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September Market Update

Real Estate Market Update by Roger Ewing

rogerIf you have not yet heard about it, you soon will.  July sales transactions in Southern California were dramatically down this year compared to last.  According to the California Association of Realtors, sales of existing homes were down as much as 30 percent or more.  What does this mean to you?  Not much.

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 steady.  As a result of significant price increases last year, the affordability index 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.

My company sells homes in upscale neighborhoods throughout the San Ferndando and Conejo Valleys as well as the West Side of Los Angeles. I witnessed significantly reduced sales activity in July. Everyone is asking why.

Here are my observations:

  1. 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.
  2. The wars in Israel and the Ukraine have a sobering effect on Americans. I don’t believe Americans like uncertainty. These wars are disconcerting and cause homebuyers and sellers to pause.
  3. Schools in our market began their fall sessions earlier in the year. Therefore, vacation time was in July rather than August. After the Great Recession, with employment on the rebound, families took long-awaited vacations en masse.

The residential resale market will be back in late August and we will see our usual seasonal sales activity between now and Thanksgiving. The sky is not falling.  What we do know is that, in the long term, prices and interest rates are heading upwards.  Now, when the press is negative and buyers are on the sidelines, is the very best time to consider purchasing a home in Southern California.

Roger’s Thought of the Day: August 22, 2014

Thought of the Day

“Doubt kills more dreams than failure ever will.” — Karim Seddiki
Thought of the Day

7 Los Angeles Hiking Spots

Retreat from the mundane with these local hikes

Wilacre Park

View of the San Fernando Valley from Wilacre Park

Los Angeles is no stranger to defying expectations. Native Angelenos know that within the sprawling city hub, there is nature all around us — from the ocean, to the canyons, to the mountains and foothills all around the city. Next time you need an escape from city life, look no further than these seven urban hikes conveniently located in your own backyard.

  1. Griffith Park — Los Feliz.  Nearly six times the size of New York’s Central Park, Griffith Park is the largest municipal park with urban wilderness in America, according to The park boasts incredible views of the city, the Griffith Observatory and the famous “hike to the Hollywood sign.”
  2. Wilacre Park — Studio City. Just off Laurel Canyon is scenic Wilacre Park, a 2.7 mile loop with views of the San Fernando Valley. Though the hike is only moderate difficulty, experienced hikers may choose to explore adjacent Fryman Canyon, which connects through Wilacre Park.
  3. Sullivan Canyon — Brentwood. Nestled among the narrow winding roads that make up Brentwood’s neighborhoods is the Sullivan Canyon trailhead. The entire loop is 8 miles total.
  4. Runyon Canyon — West Hollywood. This 3.5 mile dog-friendly trail is known locally as a place for fitness as much as a place to socialize.
  5. Arroyo Seco — Pasadena. This majestic trail snakes around the Pasadena Rose Bowl and up into the San Gabriel Mountains with views of the city.
  6. Baldwin Hills Scenic Overlook — Culver City. Even Culver City offers its own hiking trails. The overlook is frequented by the city’s early birds, as runners and walkers are seen on the trail every morning.
  7. Temescal Canyon — Pacific Palisades. A 2.5 mile hike with canyon and glittering oceans views throughout.

Roger’s Thought of the Day: August 11, 2014

Thought of the Day

“If something is wrong, fix it if you can. But train yourself not to worry. Worry never fixes anything.” — Ernest Hemingway

Thought of the Day

Roger’s Thought of the Day: August 4, 2014

Thought of the Day

“Beauty begins the moment you decide to be yourself.” — Coco Chanel


Roger’s Thought of the Day: August 1, 2014

Thought of the Day

“Moral courage is a rarer commodity than bravery in battle or great intelligence.” — Robert Kennedy
Thought of the Day

Roger’s Thought of the Day: July 31, 2014

Thought of the Day

“When we are unable to find tranquility within ourselves, it is useless to seek it elsewhere.” — La Rouchefoucauld



Roger’s Thought of the Day: July 29, 2014

Thought of the Day

“Happiness does not depend on what you have or who you are.  It solely relies on what you think.” — Buddha
Thought of the Day

Roger’s Thought of the Day: July 28, 2014

Thought of the Day

“When you have exhausted all your possibilities, remember this.  You haven’t.” — Thomas Edison

Thought of the Day

Roger’s Thought of the Day: July 24, 2014

Thought of the Day

“The day does come when we fully get that we can either be our own worst enemy, or our own best friend. And at that moment we can decide that our dreams count and the person responsible for making them happen is us.” — Paul S. Boynton, author of Begin with Yes

Thought of the Day

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