November 2023 November 3, 2023

Market Trends – November 2023 Update

The trend of limited supply continues to dominate the market and dictate the rising prices. Despite the rise in interest rates, hovering around 8%, property prices have either remained steady or increased. The scarcity of available homes has led to a resurgence in multiple offers. As we transition to the holiday season, we expect to see the traditional slowing in the number of transactions, but considering the lack of inventory, it may not be as drastic.

On a positive note, home values continue to appreciate significantly over the past three years. If you’ve owned your home for several years or more, you are in a favorable position if you’re thinking about selling. It is expected that a significant increase in housing inventory may occur when interest rates begin to decrease, which could impact pricing.

In the North and West Valley, prices have risen considerably compared to the previous year, but total sales have seen a significant decline. It’s important to note that when examining month-to-month comparisons, some of these fluctuations in numbers can be influenced by just a few sales transactions.

Ultimately, pricing will always be influenced by factors such as the property’s condition, recent sales in the area, and the willingness of prospective buyers to pay for a similar home. If you would like to explore your options or delve deeper into this topic, please don’t hesitate to reach out to me via phone or email.

 

 

 

 

October 2023 September 28, 2023

Local Halloween Events

Halloween Horror Nights
– Universal City
– Until October 31, 2023
Big budget scares with iconic horror movie characters…..there are multiple areas including scare zones and mazes.  Some of the themes include The Last of Us, Stranger Things, Evil Dead Rise, The Exorcist: Believer, Chucky
Cinespia
– Hollywood Forever Cemetery
– Until October 31, 2023
Spooky films in a cemetery….what a perfect fit for Halloween.. This October, Cinespia will be showing Halloween and Harry Potter and the Order of the Phoenix at Hollywood Forever Cemetery, The Ring at L.A. State Historic Park and Rosemary’s Baby at the Orphuem.
Rooftop Cinema Club
– Downtown Arts District
– Until October 31, 2023
Alfresco rooftop movie viewing, featuring your favorites of the Halloween season.  Taking place at the El Segundo, Arts District and DTLA rooftops.
Underwood Family Farms Fall Harvest Festival 
– Moorpark
– Until October 31, 2023
A Giant Pumpkin Patch, pick your own & fall harvest experience.  There are games, rides, photo ops and live entertainment.  There are also themed weekends, bands and more!  There is Pick Your Own fruit, vegetables and flowers as well as tractor-pulled wagon rides around the farm as well as an animal centers and visits with their animals offered daily.
Tim Burton’s the Nightmare Before Christmas Live with Danny Elfman
– Hollywood Bowl
– Oct 27-29, 2023
Quickly becoming a Halloween tradition…Danny Elfman steps back into the fole o fJack Skellington for a live performance and screening of The Nightmare Before Christmas. 
Los Angeles Haunted Hayride
– Griffith Park
– Until October 31, 2023
Not your kid-friendly version from a pumpkin patch, this hayride will unleash all sorts of scary characters.  This year’s hayride ventures deep into the backwoods of the fictitious town of Midnight Falls.  This years event promises new wagons and scenes.  There is the Midnight Mortuary Haunted House as well as axe throw, water balloon-based paintball and the Hellbilly Halloween maze
Carved
– La Canada, Descanso Gardens
– Oct 6 – 29, 2023
Stroll through a mile-long trail filled with all things pumpkins including an illuminated forest of jack-o-lanterns.  The event will line a loop of the botanical garden with thousands of professionally pumpkins
Spider Pavilion
– USC/Exposition Park
– until November 26, 2023
Face your fears and check out the spiders at the Natural History Museum’s Spider Pavilion.  You can observe several hundred orbweaver spiders in a living exhibit just outside the museum.  In the past, so of the spiders seen have been as large as the palm of your hand, but no need to worry because the scariest ones are in enclosed habitats.
October 2023 September 28, 2023

Market Trends – October 2023 Update

In brief, our local markets remain characterized by limited housing supply, which is contributing to price stability. Despite the rise in interest rates, property prices have either remained steady or increased. The scarcity of available homes has led to a resurgence in multiple offers. As we transition from the summer buying season to the typically slower fall, we are starting to observe a decrease in the number of buyers, resulting in homes staying on the market for a longer duration.

On a positive note, home values have appreciated significantly over the past three years. If you’ve owned your home for several years or more, you are in a favorable position if you’re thinking about selling. It is expected that a significant increase in housing inventory may occur when interest rates begin to decrease, which could impact pricing.

In the North and West Valley, prices have risen considerably compared to the previous year, but total sales have seen a significant decline. It’s important to note that when examining month-to-month comparisons, some of these fluctuations in numbers can be influenced by just a few sales transactions.

Even with the limited housing supply, a properly priced home stands a better chance of selling quickly. This is especially important given the changes brought about by rising interest rates and ongoing inflation, both of which are affecting the purchasing power of potential buyers. Ultimately, pricing will always be influenced by factors such as the property’s condition, recent sales in the area, and the willingness of prospective buyers to pay for a similar home. If you would like to explore your options or delve deeper into this topic, please don’t hesitate to reach out to me via phone or email.

 

September 2023 September 1, 2023

Fall Home Maintenance

Below are a few fall home maintenance items for California homeowners — which one will you tackle first?

 WINDOWS & DOORS

Your windows and doors are much more than just portals to the outside, and they let in the view and keep out pests, intruders, and inclement weather.

Clean – Even if we don’t realize it, some windows require little upkeep, and we forget to clean them. In any case, grab a soft cloth and a window cleaner without harsh chemicals to clean the glass. This is also an excellent opportunity to examine the frames. If you have wood frames, check for swelling, rotting, or warping. Look for any cracks or paint peeling off in case you need to address them. Cosmetic concerns can usually be managed on your own; however, major issues may necessitate window repair or replacement.

Weatherstrip – Proper weatherstripping will ensure that your home is comfortable and your home is energy efficient. It’s time to check the form of your weatherstripping now. If you identify any weak areas, they should be reinforced.

Replace? – Your windows may be in good condition, and there may be no need to replace them. However, if you have any issues with your windows, it is frequently more cost-effective to replace them rather than repair them. Replacement may be the solution if your windows are cracked or the frames are warping or severely damaged. You must evaluate the benefits and drawbacks for yourself; however, increased home comfort and value make replacing the windows worthwhile in many situations.

If you have cracked or broken windows or doors that don’t work quite right, replacing them before the rainy season will give you peace of mind and save money.

INDOORS 

Check walls and ceiling for cracks – Do you see any gaps that need to be patched up? This is the time to get it taken care of. Small cracks are easily repaired but can become significant issues if left unattended.

Heating/AC System – Start by changing your filters if you do that yourself. This is an important task that must be done regularly to keep your HVAC system working correctly and keep the air in your home clean.

Schedule the yearly maintenance inspection – Make sure the inspector also checks the ductwork and ensures it is clean and safe.

Also, check your thermostat to determine everything is working correctly, including the temperature control for each room.

Check smoke and carbon monoxide detectors – Make it a point to check them every six months. It’s simple, and it’s a key component to helping your family stay safe.

OUTDOORS

Roof – With the onset of the rainy season, it’s no fun to find out you have a leak during a storm. Have a professional inspect your roof for any potential leaks and get them taken care of proactively. In the end, it’ll save you money and so much stress to have any issues taken care of in advance.

Flower Beds – Eradicate weeds and apply mulch to protect plants from potential chilly weather.

Trees – Always a fall favorite, begin proper tree maintenance by checking for dead branches that could come down during high winds. It’s important to take care of this issue before it becomes an emergency!

Also, give your trees some TLC by removing debris and leaves from the lawn area around them. Fall is the perfect time to give them some extra hydration too.

Gutters and Downspouts – Fall is when gutters start to fail, primarily because they get clogged with leaves and debris. It’s simple to hire someone to clean your gutters and check the connections to keep things working well. You don’t want water overflowing onto your yard, driveway, and front porch.

Also, check the flow of the drains. Make sure the water is draining away from your house.

Front Door – Once you’ve cleaned up your yard, it might be a good idea to do an exterior paint touch-up on your front door. Ensure all cracks and crevices are filled in properly before applying another coat of fresh color for added protection.

Do the Same for your driveway and walkways – It’s not unusual to see some cracks or small breaks in these areas. A quick fix with a concrete patching compound will make it good as new, ready for winter weather.

Exterior Lights – Ensure exterior light fixtures are working correctly by testing them out at night after dark (obviously!). If bulbs need replacing, be sure to use LED if possible since they burn brighter than standard bulbs and have a lower wattage. It’s also good to replace them after about five years just for safety purposes.

Yes, maintenance will save you time and money, but the most significant benefit is peace of mind knowing your family will be warm and secure all winter long. If your windows and doors need to be inspected or replaced, give us a call at Newman Windows and Doors. Your safety and security are our top priority.

September 2023 September 1, 2023

Market Trends – September 2023 Update

In summary, our local markets are currently characterized by limited inventory, which is contributing to price stability. Despite the increase in interest rates, prices have either remained steady or risen due to the full impact of the summer market. The scarcity of available homes has led to the resurgence of multiple offers, and interest rates have exhibited fluctuations, briefly reaching around 8% last month, with their trajectory influenced by inflation and rate hikes, subsequently affecting the market.

On a positive note, there has been robust appreciation in home values over the past three years. If you’ve owned your home for a few years or longer, you are in an advantageous position if you’re considering selling. It is anticipated that a significant increase in inventory may occur when interest rates start to decrease, which could have an impact on pricing.

In the North Valley, prices have remained relatively stable compared to last year, but total sales have decreased significantly. The West Valley has seen a consistent number of sales but a larger increase in the average price. Keep in mind that when looking at a one-month comparison, some of these fluctuations in numbers can be influenced by just a few sales transactions.

Even with a lack of inventory a properly priced home will have a better chance of selling quickly, given the changes brought about by rising interest rates and ongoing inflation, which are affecting the purchasing power of buyers.  Ultimately, pricing will always be influenced by factors such as the property’s condition, recent sales in the area, and the willingness of potential buyers to pay for a similar house. If you would like to explore your options or delve deeper into this topic, please feel free to get in touch with us via phone or email.

August 2023 August 7, 2023

Top 7 Interior Design Trends

TOP 7 interior design trends that will be popular in 2024

Today we will tell you about which trends will be popular in 2024!

1. Eco style –

An increasing number of people are beginning to think about their contribution to the preservation of the environment, so an eco-friendly interior will be very popular for many years to come. Use natural materials, plants, and other elements of nature when creating a design model.

 

2. Minimalism Simplicity and functionality are the main principles of this style. Choose furniture and decor that doesn’t overwhelm the space.

3. Bright colors In 2024, you can not be afraid to experiment with bright colors. They will add life and dynamism to your interior.

4. Technology Modern technologies have long become an integral part of our lives, so smart devices, integrated systems, and other technological innovations will be used in the interior.

5. Art Deco This style was popular in the 1920s but is making a comeback now because fashion is cyclical. Art Deco is characterized by geometric shapes, lacquered surfaces, and metal elements.

6. Geometry Geometric shapes will be used in interior design more and more often. They can be used both on walls and on furniture and textiles.

7. Natural materials Leather, wood, stone – all this will definitely be popular in 2024. Natural materials create a pleasant atmosphere and add coziness to your home.

 

source: https://www.minimalism.one/top-7-interior-design-trends-that-will-be-popular-in-2024/

August 2023 August 7, 2023

Market Trends – August 2023 Update

In summary, our local markets are currently experiencing low inventory, contributing to the stability of prices. Despite rising interest rates, prices have either remained steady or increased due to the full effect of the summer market. The scarcity of homes for sale has resulted in the return of multiple offers. Interest rates have fluctuated between the mid 6s to low 7s and will continue to be influenced by inflation and rate hikes, impacting the market.

On a positive note, home value appreciation over the past three years has been robust. If you’ve owned your home for a few years or more, you’re in an excellent position to sell. It’s predicted that when interest rates begin to decline, there will likely be a substantial increase in inventory, which could affect pricing.

Both the North and West Valley have seen impressive appreciation of approximately 30% or more when compared to prices three years ago. These significant gains in value are noteworthy and should be taken into consideration if you are thinking of selling. Knowing the current market perspective will help determine an appropriate list price.

Properly priced homes stand a better chance of selling quickly, considering the changes caused by rising interest rates and ongoing inflation affecting buyers’ purchasing power. However, both buyers and sellers have adapted to the new market conditions and are moving forward.

In the end, pricing will always depend on factors like the property’s condition, recent area sales, and what potential buyers are willing to pay for a similar house. If you would like to explore your options or discuss this further, please don’t hesitate to reach out via phone or email.

 

July 2023 July 10, 2023

Shop Local – Farmers Markets

Shopping Local

Even if you planted your own vegetables this year, it’s a great time to check out your local farmers market.  We’re into the heat of the summer, when the produce is abundant and everyone is looking to enjoy fresh foods and being outdoors.  The local markets carry so much more than just your average fruits and vegetables!  You can find various types of nuts, honey, fish, eggs and so much more.  There are fresh flowers and plants as well as home made goods.  You can find a local market practically every day of the week.  Here’s just a sample of the locals markets and their schedules.

Encino: Sundays 8am-1pm  |  17400 Victory Blvd.

Northridge: Wednesdays 5pm-9pm  |  9301 Tampa Ave

Simi Valley: Fridays 11am-3:30pm  |  2757 Tapo Canyon Rd

Studio City: Sunday 8am-1pm  |  2052 Ventura Place

Woodland Hills:

Saturday 9am-2pm  |  5650 Shoup Ave.

Wednesday 10am-2pm  |  21255 Burbank Blvd. (Warner Center)

July 2023 July 10, 2023

Market Trends – July 2023 Update

         

Overall, our local markets continue to experience low inventory which is helping to keep prices relatively stable.  We are in the full swing of the summer market and even with rising interest rates, we have seen prices remain stable or increase.  Due to the low inventory we are seeing the return of multiple offers.  Interest rates are fluctuating from the mid 6s to low 7s.  Inflation and interest rate hikes will continue to affect our market.  Another bit of good news is that home value appreciation over the past 3 years has remained strong, so if you’ve owned your home for a few years or more you are in a very good position to sell.  Predictions are that when interest rates begin to fall we will see a much bigger increase in inventory which could have an effect on pricing.

In both the North & West Valley, we have seen appreciation of over 30% when looking at prices 3 years ago.   These are enormous gains in value!!  In the west valley we also saw a slight increase in month over month prices. While each neighborhood may be different, this is an important perspective to keep in mind if you are considering selling.  Not just to see the gains you have made, but also where the reality of an appropriate list price will be.

If homes are priced properly, they will have a better chance at spending less time on the market.  As I’ve discussed previously, the rise in interest rates and continued inflation are caused a lot of changes in our market and affect the buying power of those looking to purchase, but both buyers and seller have settled in to this new market and continuing to move forward.  Ultimately, when it comes to price, it will always come down to condition, area sales and what others are willing to pay for the same house.  If you are interested in learning more about your options or to discuss this in more detail, please feel free to call or email.

June 2023 June 2, 2023

Home Insurance – State Farm and Allstate Announce Changes

Insurance Options are Changing

 

State Farm and Allstate have announced they will no longer sell new home insurance policies in California because of wildfire risks and an increase in construction costs. Here are some facts:

  1. State Farm and Allstate are not leaving the California Insurance Market:  State Farm and Allstate will continue to service and renew policies of existing clients in the state and will continue to offer new auto insurance policies. However, they will not be issuing any new property insurance policies for the time being in California.
  2. What are the implications of the decision for prospective homebuyers?  In certain high-risk areas of the state, there are very few insurance companies willing to write new policies. In some higher risk areas, State Farm was the last private insurance company writing policies. In those areas, unless the Insurance Commissioner is successful in its effort to get more private insurers to write policies in such areas, the generally more-costly California FAIR plan may end up being the only property insurance available.
  3. Why did State Farm and Allstate stop issuing new policies?  State Farm stated that it made the decision “due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market.” Allstate said the company “paused” its offerings “so they can continue to protect current customers.” State Farm and Allstate’s decision is not necessarily an indication of what other companies will do.
  4. Will more companies follow State Farm and Allstate’s move?  There are still a wide range of companies writing policies in California. However, those willing to write new policies in higher risk areas in particular are declining and as stated above, with the departure of State Farm and Allstate, those in more high-risk areas may have no option than the FAIR plan.
  5. What are the main problems for the insurance market in California?  The California market is heavily regulated and has various strict requirements for rate increases, which were put into place by Proposition 103 in 1988. However, there are two areas where possible changes could result in a better climate for insurance without requiring major changes to consumer-friendly rate increase requirements. Those include allowing insurance companies to have rates that better reflect their reinsurance costs and allowing insurance companies to utilize forward looking risk models. Current law only allows companies to look back when setting rates. However, given the issues with climate change, many insurance companies argue that looking backward does not allow companies to adequately capture risk.
  6. Where can I we go for information if you are looking for homeowners insurance?  The California Dept. of Insurance provides several information guides, tips and tools to help them understand home/residential insurance so that they can make the best decision for their situation. They can also call the California Dept. of Insurance Consumer Hotline for assistance.
  7. What is California Association of Realtors (C.A.R.) doing? C.A.R. has been in discussions with both the Insurance Industry representatives and the Department of Insurance on State Farm and Allstate’s move and other homeowner insurance issues. The Insurance Industry and the Department of Insurance have also been looking at and discussing ways to address the state’s insurance challenges. The issue is large and complicated. We have  cautious hope that these moves may create some greater urgency on how to address this insurance situation.

Source – California Association of Realtors