS®' 2014 Profile of Home Buyers and Sellers and the 2015 Home Buyer and Seller Generational Trends reports.
Here's a look at the environmentally friendly home features that buyers rated as "very important" or "somewhat important" in their house hunting search:
  • Heating and cooling costs: 86%
  • Energy efficient appliances: 68%
  • Energy efficient lighting: 66%
  • Landscaping for energy conservation: 46%
  • Environmentally friendly community features: 47%
  • Solar panels installed on a home: 11%
Source:"St. Patrick’s Day: Green and Energy Efficient Home Features," National Association of REALTORS® Economists' Outlook blog (March 16, 2015)
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Thursday, March 12, 2015

Simon's Hostile Bid for Macerich Signals a New Round of Regional Mall Buys

Here is what happened the last time a major player entered the mall sales arena. In 2012, Simon Property Group went on a major acquisition run, triggering a flurry of sale transactions. The volume of regional mall sales tripled and property values for regional shopping malls shot up more than 50% that year as other major institutional investors followed their lead. 

Now Simon is off and running again, and so are regional mall sales and values. 

This week, Simon Property Group (NYSE:SPG) took the next step in its pursuit of The Macerich Co. (NYSE:MAC), going public with an unsolicited proposal to acquire all of Macerich's outstanding stock for $91 per share, about $16 billion in total stock value. 

The total value of the proposed transaction is $22.4 billion, once the assumption of Macerich's $6.4 billion of outstanding debt is factored in. 

In 2010 and 2011, major mall sale volumes tallied less than $2 billion per year. Buyers paid less than $150/square foot in 2010 and about $175 in 2011. Mall sales remained muted as investors warily gauged consumer spending and the impact of online retail sales on malls. 

Following the recession, the mall market divided between the haves and the have-nots, as top-tier properties continued to attract shoppers in droves while older, lower-quality malls suffered further declines in sales. 

Simon signalled a new round of mall sales activity in the first quarter of 2012 when it cut a deal to buy out joint venture partner Farallon Capital’s stake in 26 Mills malls for $1.5 billion. Other major buyers followed suit: General Growth Properties, WP Glimcher, Starwood Capital, Macerich and international capital made deals as well as total mall sales that year reached $5.9 billion and the average sale price shot up to about $266 per square foot. 

Now, those same buyers are showing up this go-around as well. 

Simon signaled its intent to go after Macerich last November when it disclosed the acquisition of a 3.6% stake in its rival mall owner, equivalent to 5.71 million shares, kicking off a new round of competition amoong the top mall owners for market share. 

"While Simon continues to focus on the redevelopment and expansion of its current portfolio, as well as the development of new premium outlet centers, it also seems to be more willing to undertake acquisitions of stabilized high-producing malls," Nomura Securities noted in a March 5th report. "The firm has recently completed the purchase of Jersey Gardens (to be renamed The Mills at Jersey Gardens) and University Park Village as part of WPG's acquisition of Glimcher. It also recently announced a joint venture with Hudson Bay to acquire 42 anchor boxes." 

As part of its strategy to acquire Macerich, Simon said it has an agreement in principal to sell selected Macerich malls to General Growth Properties, the second-largest mall owner after Simon, should a deal for Macerich materialize. Analysts said the side deal with GGP appears to offer Simon several benefits. Any sales to GGP raise money to fund the acquisition, also they would help appease any potential anti-trust concerns from regulators, while also keeping a potential rival bidder at bay. 

GGP, for its part, also appears to be preparing for this outcome, raising a substantial sum from its recently announced sale of a 25% stake in its Ala Moana retail and office complex in Honolulu, HI, to an Australian pension fund in a transaction that values the center at a $5.5 billion. 

In addition, GGP reported that it may sell an additional 12.5% equity interest in the trophy asset within the next 60 days, which would result in a gain of approximately $485 million that GGP said it plans to use to fund "a pending acquisition." 

Macerich has been doing some shopping of its own, consolidating its ownership in several of its mall properties. In November 2014, the company bought out its joint venture partner's 49% interest in Queens Center, Washington Square, Los Cerritos Center, Stonewood Center and Lakewood Center from a wholly-owned subsidiary of the Ontario Teachers' Pension Plan Board for $1.8 billion, including the assumption of $672 million of property-level debt. 

Also in November 2014, Macerich bought out joint venture partner AWE Talisman's 40% interest in Fashion Outlets of Chicago for $70 million to own the recently-developed, 529,000-square-foot center outright. 

The market posted $2.2 billion in regional mall sales in 2014 with more than half of that ($1.4 billion) occurring in the fourth quarter. So far this quarter, buyers have rung up $1.9 billion in regional mall sales. 

In the second quarter of 2014, when several lower-quality malls changed hands, the average sale price for malls was $134 per square foot. So far in 2015, with investment activity shifting to top tier malls, sale prices have jumped to a range of $200 perr square foot to almost $480 per square foot. 

All Eyes on Trophy Assets

The crown jewel in the Macerich portfolio is considered to be Tysons Corner Center, a 2.1 million-square-foot super regional mall in the northern Virginia suburbs outside Washington, DC. A major expansion is underway that will add a 30-story, 430-unit apartment tower and a 300-room Hyatt Regency hotel expected to reach completion in the first half of 2015. The new multifamily and hotel components are in addition to the 527,000-square-foot office tower which opened in August 2014 with major tenants Intelsat and Deloitte. 

Fairfax County, Virginia assesses the value of the Tysons Corner Center at $1.55 billion. 

“When you are best-in-class and innovative, there will always be a demand for your assets or portfolio. Simon’s desire to spend $22 billion to acquire Macerich is a case in point,” said Soozan Baxter a Manhattan-based retail leasing services consultant to landlords. “Tysons Corner, which I have been visiting my entire life, has transformed over the years. Taking out the JC Penney box a decade ago and re-tenanting it with restaurants, constantly upgrading the mix, and going head-to-head against Tyson’s Galleria, is yet another example of Macerich pushing the envelope. I think their properties will meld well with some of Simon’s trophy centers.” 

And it is the trophy assets that mall buyers are after right now. 

According to Nomura Securities, mall REITs continued to respond to a shift in consumer shopping patterns by repositioning assets and disposing on non-core properties last year. Since the second quarter 2014 earnings season, Mall REITs have shed 26 assets. 

“In the year ahead, we expect to see most of the REITs continuing to shed underperforming assets and further consolidation is possible,” Nomura analysts noted as a majority of REITs continue to emphasize ‘capital recycling’ in their messages to investors, selling underperforming assets and re-investing in higher quality centers with growth potential. 

“While the mall REITs that own higher productivity assets appear to have largely completed pruning their portfolios and are becoming more acquisitive, we expect to see continued dispositions in the year ahead,” Nomura noted. “Many of the REITs have identified a set of non-core assets that are likely to be sold or disposed of over the next year. By and large, it appears that the buyers of weaker malls are private or regional operators.” 

Last quarter, for example, Taubman Centers sold seven malls to Starwood Capital Group as part of its ongoing strategy to recycle capital. Starwood paid $1.403 billion for the portfolio. Taubman received net cash proceeds of $716 million, a portion of which it set aside to fund a tax deferred like-kind exchange under Section 1031 of the Internal Revenue Code. 

Macerich, however, does not appear to be a willing seller of its portfolio or trophy assets. The company said it would review Simon’s proposal with its financial and legal advisors and advised its stockholders not to take any action at this time. 

With few individual trophy assets coming to market, a rejection may not deter Simon. The dearth of available top quality malls was cited by Taubman following its recent sale to Starwood, when it announced after the sale that it couldn’t find suitable properties for an exchange that could meet its timing and investment requirements. The company opted instead to essentially invest in its own portfolio. This week the REIT increased its share buyback program by $250 million. 

Simon Property Group's pursuit of The Macerich Co. makes sense, analysts at Citi Research said, and they expect Simon's current offer of $91 per share may not be its last. 

"The price will likely have to move higher to consummate a deal, but given the low yield it gets increasingly tougher to argue deal accretion," Citi said.
Copyright © 2015 CoStar News
Mar 10, 2015 - CoStar News
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Thursday, March 5, 2015

Servicers Completed Mortgage Solutions for 1.88 Million Homeowners in 2014, Report Shows

avoid-foreclosureApproximately 1.88 million homeowners nationwide received a mortgage solution or foreclosure alternative in the form of a loan modification, short sale, deed-in-lieu of foreclosure, or other workout plan during 2014, according to data released Wednesday by HOPE NOW.
The 2014 numbers brought the total number of solutions the industry has offered to homeowners since 2007, when HOPE NOW began tracking the data, up to 23.2 million, representing a combination of both long and short term tools.
The total number of permanent loan modifications offered to homeowners by the industry in 2014 was 489,000, according to HOPE NOW. Of those, 352,000 were completed under proprietary programs and approximately 137,000 were completed under the U.S. Department of Treasury's Home Affordable Modification Program (HAMP). The number of permanent loan mods completed since 2007 now totals more than 7.3 million, with approximately 5.9 million coming via proprietary programs and about 1.45 million coming under HAMP, according to HOPE NOW.
Meanwhile, both foreclosure starts and completed foreclosures experienced significant declines in 2014 compared to 2013. In 2014, the foreclosure process was started on approximately 842,000 residential homes nationwide compared to 1.28 million in 2013, which is a decline of 34 percent. Completed foreclosures, which are a true indicator of the number of homes lost to foreclosure, declined by 27 percent – from 627,000 in 2013 down to 455,000 in 2014. The number of mortgage loans that were 60 days or more delinquent as of December 31, 2014, declined by about 5 percent from the same period a year earlier – from 2.03 million down to 1.92 million, according to HOPE NOW.
"The 2014 foreclosure data shows a continuing trend of recovery in the housing market," said Eric Selk, director of HOPE NOW. "While loan modifications continue to fall from their peak levels around 2010, delinquencies and foreclosures are showing the corresponding decline. Nearly half a million families were helped with loan modifications in 2014. This is a significant number and shows the strong commitment from HOPE NOW members. The industry has a multitude of solutions at their disposal, both long term and short term, and mortgage services work hard to put homeowners in solutions that are sustainable and realistic."
Short sales completed in 2014 totaled 130,000, bringing the total completed since December 2009, when HOPE NOW began tracking short sales data, up to 1.57 million. Deeds-in-lieu of foreclosures totaled 28,000 in 2014, bringing the total since December 2009 up to 127,000.
Author: Brian Honea  DSnews: http://dsnews.com/news/03-04-2015/servicers-completed-mortgage-solutions-1-88-million-homeowners-2014-report-shows
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Monday, March 2, 2015

February 2015 National Housing Trends Newsletter

Angela Yglesias

Levesque Realty 

Cell: 805-490-4944   
Phone: 805-490-4944 

Housing Trends

February 2015


Use our tools
to find out

Neighborhood reports

Market Snapshot
Get a detailed report showing market trends in your neighborhood, including recent listings, sales prices and average time on market.
Get a report

Community reports

Powered by realtor.com®

Enter a ZIP code to create a report. Enter a second ZIP to compare two communities.
View statistics on population, education, housing, transporation, income, employment, net worth, cost of living and climate.
Compare amenities such as public services, places of worship, recreation and leisure facilitles, shopping and restaurants.
Get a report

Find a Mover

Find a Mover

Type of Move
Move date
Moving From Zip
Moving To Zip
Size of Move

Mortgage rates

Powered by thefinancials.com

Mortgage calculator

Market Snapshot
Get a detailed report showing market trends in your neighborhood, including recent listings, sales prices and average time on market.
Get a report

Rent vs buy

How big is an acre? What is an option?
Do I need hazard insurance?

Take a look at our real estate glossary to learn definitions of common words and phrases used in the industry.

National market update

Existing-Home Sales Lose Momentum in November as Inventory Slightly Tightens

WASHINGTON (February 23, 2015) – Existing-home sales declined in January to their lowest rate in nine months, but the pace was higher than a year ago for the fourth straight month, according to the National Association of Realtors®. All major regions experienced declines in January, with the Northeast and West seeing the largest.

Read more

Home-Price Growth Slightly Accelerates in Fourth Quarter of 2014

WASHINGTON (February 11, 2015) – The majority of metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter of 2014, behind a decline in housing supply and an uptick in demand fueled by lower interest rates and a stronger job market, according to the latest quarterly report by the National Association of Realtors®.

Read more

National housing indicators

Existing home sales (February )

4.82 millions units*

Existing home median price (February )

$199,600

Housing Starts (February )

1.065 millions units*

New home sales (February )

4.81 millions units*
*Seasonally adjusted annual rate. Source: NATIONAL ASSOCIATION OF REALTORS®.

National economic indicators

Home ownership

4th Qtr 2014

+64.0%

4th Qtr 2013

+65.2%
The homeownership rate in the fourth quarter 2014 was 64.0 percent, down 1.2 (+/- 0.4) percentage points from the fourth quarter 2013 rate of 65.2 percent. The homeownership rates in the Northeast, Midwest and South were lower than the rates in the fourth quarter 2013, while the rate in the West was not statistically different from the rate a year ago.

New home sales

January 2015

-0.2%

December 2014

+8.1%
Sales of new single-family houses in January 2015 were at a seasonally adjusted annual rate of 481,000. This is 0.2 percent (+/- 22.2%)* below the revised December 2014 estimate of 482,000.
Source: U.S. CENSUS BUREAU

How much is your home worth? Get a real-time report on the value of your home. Start now

Regional market updates

View market statistics for your region.

Click on the links below to view data from two different industry sources. Choose information on local prices & state sales from any of 150 metropolitan housing markets prepared by the National Association of REALTORS® or information on sales & price activity from local area markets in 25 states prepared by Clarus MarketMetrics.

Local Prices & State Sales

Local Sales & Price Activity

Representing residential and commercial buyers and sellers in Ventura and LA Counties.
Disclaimer: The views, opinions, statements and/or ideas expressed in this Message Section do not reflect the ideas, policy, position, views or opinion of Move,Inc.

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Existing Home Statistics

View statistics based on national data, regional data and data gathered from 159 cities & metropolitan areas.

National Statistics

Statistics by City or Metropolitan Area

Regional Statistics

Source: NATIONAL ASSOCIATION OF REALTORS®.
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I help people selling their homes get them sold quickly and almost always at 100% asking, even over in some markets. I save my real estate b...