Unless you have been living under a rock somewhere, you are well-aware that it is not easy to buy a home today. Competition is fierce for the few homes that come on the market each week. With mortgage rates remaining relatively low, plenty of people are seeking affordable homes. Among the hopeful buyers are the rising number of one-person households, whose ranks in the US doubled in the last 40 years, rising to 36.1 million in 2020 from 18.2 million in 1980. Of that group, 19% identify as members of the millennial generation, while another 19% belong to Gen X. About 39% of sole-person households identify as baby boomers and 3% as Gen Z. However, as the number of single people looking to put down roots is rising, the pool of available options is shrinking.
Costs for starter homes in the Los Angeles-Long Beach-Glendale CA Metropolitan Division increased 19.4 percent year over year. Nationally, prices for single-family homes grew by 19.7 percent over the past year alone.
Typically, by this time of year, the housing market cools off during the fall and winter, but experts predict that it will stay hot the rest of 2021. So how can a single person buy a house these days? The average 30-year fixed mortgage rate rose to 3.05%, the highest level since April, though still low by historical standards.
According to the real estate data analysis group CoreLogic, projections for home price increases are expected to ease over the next year, with a more modest 3.2 percent appreciation by June 2022. Frustrated prospective buyers might begin waiting for the market to cool, and for-sale inventory to rise. First-time home buyers and the many singles that are included in that mix might just have a chance to find their match.
DID YOU KNOW…
Married couples can exclude up to $500,000 in gains from capital-gains taxes. That figure hasn’t changed since a 1997 law, while the median home sale price has more than doubled since then. That’s almost a quarter century without any adjustment for inflation. (ftb.ca.gov)
The wealthiest five people in the US are now worth around $900 billion…..The ‘ROARIN 2020’s’ keep on a-roarin! Elon Musk – is now worth close to $300 BILLION…. Monopoly money! If a BILLIONAIRE ‘wealth tax’ passes, real estate would not apply….
In your 90402 Real Estate News-
Four new listings since my last update-
544 11th Street– I just listed this great, livable, art deco home for $4,479,000. Ready for easy updating, or just move right in!
523 9th Street – Listed for $5,950,000. Updated in 2017, this contemporary Spanish is just over 5000 sqft. Last sold in 2016 for $4,286,300.
248 24th Street – Listed for $8,995,000. New construction with a large ADU unit. Nice contemporary-traditional design and 7,200 sqft. Lot was purchased in 2019 for $3.5M.
235 19th Street – Listed for $9,995,000. This huge asking price has already been reduced from $10,450,000. Originally built in 2016, this house is nearly 8,900 sqft and has a beautiful pool. Last sold in 2018 for $8,375,000.
There are eight new escrows-
628 10th Street – Listed for $3,199,000.
746 20th Street– Listed for $3,295,000.
248 19th Street – Listed for $3,688,000. – this one went quick!
311 21st Place– Listed for $3,750,000.
469 21st Street – Listed for $4,495,000.
740 21st Place – Listed for $4,598,000.
225 22nd Street – Listed for $7,295,000.
2528 La Mesa Way – Listed for $10,995,000.
Eight sold properties-
316 19th Street – I listed this great original Spanish for $4,295,000. We received 17 offers and sold it for $4,700,000. If you have a Spanish home and are thinking about selling, the demand is high!
328 15th street – Sold for $4,450,000. Originally listed at $4,500,000.
632 16th Street – Sold for $4,526,000. Originally listed at $4,895,000.
311 23rd Street – Sold for $5,007,311. Originally listed for $5,150,000.
515 4th Street – Sold for $6,750,000. Originally listed for $5,850,000.
427 Palisades Avenue– Sold for $6,615,000. Originally listed for $5,950,000.