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May your choices reflect your hopes, not your fears.— Nelson Mandella
The bad news is time flies. The good news is you’re the pilot.— Michael Altshuler
What if I fall? Oh my darling, what if you fly?— Erin Hanson
We create our fate every day we live.— Henry Miller
Holding on is believing that there’s only a past; letting go is knowing that there’s a future.— Daphne Rose Kingma
Real Estate Market Update by Roger Ewing
If you have not yet heard the news, soon you will. The Southern California real estate market has changed. Since July, sales of existing homes have declined from a year ago. The 2013 double-digit increases in home prices have also diminished. Statewide, the available inventory of homes for sale has increased 20 percent. What does this change mean to you?
Fundamentals for a robust real estate market are firmly in place. Employment in the Golden State is up. Interest rates are at all time lows and holding for now. As a result of significant price increases last year, affordability has taken a hit. However, affordability does not stop people from buying homes. Affordability only causes buyers to change their expectations about how much home they will purchase.
Our company sells homes in upscale neighborhoods throughout the San Fernando and Conejo Valleys as well as the West Side of Los Angeles. The second half of this year we have seen a definite slowing trend in terms of offers and purchases of existing homes. Our clients are asking why.
Here are my observations:
We are in the midst of a recovering real estate market. There will be minor corrections. The road to recovery is never a straight line. We are in one of these minor corrections now.
1. The wars in Israel and the Ukraine had a sobering effect on Americans. I don’t believe Americans like uncertainty. War and the threat of war are disconcerting and cause homebuyers and sellers to pause.
2. Investors drove the strong rebound in sales and prices during 2013. The market has stabilized and the investors have moved to the sidelines. We now rely on homebuyers, which in the long run is a healthier situation.
3. The residential resale market is alive and well and I expect we will see our usual seasonal sales activity between now and Thanksgiving. The sky is not falling. In the long term, prices and interest rates are heading upwards. Now, when the press is somewhat negative and buyers are on the sidelines, is the very best time to consider purchasing a home in Southern California.
Once you awaken, you will have no interest in judging those who sleep.— James Blanchard
EwingSIR Listing Featured in Architectural Digest
Architectural Digest features this sprawling estate, listed by Diana Kim at $8,499,000.
Architect Cliff May, renowned for his casual California Ranch style, designed this 14,000-square-foot home set on four acres in Rolling Hills, California. Views of Los Angeles and the Pacific Ocean can be seen from the stone deck and indoor pool with retractable roof. Cathedral ceilings with wood beams lend structure to the free-flowing plan, which contains seven bedrooms, seven baths and three powder rooms. As part of a remodeling in 2010, the baths were finished in white marble and travertine.
ARCHITECT: Cliff May
LOCATION: Rolling Hills, California
LISTING PRICE: $8,499,000 USD
OFFICE: Ewing & Associates Sotheby’s International Realty
The best portion of a good man’s life is his little, nameless, unremembered acts of kindness and of love.— William Wordsworth
Practice the art of being kind, not right.— RPE