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January 2022

Happy New Year!

Wishing you and your loved ones the very best in 2022.

Community.

Living in a community is more than just where your home is located. It is the influence of all of that participate in the community. 

Make a commitment in the new year to get more involved in your community and become a positive influence.

There are many organization to join or to give to. Service Clubs, Fraternal Organizations, Religious based groups and Community groups.

In my home town of Lomita there are several groups worth checking out but there are many more, that might be just right for you.

 

KIWANIS is a global organization of volunteers dedicated to improving the world one child and one community at a time.

Lions serve. It’s that simple, and it has been since we first began in 1917. Our clubs are places where individuals join together to give their valuable time and effort to improving their communities, and the world.

Community Emergency Response Team’s (CERT) mission is simple: “Do the greatest good for the greatest number of people” when a major disaster strikes our community. 

The Neighborhood Watch Program is coordinated between the Lomita Sheriff Station and the City of Lomita Public Safety and Traffic Commission. The program is designed to assist in making the neighborhoods of Lomita a safer place to live. The success of the program is dependent on the cooperation of the residents involved.

Look around your own neighborhood and find out what is right for you.

Real Estate News – South Bay Housing Stats 2021

For those of you looking to buy or sell a home here are some stats to help stay on top of the South Bay Real Estate Market.

If you want specific numbers for your neighborhood, I will send you out a report right away.

Median Estimated Home Value and Change in last 12 months.

South Bay                    $885,000   + 15.25%

Lomita                          $825,000   + 15.9%

Los Angeles County   $774,000   + 17.1%

California                     $699,000   + 16.7%

U.S.A.                            $289,000   + 16.5%

What is driving these prices?

Supply

As you have probably heard its supply and demand that is driving up home prices and rapid appreciation.

We can look at the decline of active home listings to see how much tighter the housing market is that it has been over the last 12 years or so. With a high of almost 3500 listing at any one time to now a low of only 452 active listings in all of the South Bay. That scarcity drives prices up, as buyers compete to purchase the available inventory.

Demand

Supply is only part of the equation. Demand is still higher than ever.

Inventory months supply shows how balanced that supply and demand are and how long the current inventory would satisfy the demand of the market. Six months of supply is considered a balanced market. We are currently at one month supply well into a sellers market.

This historical chart to see how that trend has been headed over the past ten years. 

Besides months of supply we can see what demand is like by looking at days on market. This indicates how fast homes are being sold once they hit the market.

As can be seen the median days on market is eight days compared to 24 days a year ago. And if we look at historical numbers we can see that homes sat on the market for over a month during the last decade.

So you may ask what can be done about to help with bringing the South Bay real estate market back into some kind of normal market.

The only real solution is to increase supply, because as long as people want to live in the area the demand will not go away.

An attempt to tackle the supply issue comes with a lot of mixed feelings to whether this is a good or bad thing to do.

SB9 and SB10

SB9 allows for the development of up to four dwelling units on a single family lot throughout California. Yes, it may help to alleviate some of the supply problem, but many argue that it will negatively affect the parking, privacy, and noise levels in neighborhoods and reduce the green space in yards that we all benefit from.

SB10 allows cities to rezone neighborhoods for increased density without being subject to consideration under the California Environmental Quality Act.

What ever side of the issue you are on make sure to get involved in your community and let your voice be heard. Its your community make it great.

Home Maintenance.

filters

Filters

The new year gives everyone a fresh start so lets make sure it starts as fresh as possible.

Its time to change out filters. Water filters, AC and Heating filters, and remember that there are filters in your refrigerator, ice maker, water filtration pitchers.

Exterior

We have had a little rain and will expect some more. This is a good time to check your roof for damage, and to make sure your gutters and downspouts are clear, and to make sure that water is draining away from your foundation.

My Service to the community.

At any time of year, if you have a safety or personal mobility repair that needs to be done and you cannot afford to complete it yourself, give me a call, I have several resources that might be able to help.

Taking Inventory

The beginning of the year is also a good time to update your home inventory. This can be as simple as making a video of each room and its contents to making a spreadsheet containing every item that you own.

Outside your home, make a video of the exterior. Use closeup photos of unique features or of custom work. Don’t forget landscaping, hardscape, pool or water features, patios, and outdoor kitchens.

Inside, go room to room and make a video of each room. Slowly pan around the entire room and then take close ups of each piece of furniture and personal items.

Personal items. If you have high value items, make sure to take close up pictures of each item. Include serial and model numbers if possible. This can include Technology like computers, TVs, Stereos, rugs, tools, cameras, firearms and jewelry.

If possible, digitize proof of ownership, such as receipts and other important documents.

Now sit down with your insurance agent and make sure your insurance is in line with the value of your property and the risk you are comfortable with.

Also it’s a good idea to keep a copy of this list away from your home. Safety deposit box, with a family member or at the very least in the stored in the cloud. Having a complete home inventory is critical to quickly get your life back in order in the event of a property loss.