The Homeys' Real Estate Podcast

Podcast - 096: Los Angeles real estate market update | Recap through September 2022

In this episode, realtor Anthony Luevanos and lender Angel Luevanos cover the Los Angeles County real estate market through September 2022. The Los Angeles County real estate market is heading towards a balanced market. The median sales price increased from $840,000 in August to $845,000 in September. The median sales price in the last 12 months is up $25,000 and 3%. However, the median price per square foot decreased to $570. Since last August, the median price per square foot jumped $20 and 3.6%. The number of homes for sale has increased slightly but is still down 5.4% since last year. Inventory months supply increased to 2.6 months. For your information, 5-6 months is a balanced market, and 6+ is a buyers market. Median days on the market increased to 21 days, up significantly from our year low of nine days. Prices increased slightly, but all other indications demonstrate that we are heading into a balanced market. Rising interest rates have suppressed buyer demand leading to homes sitting longer and price reductions. Sellers helping buyers with closing costs, and interest rate buydowns are becoming increasingly popular. *percentages are comparisons year-over-year  For more details and charts, click: https://theluevanosgroup.com/market-trends

Podcast - 095: Are solar panels worth it?

In this episode, realtor Anthony Luevanos and lender Angel Luevanos touch on solar panels. They interview Solar Specialist Gandhi from Echelon Solar. Echelon Solar helps about 1,000 homeowners a year save money with solar panels. What are solar panels, and how do they work?  Solar panels attract sunlight and convert that into electricity. Typically leads to day one savings of about 50% depending on the solar system size. Why should someone get solar panels?  In the last six years, utility companies have increased their cost anywhere between 8-15% per year. If your home qualifies for solar, you can generate about 50% savings without paying out-of-pocket to set up your solar system. You are essentially price-protecting yourself from high utility rate increases. Is my home right for solar panels?  First, you should schedule a solar consultation to see if the savings make sense to get solar. 90% of the time, it will make sense. Then an engineer will be sent to your property to inspect the roof and electrical and see if the home is suitable for solar.  How much does solar cost?  Every home is going to be different. It all depends on the size of the system and the sun hours they generate. A typical solar system in California costs between $25,000 to $35,000. Many people are going solar with zero out-of-pocket dollars, and their monthly payments will be about 50% lower than their current bill. So if your current electricity bill is $200 monthly, expect to pay $100 monthly with solar. What is the best way to pay for solar panels?  For most people, a Power Purchase Agreement or Bill-swap program makes sense. So rather than owning and financing the solar system for 25 years, many people elect the bill-swap program and pay monthly for the solar system output on their roof. There tend to be more savings this way than going the ownership route. What are the two recommended ways to get solar?  Ownership: Typically, if a client owns a system, they will pay off the system before selling and increase the cost of the home.  Power Purchase Agreement or bill-swap: Has a 100% transferability rate when you sell the property, and there is no lien. How long do solar panels last?  Solar panels will last well over three decades. In 20 years, expect about 86% to 92% of year-one output, depending on how you build the solar system. Do solar panels come with a warranty?  Yes, many solar panels do come with a 25-year warranty. At Echelon Solar they will service, maintain, monitor, and warrant the system over the next 25 years.

Podcast - 094: ADUs are the future of real estate

In this episode, realtor Anthony Luevanos and lender Angel Luevanos cover everything ADUs. They interview ADU Specialist Eric Escobar. What is an ADU?  An accessory dwelling unit is a secondary housing unit on a single-family residential lot. Usually consist of a garage conversion but can also be a new build in your backyard. Why do people build ADUs?   Most people build ADUs because of affordability. Dollar-for-dollar makes the most sense.  A two-bedroom, two-bathroom ADU will cost you roughly $200,000. Where can you find a home that prices in Los Angeles County? Frequently, people build an ADU for their elderly parents. Can I build an ADU on my property? How big can I make my ADU?  Most single-family residences or multi-family properties will qualify. If you have a home in a commercial zone, then it will be more complicated to build. The state law is 1,200 square feet. However, many cities have subordinances that limit the size to 1,000 or 800 square feet. How much does an ADU cost?  A garage conversion is about $100,000 to $120,000 for a two-car garage. A new build two-bedroom, one-bathroom, 700 sqft ADU will cost about $200,000. How do people pay for an ADU?  Most people pay for an ADU with a cash-out refinance or a home equity line of credit. Only about 20% of people pay cash. If you have at least 30% equity in your home, you may want to consider using some of it to build an ADU. Is an ADU a good investment?  ADUs can be priceless! Where else can you affordably put your family or your parents in housing? Investment-wise, the rent you generate from the ADU is almost always higher than the monthly payment to build the ADU. So yes, it’s an excellent vehicle for cash flowing immediately. ADUs also increase the home's value, and as more ADUs are built, their value will continue to increase because there will be more comparable sales. In Seattle, for instance, ADUs are valued almost at the same cost as the house.

Podcast - 093: Orange County real estate market update | Recap through August 2022

In this episode, realtor Anthony Luevanos and lender Angel Luevanos touch cover the Orange County real estate market through August 2022. The Orange County housing market is continuing to cool off. The median sales price increased from $972,500 in July to $984,000 in August. The median sales price in the last 12 months is up $84,000 and 9.3%. However, the median price per square foot also decreased to $588. Since last June, the median price per square foot jumped by $59 and 5.9%. The number of homes for sale has decreased slightly, but we now have 23.3% more than we saw at the same time last year. However, we still have about 30% less than we saw from 2017 to 2019. Inventory months supply increased to 2.2 months. For your information, 5-6 months is a balanced market, and 6+ is a buyers market. The median days on the market skyrocketed from eight days last month to 16 days. The once-hot Orange County real estate market is cooling quickly. Increasing interest rates dampened buyer demand. Finally, buyers will have the leverage to negotiate better terms. After a solid start to the year, we can anticipate prices to cool off around this price point. *percentages are comparisons year-over-year  For more details and charts, click: https://theluevanosgroup.com/market-trends [https://theluevanosgroup.com/market-trends] #orangecounty #ocrealestate #ocrealestatemarket #orangecountyrealestatemarket #ochomes #realestatemarket

Podcast - 092: Los Angeles real estate market update | Recap through August 2022

In this episode, realtor Anthony Luevanos and lender Angel Luevanos cover the Los Angeles real estate market as of September 2022. The Los Angeles County housing market continues its downward slip. The median sales price declined from $862,000 in July to $840,000 in August. The median sales price in the last 12 months is up $20,000 and 1.6%. The median price per square foot also decreased to $583. Since last August, the median price per square foot jumped $34 and 6.2%. The number of homes for sale has increased but is still down 6.1% since last year. Inventory months supply increased to 2.5 months. For your information, 5-6 months is a balanced market, and 6+ is a buyers market. Median days on the market increased to 16 days, seven days more than our fastest on record. This is the fourth consecutive month that sales prices dropped. Increasing interest rates have suppressed buyer demand leading to homes sitting longer and price reductions. Sellers helping buyers with closing costs and interest rate buydowns are becoming increasingly popular. *percentages are comparisons year-over-year  For more details and charts, click: https://theluevanosgroup.com/market-trends