ADVERTISING SUPPLEMENT L.A. County. City Open Houses Allowed, With Precautions Income-to-Loan Guide Single-Family Homes - APRIL - San Fermando Valley Minimum income Nee ded to Quality for a Loan $177,916 Montty urance Payment Manthy Prep Ta Yeardo-Year Percentage Change By Dane Sydel Presidert, and Dovid Waker Soumniand Regoral Association of Reatorse SOUTHLAND REGIONAL in Income Needed to Quality for a+22.9% Loan Open house showings of residen- tial and commercial properties ASSOCIATION OF REALTORS", INC. S074 Total Monthi listed for sale are now allowed in the County and City of Los Ange- les, although these events still must follow updated pandemic health safety protocols. PITI The revised rules also allow onsite food and drink consumption in designated dining areas with safety modifications. The newly revised forms will all be available on zipForm as soon as possible. In the interim, a PDF of each Median Price $935,000 =$4,448 $3,178 Loan Amount (80%), Interest Rate of these $748,000 3.06% If a virtual viewing is not feasible, isavail- the viewing may be done by ap- Department of pointment or by open house Late in the Monthly Morngage and eret Pyent evening of May 14, the LA. County able from C.A.R.s website. Members Source: Souand Regional Association of REALTORS PII equas - Monthly loan principal & interest, plas tanes isurance payments Income-to-Loan Guide Condominiums - APRIL San Fernando Valley Public Health posted an updated order. LA. City has aligned with county rules. The revised rules also apply to related real estate services, such as appraisals and home inspections. The guidelines suggest that view- ings, whenever possible, be conduct- may still use the current forms that are on zipForm if they choose until the new ones are released. Further announcements impacting real estate will be provided as quickly Please be sure to refer to local guidelines, which may vary from jurisdiction to jurisdietion. Under the new rules, there will still be a sign-in requirement on site. The new PSI - Property Sign-In as possible. Updates are available at - form can be used for this purpose, via SRAR's website srar.com/coro- according to the California Associa- tion of Realtors. However, Realtors can still use a PEAD instead of the on-site sign-in if that is preferable. Be sure to check C.A.R.s new "Quick Guide" for details. The statewide Association has simplified and shortened the Rules of Entry (PRE), the Prevention Plan (BPPP), and the Property Sign-in form as an alternative to PEADS. There also is an addendum to the listing agreement- LOHA- re- Moty Minimum income Needed to Qualily for a lan $99,355 Median Price $540,000 Morty Tanen Realtor Diane Sydel 2021 SRAR President Toa oy Loan Amount (80%) $2,484 $432,000 navirus. Vear to-Year Percentage $1,750 Interest Rate The Southland Regional Association of Roal torse isa local trade association with more than 10,300 members serving the San Fermando and Santa Clarita Valkys SRAR is one of the largest local associations in the nation. +5.2% Mony Martgag e Pym 3.06% ed virtually. Source: Soutiland Regional Association of REALTORS PITI eqalsa Monty kan piecipal nterest, phs taes inance payments But if a virtual viewing is not feasible, the viewing may be done by appointment or by open house, following the most current county protocol for informal social gather- ings, as explained in Appendix CC Consumer Spending May Propel 4.5% Economic Growth including workers being unable to returm to their jobs, where work-from-home was not an option for many. As economic growth strengthens, 4 million jobs are projected to be gained this year. Despite high unemployment, the economic recovery - propelled by Envorable monetary and fiscal policies - has created the hottest housing market in nearly 50 years. The marketplace has surpassed pre-pandemic levels in terms of sales, but the fast-paced recovery has contributed to historic home price growth. In fact, an NAR report released recently found that 89 percent of metros saw prices climb at double-digit rates on a year-over-year basis during the first quarter of 2021. The presentation noted that the economic recovery, both in the US. and globally, has raised inflationary pressures which will ultimately lead to an increase in the 30-year fixed mortgage to an average of 3.2 percent in 2021. Consumer price inflation is accelerating due to higher costs for a number of goods and commodities, including oil, gasoline, lumber, moving and storage fees, household appli- ances, rents, and houses, which have reached record highs. "As mortgage rates increase, the fremzied multiple-offer situation will become less prevalent by year's end, as af- fordability challenges squeeze out some buyers and more inventory reaches the market," Yun said. Although the low supply of housing has played a sig- nificant role in home price surges, Yun expects more home construction, a growing willingness among homeowners to list properties due to an increase in vaccinations, and a gradual decline in mortgage forbearance. of the order. After recording the quickest recoery in the nation's history in the wake of the COVID-19 pandemic, the U.S. economy is expected to kick into higher gear in 2021. That is according to an analysis from the National Association of Realtors delivered May 13 during a forum at the Association's legislative meetings and trade expo. With the number of vaccinated Americans increasing and new coronavirus cases on the decline, NAR Chief Economist Lawrence Yun anticipated that the economy will grow 4.5 percent in 2021. "Consumers will begin to spend massive savings, and do more shop- ping, restaurant dining, traveling and in-person house hunting,"he said. While home sales continue to be an economic bright spot, unemployment remains an issue. Eight million jobs that were lost during the pandemic have not yet been recaptured. Yun maintains that job recovery is taking longer due to some friction in the labor market, An open house also must follow the most current county or city pro- tocols for social distancing as defined flecting the changed protocols. This in appendix A of the county's order. Maintaining social distancing rules for showings, including open houses, are somewhat relaxed under the new social gatherings guidelines, although attendees should maintain a six-foot distance between members of different households while at an open house. Wearing a face mask is fom is necessary if the parties had previously signed the RLA-CAA, which did not allow for open hoIses. New listings should also include this addendum if the listing broker wants to hold open houses. The PEADS have been combined and simplified into one shorter PEAD-ALL form that is available still required, especially in gatherings if members prefer to use it instead of of unrelated people. on-site sign-in protocols. Open houses also are subject to capacity limitations depending on the tier of the county where the house is located. Los Angeles Coun- ty is in the least restrictive yellow tier. Cleaning requirements have been updated to reflect updated CDC Interest Rate Update Lawrence Yun, NAR chief National average as reported by Freddie Mac on: economist MAY 13 30-Yr FRM - 2.94 percent 15-Yr FRM - 2.26 percent May 6 30-Yr FRM - 2.96 percent 15-Yr FRM - 2.3 percent cleaning guidance. New rules include updated lan- guage related to screening of fully vaccinated employees. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies. ADVERTISING SUPPLEMENT L.A. County. City Open Houses Allowed, With Precautions Income-to-Loan Guide Single-Family Homes - APRIL - San Fermando Valley Minimum income Nee ded to Quality for a Loan $177,916 Montty urance Payment Manthy Prep Ta Yeardo-Year Percentage Change By Dane Sydel Presidert, and Dovid Waker Soumniand Regoral Association of Reatorse SOUTHLAND REGIONAL in Income Needed to Quality for a+22.9% Loan Open house showings of residen- tial and commercial properties ASSOCIATION OF REALTORS", INC. S074 Total Monthi listed for sale are now allowed in the County and City of Los Ange- les, although these events still must follow updated pandemic health safety protocols. PITI The revised rules also allow onsite food and drink consumption in designated dining areas with safety modifications. The newly revised forms will all be available on zipForm as soon as possible. In the interim, a PDF of each Median Price $935,000 =$4,448 $3,178 Loan Amount (80%), Interest Rate of these $748,000 3.06% If a virtual viewing is not feasible, isavail- the viewing may be done by ap- Department of pointment or by open house Late in the Monthly Morngage and eret Pyent evening of May 14, the LA. County able from C.A.R.s website. Members Source: Souand Regional Association of REALTORS PII equas - Monthly loan principal & interest, plas tanes isurance payments Income-to-Loan Guide Condominiums - APRIL San Fernando Valley Public Health posted an updated order. LA. City has aligned with county rules. The revised rules also apply to related real estate services, such as appraisals and home inspections. The guidelines suggest that view- ings, whenever possible, be conduct- may still use the current forms that are on zipForm if they choose until the new ones are released. Further announcements impacting real estate will be provided as quickly Please be sure to refer to local guidelines, which may vary from jurisdiction to jurisdietion. Under the new rules, there will still be a sign-in requirement on site. The new PSI - Property Sign-In as possible. Updates are available at - form can be used for this purpose, via SRAR's website srar.com/coro- according to the California Associa- tion of Realtors. However, Realtors can still use a PEAD instead of the on-site sign-in if that is preferable. Be sure to check C.A.R.s new "Quick Guide" for details. The statewide Association has simplified and shortened the Rules of Entry (PRE), the Prevention Plan (BPPP), and the Property Sign-in form as an alternative to PEADS. There also is an addendum to the listing agreement- LOHA- re- Moty Minimum income Needed to Qualily for a lan $99,355 Median Price $540,000 Morty Tanen Realtor Diane Sydel 2021 SRAR President Toa oy Loan Amount (80%) $2,484 $432,000 navirus. Vear to-Year Percentage $1,750 Interest Rate The Southland Regional Association of Roal torse isa local trade association with more than 10,300 members serving the San Fermando and Santa Clarita Valkys SRAR is one of the largest local associations in the nation. +5.2% Mony Martgag e Pym 3.06% ed virtually. Source: Soutiland Regional Association of REALTORS PITI eqalsa Monty kan piecipal nterest, phs taes inance payments But if a virtual viewing is not feasible, the viewing may be done by appointment or by open house, following the most current county protocol for informal social gather- ings, as explained in Appendix CC Consumer Spending May Propel 4.5% Economic Growth including workers being unable to returm to their jobs, where work-from-home was not an option for many. As economic growth strengthens, 4 million jobs are projected to be gained this year. Despite high unemployment, the economic recovery - propelled by Envorable monetary and fiscal policies - has created the hottest housing market in nearly 50 years. The marketplace has surpassed pre-pandemic levels in terms of sales, but the fast-paced recovery has contributed to historic home price growth. In fact, an NAR report released recently found that 89 percent of metros saw prices climb at double-digit rates on a year-over-year basis during the first quarter of 2021. The presentation noted that the economic recovery, both in the US. and globally, has raised inflationary pressures which will ultimately lead to an increase in the 30-year fixed mortgage to an average of 3.2 percent in 2021. Consumer price inflation is accelerating due to higher costs for a number of goods and commodities, including oil, gasoline, lumber, moving and storage fees, household appli- ances, rents, and houses, which have reached record highs. "As mortgage rates increase, the fremzied multiple-offer situation will become less prevalent by year's end, as af- fordability challenges squeeze out some buyers and more inventory reaches the market," Yun said. Although the low supply of housing has played a sig- nificant role in home price surges, Yun expects more home construction, a growing willingness among homeowners to list properties due to an increase in vaccinations, and a gradual decline in mortgage forbearance. of the order. After recording the quickest recoery in the nation's history in the wake of the COVID-19 pandemic, the U.S. economy is expected to kick into higher gear in 2021. That is according to an analysis from the National Association of Realtors delivered May 13 during a forum at the Association's legislative meetings and trade expo. With the number of vaccinated Americans increasing and new coronavirus cases on the decline, NAR Chief Economist Lawrence Yun anticipated that the economy will grow 4.5 percent in 2021. "Consumers will begin to spend massive savings, and do more shop- ping, restaurant dining, traveling and in-person house hunting,"he said. While home sales continue to be an economic bright spot, unemployment remains an issue. Eight million jobs that were lost during the pandemic have not yet been recaptured. Yun maintains that job recovery is taking longer due to some friction in the labor market, An open house also must follow the most current county or city pro- tocols for social distancing as defined flecting the changed protocols. This in appendix A of the county's order. Maintaining social distancing rules for showings, including open houses, are somewhat relaxed under the new social gatherings guidelines, although attendees should maintain a six-foot distance between members of different households while at an open house. Wearing a face mask is fom is necessary if the parties had previously signed the RLA-CAA, which did not allow for open hoIses. New listings should also include this addendum if the listing broker wants to hold open houses. The PEADS have been combined and simplified into one shorter PEAD-ALL form that is available still required, especially in gatherings if members prefer to use it instead of of unrelated people. on-site sign-in protocols. Open houses also are subject to capacity limitations depending on the tier of the county where the house is located. Los Angeles Coun- ty is in the least restrictive yellow tier. Cleaning requirements have been updated to reflect updated CDC Interest Rate Update Lawrence Yun, NAR chief National average as reported by Freddie Mac on: economist MAY 13 30-Yr FRM - 2.94 percent 15-Yr FRM - 2.26 percent May 6 30-Yr FRM - 2.96 percent 15-Yr FRM - 2.3 percent cleaning guidance. New rules include updated lan- guage related to screening of fully vaccinated employees. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies.