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Archives for March 2017 | monrovia homes for sale - monrovia real estate
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Will House Sales in Monrovia Match “Soaring” U.S. Rate?

 Monrovia house sales do usually respond in the seasonal pattern that is familiar in most other areas. Spring and summer lead the way for weather-related, financial, school scheduling and other family-related reasons. From now into well past July (and sometimes even August), house sales activity can be counted on to peak. Those are the normal expectations.

But when any segment of U.S. house sales numbers quadruple expectations even before spring bulbs see daylight, that’s worthy of special attention. That was the case last Thursday when the Commerce Department reported that in February, purchases of newly built homes rose by more than 6%. Since The Wall Street Journal’s panel of experts had forecast 1.4%, it drew headlines.

 In fact, this was the second month in a row for sharp rises in U.S. new home sales—and what could be a bright sign for Monrovia’s own prospects as the spring selling season begins. Press reports were, to put it mildly, enthusiastic:

  • MartketWatch: “New-home sales roar to a 7-month high”
  • Reuters: “…strength in housing should underpin economic growth”
  • ABC News: “Americans…snapping up new homes at the fastest pace since July”
  • Bloomberg: “U.S. New-Home Sales Climbed to a Seven-Month High”
  • CNBC: “[Sales] were the highest since July of last year—and that was the best number since January of 2008”

Bloomberg’s Michelle Jamrisko deduced from the house sales rise that the impact from the recent rise in borrowing costs was, at most, “modest.” That sentiment was echoed by the Realtor, which quoted the National Association of Housing’s chief economist. “The uptick in mortgage interest rates,” he said, “is having a minimal effect.”

We’ll have to wait and see whether that is true vis-à-vis the impact of mortgage interest rates on Monrovia’s own house sales. They might be either “modest” or “minimal”—or the prospect of continuing hikes might induce more Monrovia prospects to get busy sooner rather than later. If “sooner” describes your own inclination, I hope you’ll decide to put thought into action by giving me a call!

Monrovia Housing Market Benefits from Empty Nester Plans

 Time Magazine ended last week with a commentary that could foreshadow how this year’s Monrovia housing market might differ from years past. Author Bill Saporito identified a mismatch in the housing market that could bode well for empty nesters. Whether or not the implications will be a perfect fit for our Monrovia housing outlook, the “Big Picture” assessment does seem to gel with a lot of what we’re hearing and reading.

Time’s housing market “mismatch” begins with the national assessment that the U.S. is experiencing an annual shortage of as many as 700,000 new homes. Even though the latest economic outlook is refreshingly encouraging, new home builders are only now beginning to build the capacity to expand operations. As a result, “they haven’t banked as much land” or filed enough permits to keep pace. It’s also possible that the new administration’s crackdown on illegal immigrants may materially tighten labor availability.

The upshot is to create a scenario where demand for existing homes rises, putting current homeowners in “prime position” when they decide to list. Bolstering that proposition are some national statistics which peg the supply of existing homes at a scant 3.6 months—and it’s been more than a decade since the supply was that low.

What that probably means for our local Monrovia housing prospects is what you expect when demand outpaces supply. When those greater conditions combine with the more immediate local factors, the overall takeaway should be good news for empty nesters (and downsizers in general). In addition to the extra energy that arrives with real estate’s traditional spring selling season, this year, in addition to the shortage of supply, the specter of rising Monrovia mortgage costs acts as an extra prod. Time quotes the chief economist of one global group on that score: “…buyers are beginning to realize you might as well get in now.”

The good news for baby boomers, empty nesters, and downsizers of all stripes is that the new housing starts are now disproportionately being designed with them in mind: high service, luxury condos leading the pack. What that means is even fewer new single-family homes are in the pipeline—further raising demand for their existing properties, if and when they decide to list.

If you have been considering any of the opportunities unfolding in today’s Monrovia housing market, I’ll be delighted to discuss ways I can help you take advantage of them. Call me for a consultation—of course it will be obligation-free.


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