Whittier Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 20, 2022

Whittier Market Update October

Whittier Market Update, Selling, Buying               

Matt & Josh Team Whittier

Matt Ponce
Matt & Josh Team

What is the market doing in Whittier?

Whittier Market Update October

Whittier, CA

It is still a very strong seller's market.  Listed homes may have price reductions but they are still selling.  The average days on market for Whittier is now 49 days. 

Homes that have failed to sell and are re-listed is currently at just 7%. 

Our inventory is still very low at just 125 homes on the open market. 

The median rent is now $3,265 as rental homes are still in very high demand in Whittier CA.

What can we expect as interest rate rise in Whittier?  The market seems to be responding with price reductions and longer days on the market.  

The market has been cooling over time and prices plateaued for a while.  Despite the consistent decrease in MAI, we're in the Seller's zone at 51.  Watch for changes in MAI.  If the MAI resumes its climb, prices will likely follow suit.  If the MAI drops consistently or falls into the Buyer's zone 30 or lower, watch for downward pressure on prices.

MAI = Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

If you are considering making a move in this market, give me a call!  I have been successfully helping Whittier residents move for 21 years.  Respectfully,

Matt Ponce 

562-521-8777

Matt & Josh Team

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Statistical Information on this blog post was taken from Altos Research. Copyright © 2022 Altos Research, Inc.

Matt Ponce Market Update
21 years helping you move

Matt Ponce & Josh Boyer

562-521-8777

Matt & Josh Team Whittier

Matt & Josh Team
Cousins Treating You Like Family

DRE#01367834, DRE#02153773

Posted in Market Updates
Oct. 13, 2022

Whittier Rental Property

FINANCE, HOME BUYERS, HOMEOWNERS, INVESTORS, RENTALS

Real Estate Investing Percentage Rules

Whittier Rental Property

Is there a formula to make money in real estate when it comes to rental property? Making sure you follow some guidelines or rules can help you gauge profitability and improve your rate of return.

Home flippers use the 70% rule, meaning that the maximum price you pay for a property to flip should be no more than 70% of the home’s after-repair value (ARV) minus the costs of improvements.  Some flippers suggest you determine the maximum selling price by studying comparable area homes in similar condition to your planned renovations. Use this calculation: The After-repair value (ARV) ✕ .70 − Estimated repair costs = Maximum buying price.

For long term rental properties, the 1% rule and the 50% rule are quick ways to determine if a property is a good buy-and-hold investment for immediate cash flow. The 1% rule means you should be able to charge no less than one percent of a property’s purchase price: $300,000 purchase price = $3,000 gross monthly rent.  Of course you must multiply by unit on a multiunit property.

To help you determine cash flow, many investors suggests that a property’s operating expenses should be roughly 50% of its gross income. If the property generates $3,000 a month in gross rent, the 50% rule is that you earmark $1,500 for expenses, excluding mortgage payments, HOA fees and property management costs. Whatever remains is your net operating income

For Short term rentals like Airbnb's, bed N breakfast (including boutique hotels), It is important to consider location and your properties competitive edge.  The properties characteristics should make your guests choose your short term rental over the many others in your city or neighborhood.  Providing higher quality furnishings, more amenities and multiple places to sleep may be the key to your success. The daily booking fee after expenses for cleaning and perks, divided by the number of guests staying may make your property much more profitable.  The more guests you can accommodate per stay may make your higher daily rate a bargain.

These ideas and percentage rules are only guidelines. Investors should research market conditions and plan for vacancies, unexpected repairs, and the possibility of rising operating costs.

If you are considering a long or short term investment in Whittier or anywhere in Southern California, reach out to us. We will make your goals our priority.

 

Article by Matt Ponce,
21 years helping invest or move

Matt Ponce & Josh Boyer

562-521-8777

 

Matt & Josh Team
Cousins Treating You Like Family

DRE#01367834, DRE#02153773

Posted in Investment, News
Oct. 6, 2022

Is It Time To Make A Move?

Is It Time To Make A Move?

Every market has cycles.  Finding the right opportunity is the key to every market shift or change.  Higher home prices and interest rates may be the perfect storm.  For those who have been waiting for the ideal time to sell their existing home and downsize using cash, this could be your market!  As you dream about how you’d like to retire and transition into your next home, you’re joining a growing cadre of homebuyers who value an affordable lifestyle over higher home prices and quantity. The property you choose is paramount to having more comfort and convenience in your daily life.

For some, lifestyle is about displaying wealth, such as a big home in a pricey neighborhood. For others, it’s about location, like living on the beach or in a ski-in/ski-out mountain chalet. And for some, it’s about retiring and living more affordably in a nice neighborhood such as a guard-gated community or an over-55 master-planned development with golf, swimming, walking trails, and clubhouses.

The retirement lifestyle is about having the time, space, and equipment to do the things you want to do without worrying about breaking the bank, no matter the age. Most envision downsizing into a cozy single-story home that facilitates more time for family, friends, hobbies, interests, healthy exercise and travel.

Your lifestyle should be free from compromise, like suffering a long daily commute to fund a dream home. Once you’ve moved-down, take the time to enjoy your home, play with your grandchildren, and watch glorious sunset views from wherever you decide to travel.

If it is time to run the numbers, we are here to help.  This could be the perfect time to cash in on that nest egg and find your final home and freedom.

 

Article by Matt Ponce,
21 years helping you move

Matt Ponce & Josh Boyer

562-521-8777

 

Matt & Josh Team
Cousins Treating You Like Family

DRE#01367834, DRE#02153773

Posted in Market Updates
May 18, 2018

When Hunger Strikes Head to Whittier Real Estate

In the Uptown Whittier real estate area a seemingly endless array of restaurants line the streets. From fancy restaurants to low key mom and pop joints all appetites are easily satisfied in this historic part of the city. The region boasts a variety of venues highlighting cuisine from around the globe. International palates find what they seek with Italian to Asian food and everything in between.

Families kick back and enjoy meal time at Marco Polo Pizza. There’s plenty for the kids to dig into with jumbo sized pizza pies. Mom and dad often share a plate of homemade lasagna and antipasto salad. The Mission Square Restaurant is a hidden gem offering old school Italian fine dining. Couples often choose this locale for special occasions such as anniversary celebrations. An Asian flair lights up Uptown Whittier streets. Those in the mood for the taste of authentic Japanese sushi sit down at Restaurant Amachi. Here five star plates are served with a smile. Just around the corner is the Asian Fusion establishment Pho & Roll. Regulars living in Whittier rave about the sashimi salad and seafood pho soup found here.

Toasts Ring Out Among Friends Living in Whittier

Many feel as if they wandered south of the border when stepping across the threshold and into La Pescadora which boasts classic Mexican dishes filled with flavor. Around the block, foodies craving the robust taste of an American Barbeque pull up a chair, grab a bib and dig into racks of baby back ribs at Red Oak BBQ and Grill.

Uptown Whittier real estate maintains a lively social setting too. There’s plenty of mingling all around town and especially at Phlight Restaurant and Wine Bar. Inside friends indulge in wine flights, handcrafted beers, petite plates of deliciousness and great conversation. Another energetic spot is the Spin Lounge. When the big game is on crowds gather and cheers are heard up and down the neighborhood. Toasts ring out with congratulations for excellent plays and cups are sipped in sorrow for missed opportunities and momentum lost.

When hunger sneaks up on the unwitting, Uptown Whittier restaurants answer the call and the question of what’s for dinner. Find out more about these tasty businesses and others in the area here.

 

Posted in News
May 17, 2018

Stay Golden on Whittier Real Estate

Seniors living in Whittier real estate area feel the love. Embraced by thei community, the needs of residents in their golden years are met by the Whittier Senior Center and the Parnell Park Senior Center. Providing a vast array of services, those over 55 can take part in all programs with just a $3 annual membership.

Health screenings and fitness classes keep folks young and feeling free. Multiple health screenings take preventive care to a new level. Blood sugar, cholesterol and blood pressure checks keep an eye on potential problems. Pet therapy, legal counseling and grief counseling services fulfill member's needs. Chair fitness appeals to those who are not as steady on their feet and is held multiple times a week. Others stay in shape with the walking group. Students in the Tai Chi class impress many with their moves. Energy is high during Zumba Fitness Gold and pairs kick up their heels during Square Dancing.

Seniors Embrace Adventure Near Whittier Homes

At these social hubs, daily events fill the calendar. Meal programs provide hot lunches for seniors. Hobbies are embraced with arts and craft classes, technology tutoring and creative writing. Weekly and monthly events are eagerly looked forward to. Plots thicken and characters with quirks are discussed in the book club. Wishes are made as birthdays are celebrated each fourth Friday of the month. Cards are shuffled and strategies planned in canasta, bridge and chess clubs. Movie nights feature classic films and more modern flicks. Frequent field trips encourage adventurous spirits and include museum trips and hiking treks.

Stay active and healthy for all of your life. Located conveniently close to Whittier homes, the Whittier Senior Center is found at 13225 Walnut Avenue, and the Parnell Park Senior Center at 15390 Lambert Road. Both facilities are open seven days a week. For more information on Senior programs in the Whittier real estate region please call 562.567.9470.

 

Posted in News
May 17, 2018

Treasure Hunts Begin Near Whittier Homes

Uncover a treasure trove near Whittier homes at King Richard’s Antique Center. In operation since 1979 the venue is located in the original 1903 Whittier Citrus Association Packing House. At 12301 Whittier Boulevard the building overflows with a collection of unique products waiting to be discovered. Individuals come together to display their wares in distinct unmanned spaces providing a welcoming shopping area for consumers.

Multiple floors contain a plethora of antique and one of a kind items. From furniture to knick knacks, a hodgepodge of eclectic goods please customers. There’s no limit to what you can find when meandering around. Decorative accents catch the eye of many seeking to add a final touch to an entryway or add a lamp to the family room in Whittier homes. End tables, paintings, vases and even a spinning wheel can easily turn up causing exclamations of “That’s it!” or “Wouldn’t it look perfect?” Favorite books are rediscovered next to fancy scarves and hats. Find a special piece of vintage jewelry for any occasion. From toys to baseball cards, childhood mementos stir up memories and are often reclaimed during nostalgic moments.

Find that Perfect Something on Whittier Property

Gifts galore line the shelves in the showroom making this the perfect destination to look for the person who has just about everything. Collectors are in absolute heaven with the large accumulation of iconic items. Popular bits of Americana include Coke, Budweiser, Disney and Ford merchandise. Examples of Hollywood glamour are scattered about represented in photographs, movie posters, magazines and more.

High quality household goods are found in the General Store section of King Richard’s Antique Center. Stop in for some rich ground coffee, fresh honey and homemade jellies or jams. Proudly claiming the title of “the largest vintage and antique center in California,” this place does not disappoint. Many are unprepared for the experience and plans for a quick trips frequently turn into hour long excursions. Dig in and enjoy the treasure hunt on this Whittier property.

 

Posted in News
July 31, 2017

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates