Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the REALTORS^® Midyear Legislative Meetings & Trade Expo here.

Lawrence Yun, NAR chief economist, said existing-home sales have been underperforming by historical standards and will rise gradually but unevenly. “If we just hold at the first-quarter sales pace of 5.1 million, sales this year would rise 4 percent, but the remainder of the year looks better,” Yun said. “We expect 5.3 million existing-home sales this year, up from 4.9 million in 2010, with additional gains in 2012 to about 5.6 million — that’s a sustainable level given the size of our population.”

Mortgage interest rates should rise gradually to 5.5 percent by the end of the year and average 6.0 percent in 2012 — still relatively affordable by historic standards.

“A huge volume of cash sales, supported by the recovery in the stock market, show that smart money is chasing real estate. This implies that there could be a sizeable pent-up demand if mortgages become more readily accessible for qualified buyers,” Yun said. “The problem isn’t with interest rates, but with the continuation of unnecessarily tight credit standards that are keeping many creditworthy buyers from getting a loan despite extraordinarily low default rates over the past two years.”

Yun said that if credit requirements returned to normal, safe standards, home sales would be 15 to 20 percent higher. He added that some parents are buying homes with cash for their children, and offering them loans which provide better returns than bank accounts or CDs.

Yun projects the Gross Domestic Product to grow 2.5 percent this year and 2.7 percent in 2012, adding 1.5 million to 2 million jobs yearly over the next two years. The unemployment rate should decline to 8.8 percent by the end of 2011 and average 8.6 percent next year, returning to a normal level of 6 percent around 2015.

Housing starts are forecast to rise but remain below long-term trends, reaching 603,000 in 2011, up from 595,000 last year, and continue growing to 908,000 in 2012. New-home sales are seen at a record low 320,000 this year, rising to 487,000 in 2012. “A recovery in new homes will be slow because of the extra price discount in the existing home market,” Yun noted. In March, the typical new single-family home cost $53,300 more than an existing home.

Inflation appears to be relatively modest for now, with the Consumer Price Index rising 2.9 percent this year. “We’ll be closely watching the impact of fuel costs on consumer spending and inflation — that would slow economic growth, job creation and home sales,” Yun said.

Apartment rents are trending up, and are likely to rise at faster rates as vacancies decline. Following the correction in home prices, it has now become more affordable to buy in most of the country. “Twice as many renters had enough income to buy a home in 2010 in comparison with 2005, so we have a much larger pool of financially qualified renters,” Yun said. “Rising rents and excellent housing affordability conditions will encourage potential buyers who’ve been on the sidelines.”

Yun expects the median existing-home price to remain near $170,000 over the next two years, which would mark four consecutive years of essentially no meaningful price change.

Frank Nothaft, chief economist at Freddie Mac, holds similar views on the outlook. “Economic activity will accelerate this year — there will be no double dip in the economy,” he said. Nothaft is more optimistic on job growth, expecting 2.0 million to 2.5 million jobs created in 2011 with unemployment dropping to 8.4 percent by the end of the year.

Nothaft expects the 30-year fixed-rate mortgage to trend up to 5.25 percent by the end of the year, and for home sales to rise 5 percent. “National home price indices are close to a bottom and prices are likely to bottom sometime this year,” he said.

Refinancing activity in 2011 will be only half of what it was last year. “As a result, banks may become more willing to lend to home buyers,” Nothaft said.

via RealtyTimes.com

Today Prudential Malibu Realty is hosting three unique properties.

19800 Grand View Drive

Contact: Derinda Moses MLS: 11-526401 LP: $999,000

20888 Waveview Drive, Topanga

Contact: Teresa Penner MLS: 11-520185 LP: $1,259,000

3541 Las Flores Canyon Road, Malibu

Contact: Barry Kinyon & Marcus Beck MLS: 11-517667 LP: $1,595,000

Prudential Real Estate and Relocation Services commissioned Prudential’s Global Market Research Group to survey consumers between the ages of 25-64 who are in the market to buy a home. Our 2011 survey found that Americans are significantly more optimistic about real estate today than a year ago and, despite economic volatility, their belief in real estate as a good investment is unshaken. In fact, most feel that the real estate market and property values will see recovery in the next year or two, and they highlighted the importance of real estate agents in the home-buying and selling process.

We shared survey findings with Sales Convention attendees March 7-8, and then launched a media blitz in the early-morning hours of March 10 starting with PRERS Chairman Jim Mallozzi conducting 21 live television and radio interviews and two taped sessions. Survey coverage was picked up by 174 TV stations and national radio programs representing more than 25 million viewers and listeners. Click TV News Coverage to watch a sampling of the interviews.

At 9 (Eastern) that morning, we blanketed the national and regional press as well as real estate trade publications with our press release, “Americans Confident in Recovery of Real Estate Market.” The Wall Street Journal was among the first to file stories. When the dust finally settled our press release generated 19,503 headline impressions on the Internet.

Local press coverage of our survey findings shows that our affiliates are using the survey press release template, which is attached below along with accompanying PowerPoint slides. The entire process heightens Prudential brand awareness and underscores our Network’s position as the authority on residential real estate.

via Prudential Real Estate Affiliates

Today Prudential Malibu Realty is hosting three beautiful Malibu properties on open house.

11834 Pacific Coast Hwy

LP: $3,495,000 MLS: 11-517779 Contact: Lea & Leon Johnson

25422 Malibu Road

LP: $4,199,000 MLS: 09-399935 Contact: Maryam David

3826 Marks Road

LP: $1,399,000 MLS: 11-499989 Contact: Lynette Bishop

Americans are demonstrating a more bullish outlook for the real estate market today. Despite recent economic volatility, consumer belief in real estate as a good investment is unshaken.

In fact, the majority of America’s potential homebuyers and sellers—68 percent—believe that the real estate market and property values will recover in the next year or two, according to the 2011 Prudential Real Estate Outlook Survey released yesterday.

“Our survey clearly demonstrates that Americans continue to be optimistic about the real estate market and believe that home prices will rise,” says Jim Mallozzi, CEO of Prudential Real Estate and Relocation Services. “A key takeaway from the survey is although consumers recognize that it is a good time to buy, they are concerned about their ability to sell their homes. This is one of the reasons the market is still struggling to recover.”

Additionally, the majority of respondents—75 percent—highlighted the importance of real estate agents in the process of buying or selling their home. “Americans continue to see real estate agents as having a very important role in helping them price, buy and sell their homes,” adds Mallozzi. “Although the data underscores the value real estate agents provide, it also shows that the industry needs to continue to work hard to meet clients’ unique needs.”

The Prudential Real Estate Outlook Survey of 1,253 Americans between the ages of 25-64 in the market for buying a home was conducted Jan. 20-27.

via Prudential Real Estate Affiliates

https://www.prea.prudential.com/PREACenter/ArticleManagement/ArticleViewer.aspx?ArticleId=1269

The summer is near and what could be better than to spend it in Malibu. Surrounded by gorgeous Santa Monica mountains and an endless horizon of breathtaking ocean views. This Summer Prudential Malibu Realty is listing a luxurious array of summer leases.

33332 Pacific Coast Hwy, Malibu 90265 LP: $30,000 MLS: 11-506155 Contact: Tony & Alan Mark

33334 Pacific Coast Hwy, Malibu 90265 LP: $40,000 MLS: 11-505355 Contact: Alan & Tony Mark

22202 Pacific Coast Hwy, Malibu, 90265 LP: $55,000 MLS: 11-507015 Contact: Michael Novotny

21750 Pacific Coast Hwy, Malibu, 90265 LP:$15,000 MLS: 10-449073 Contact: Michael Novotny

3814 Malibu Country Drive, Malibu 90265 LP: $5,800 MLS: 11-510115 Contact: Pam Whitham

23560 Pacific Coast Hwy #66, Malibu, 90265 LP: $35,000 MLS: 10-433877 Contact: Gina Longo

20520 Pacific Coast Hwy, Malibu, 90265 LP: $11,500 MLS: 0-458859  Contact: Gina Longo

27208 Pacific Coast Hwy, Malibu, 90265 LP: $10,000 MLS: 10-429613 Contact: Maryam David & Pam Whitham

31626 Sea Level Drive, Malibu, 90265 LP: $60,000 MLS: 11-512723 Contact: Tony & Alan Mark

31008 Broad Beach Road, Malibu, CA 90265 LP: $65,000 MLS: 10-447073 Contact: Tony Mark & Alan Mark

31202 Broad Beach Road, Malibu, 90265 LP: $100,000 MLS: 11-522685 Contact: Tony & Alan Mark

7322 Birdview Ave, Malibu, 90265 LP: $20,000 MLS: 11-517663 Contact: Lynette Bishop

32060 Pacific Coast Hwy, Malibu, 90265 LP: $13950 MLS: 10-468141 Contact: Tony & Alan Mark

This Sunday, Prudential Malibu Realty is hosting four beautiful properties on open house.

20276 Inland Lane, Malibu LP: $2,390,000 MLS: 10-458929

Contact: Pam Whitham

11834 Pacific Coast Hwy, Malibu LP: $3,495,000 MLS: 11-517779

Contact: Lea & Leon Johnson

25422 Malibu Road #2, Malibu LP: $4,199,000 MLS: 09-399935

Contact: Maryam David

3194 Heidi Lane, Topanga LP: $750,000 MLS: 10-438779

Contact: Derinda Moses

This week Prudential Malibu Realty is hosting eight properties on open house.

Take a look.

20276 Inland Lane, Malibu ~ $2,449,000 ~ MLS: 10-458929

Contact: Pam Whitham

11834 Pacific Coast Highway, Malibu ~ $3,495,000 ~ MLS: 11-517779

Contact: Lea & Leon Johnson

25422 Malibu Road # 2, Malibu ~ $4,495,000 ~ MLS: 09-399935

Contact: Maryam David

6435 Zumirez Drive, #15, Malibu ~ $749,000 ~ MLS: 10-477903

Contact: Maurice Yenni

6750 Fernhill Drive, Malibu ~ $6,500/month ~ MLS: 11-497957

Contact: Patti Spencer

3826 Marks Road, Malibu ~ $1,429,000 ~ MLS: 11-499989

Contact: Lynette Bishop

3541 Las Flores Canyon Road, Malibu ~ $1,595,000 ~ MLS: 11-517667

Contact: Barry Kinyon

24657 Blue Dane Lane, Malibu ~ $2,195,000 ~ MLS: 10-440407

Contact: Hassen Masri

Today Prudential Malibu Realty is hosting 6 properties on open house. Come not only to see the beautiful properties but why J.D. Powers and Associates finds prudential open houses to be the best.

20276 Inland Lane, Malibu LP: $2,449,000 MLS: 10-458929

Contact Agent: Pam Whitham

11834 Pacific Coast Hwy, Malibu LP: $3,495,000 MLS: 10-479769

Contact Agent: Lea & Leon Johnson

25422 Malibu Road, #2, Malibu LP: $4,495,000 MLS: 09-399935

Contact Agent: Maryam David

6435 Zumirez Drive, #15, Malibu LP: $749,000 MLS: 10-477903

Contact Agent: Maurice Yenni

6750 Fernhill Drive, Malibu LP: $6,500/month MLS: 11-497957

Contact Agent: Patti Spencer

3826 Marks Road, Malibu LP: $1,429,000 MLS: 11-499989

Contact Agent: Lynette Bishop

As noted earlier this year, Prudential ranks highest in satisfaction among home sellers. This is the second time in three years, prudential has achieved such high distinction. JD Powers and Associations broke down the following distinct achievements in a recent special report.

• Prudential has the lowest average time-to-sell
• Over half (56%) of home sellers working with prudential agents, are repeat customers
• Prudential agents rank highest in hosting open houses