Ken Slaught On California’s Market Trends in 2018

Many West Coast buyers are finding that they need to pay excessively high prices for older, less fashionable homes.

Santa Barbara, CA - February 14, 2018 /MarketersMedia/ —

Expert real estate agent Ken Slaught has found that the key to success in California’s real estate market is not solely in one’s ability to manage a large team or have a wide breadth of knowledge about the current market, but lies in the pure facts of what the state has to offer. As a key figure in the Southern California residential, commercial and industrial property scenes for more than thirty years, he has weathered unexpected variance and bested trends. With his wide-ranging experience and understanding of the acquisitions that shape the state he has called home since childhood, Slaught shares his insights about the unique nuances of the California market; these distinctions include the ability to recognize purchase opportunities and pitfalls, and astute knowledge of the myriad extraneous influences that affect the Golden State.

With a white-hot housing market, many West Coast buyers are finding that they need to pay excessively high prices for older, less fashionable homes. Ken Slaught notes that costs have been steadily climbing since 2008, and common reference, the Standard & Poor’s Case-Shiller home price index, reveals that Los Angeles home prices rose to their highest point during April of this year since October 2007. Having moved beyond mere recession recovery, Southern California’s larger metropolitan areas are closing in on their former peaks. Slaught says the turnaround can be attributed to a number of factors, which include interest rates, job growth and supply and demand. As current 30-year, fixed-rate mortgages are hovering around 3.5% or less, these enticing numbers nearing 3.31 percent (the record low hit in November 2012) are pushing many toward buying. These historically low rates, coupled with strong employment numbers, such as a 2.4% gain in Los Angeles County and a 3.5% rise in Orange County, makes it clear just why values have appreciated in an extraordinarily fast-paced manner. And although home prices vary considerably statewide, the inflated asking price of higher-end homes outpaces all other states with the exception of Hawaii. The feverish demand for housing cannot currently be met by the slim supply available, with many first-timers forced to opt for condominium-style units: obtainable and within a more modest price range.

Other factors influencing the current situation that are particularly Californian in nature can be traced back to a general scarcity of land in desirable locations. Undeveloped land costs are prohibitively high, especially within the Los Angeles and San Francisco areas. Ken Slaught points to regular delays in construction of new project, which result in many owners choosing to stay put and renovate, as Proposition 13, the 1978 amendment to the state’s constitution, has made relocating a daunting choice. Though the law states that future property tax increases are capped at 2% based on 1975 assessments, the exorbitant exception takes place when a sale is executed, and a property is reassessed based on its current sale price. Ultimately, yearly totals are framed by purchase figures that vary monthly, as demand in California shifts seasonally (with most homes moved in June and a small increase at year’s end). Also affecting yearly totals are asking prices, interest rates, consumer confidence, negative equity status, quantity and quality of homebuyer jobs, disposable income, saving rates, and elements like major foreign investments.

Since founding Investec Real Estate Companies in 1983, Ken Slaught has led the firm through the execution of more than $1 billion in property transactions. As president of the most successful real estate management enterprise in Santa Barbara, he has been primarily responsible for establishing the company’s strategies and policies, determining its asset class allocations and overseeing its investment decisions. Mr. Slaught is a member of the California Association of Realtors, the Building Industry Association of Southern California, and the Santa Barbara Rental Property Association; he is also affiliated with the Institute of Real Estate Management and the Urban Land Institute. The long-time resident of Santa Barbara is actively involved with a wide range of philanthropic organizations and remains devoted to strengthening all aspects of his community.

Ken Slaught - Founder & President of Investec Real Estate: http://kennyslaughtnews.com

Ken Slaught - Investec Founding Principal & President: http://www.investecrealestate.com/kenny-slaught-2

Investec Real Estate: Santa Barbara Commercial Real Estate: http://www.investecrealestate.com

Contact Info:
Name: KSN
Email: kenny@kennyslaughtnews.com
Organization: KennySlaughtNews.com

Source URL: https://marketersmedia.com/ken-slaught-on-californias-market-trends-in-2018/300892

For more information, please visit http://www.kennyslaughtnews.com

Source: MarketersMedia

Release ID: 300892

Latest News

Point scores 2 goals to help Lightning beat Capitals 4-2

Feb 21, 2018

WASHINGTON — Brayden Point scored two first-period goals, Andrei Vasilevskiy stopped 35 shots to earn his NHL-leading 35th victory and the Tampa Bay Lightning beat the Washington Capitals 4-2 Tuesday night in a matchup between division leaders. Chris Kunitz also scored in the opening period, which ended with Tampa Bay up 3-0. That was enough of a cushion for Vasilevskiy, an All-Star who came in with a 2.34 goals-against average. After Alex Ovechkin notched his NHL-high 36th goal for Washington to make it 3-2 at 11:02 of the third period, Nikita Kucherov clinched it with a breakaway goal with 7:02...

Blazers hope for another post-All-Star break revival

Feb 21, 2018

PORTLAND, Ore. — The Trail Blazers have enjoyed post-All-Star break revivals the past two seasons. Those late-season rallies will no doubt be an ongoing theme in the congested Western Conference playoff race once Portland resumes play on Friday in Utah. "I mean, I think that's in the back of our minds. We know that we're usually a better team in the second half of the season," Portland guard Damian Lillard said. "We can't just go into it saying, 'All right, we're always good at this part of the season.' I think mentally we have to understand how close of a...

Decision on Ohtani's first game still being mapped out

Feb 21, 2018

GLENDALE, Ariz. — Angels manager Mike Scioscia says the spring training game plan for Shohei Ohtani is still being mapped out. On Tuesday, Scioscia said Ohtani will throw a bullpen session on Thursday and a decision will be made after that on when the multi-talented Japanese pitcher/hitter will make his first appearance in a spring training game. Scioscia wouldn't rule out a weekend appearance, saying only "we'll see," but said it's unlikely Ohtani would make any pinch-hitting appearances early in spring training. Ohtani, followed by a horde of Japanese reporters and TV crews, has been the major subject of attention...

Estimated 18.6 million viewers watch Olympics on Monday

Feb 21, 2018

NEW YORK — Highlights from media coverage of the Pyeongchang Olympics: RATINGS: An estimated 18.6 million viewers watched the Olympics in prime time Monday on either NBC, the cable network NBCSN or streaming services. That's down 21 percent from the 23.5 million viewers who saw the Olympics on the corresponding Monday night in Sochi four years ago. The 16.3 million who watched the NBC telecast Monday was down 31 percent from Sochi. NBC says the average prime-time viewership for Pyeongchang is 21.1 million, but no individual evening has topped the 20 million figure since last Tuesday. ___ More AP Olympic...

Messi scores vs Chelsea at 9th attempt to give Barca CL draw

Feb 21, 2018

LONDON — Lionel Messi finally managed one of the few things he had yet to achieve in football. At his ninth attempt, the five-time world player of the year finally scored against Chelsea, salvaging a 1-1 draw on Tuesday and halting his longest drought against any opponent after 730 minutes. By cancelling out Willian's opener, Messi also gave Barcelona a narrow edge in their Champions League round-of-16 matchup heading into the second leg at Camp Nou on March 14. The night's other game produced a far more conclusive outcome with Thomas Mueller and Robert Lewandowski both scoring twice as Bayern...

Get your 24-hour live updates here in Ultimate Sports Daily. We deliver content from all regions so that you won’t miss out on any single event.

Contact us: sales@ultimatesportsda.com