1st Quarter 2023 Volume 10 Issue 1

OFFICAL PUBLICATION

GREATER DOWNEY ASSOCIATION OF REALTORS

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- 2023 Office Liaisons - 2022 Top Producers - Meet your 2023 Committes - 8 Home Related tax Mistakes - Annual Residential housing market report

2023

O

IN THIS ISSUE

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1st Quarter 2023 Volume 10 Issue 1

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2023 LEADERSHIP Board of Directors:

C.A.R. State Directors:

Jesus Guerra, President Jose Perez, President-Elect Jeff Worthy, Vice President Tyler Wirth, Treasurer Jeanette Baumann, E.V.P.

Michael Berdelis, Jennifer Avellan, Jesus Guerra, Ericka Saenz, Josue Barrios, Edwin Acevedo, Maria Lilley, Jose Perez, Mireya Ruiz, Carrie Uva, and Tyler Wirth

N.A.R. National Directors:

Directors: Edwin Acevedo Mario Acevedo Armando Martinez Monica Rivera Mireya Ruiz Ericka Saenz Lina Salgado - Ariza

GREATER

Jennifer Avellan

Greater DAOR Staff Jeanette Baumann, EVP - evp@DAOR.com

Customer Care Department

Erica Ochoa, customercare@DAOR.com Isaiah Thomas, communications@DAOR.com Immediate Past President: Laura Yanez, outreach@DAOR.com Jennifer Avellan Membership Department

Greater DAOR Chaplain: Tom Moore

Affiliates In Action: Rose Gonzalez, Chairperson

Julie Sartor, julies@DAOR.com Kayla Baumann, membership@DAOR.com

Committees

Local Government Relations:

Gil Legaspi, Chairperson

Chaplain: Tom Moore

Membership Committee: Sandra Carnet, CRMLS OPS Representative: Chairperson Anthony Amodeo Budget & Finance: Carrie Uva, Chairperson

Oversight Committee: Michael Berdelis, Chairperson

Grievance: Anabella Jimenez, Chairperson

Professional Standards: Diane Sanchez, Chairperson

12073 Paramount Blvd Downey, CA 90242

Phone: (562) 861-0915 Fax: (562) 923-9995 www.DAOR.com Monday - Friday, 9am-5pm Saturday, 9am-1pm Volume 10 - Issue 1 This publication is printed quarterly, delivered March, June, Spetember, & December

Education Center 12069 Paramount Blvd Downey, CA 90242

Page 1-2 DAOR Top Production winners Page 3 Town Hall Meeting Webinars Page 4 2023 Office Liaisons

RAPP Committee: Josue Barrios, Chairperson

REALTOR Community

Relations:

Daniel Andrade, Chairperson

Scholarship: Rowena Dominguez, Chairperson

Page 5-6 - 2023 Committees Page 7-8 - 8 Home Related Tax Mistakes Page 9-12 - 2022 Annual Market Report Page 13-14 Awards Night Page 15 - Cornhole Tournament & BBQ

On the Cover

LCRC Trustees: Jerry Lohman, Chairperson

greater daor Committees

2023

DOWNEY ASSOCIATION OF REALTORS

Page 13

2023 GREATER DAOR COMMITTEES IMAGE

2022 Greater DAOR

Top Three Producing Commercial Realtors

Top Ten Producing Realtors

Top Production Winners:

DAOR 1

#1 JOSHUA GLAZ, YOUR REALTY #2 STEVEN PADILLA, C21 A BETTER SERVICE #3 ANABELLA JIMENEZ, C21 REALTY MASTERs #4 LUIS MARTINES, VIP REAL ESTATE FIRM #5 JEANET SALAZAR, VISTA SOTHERBY’S INTERNATIONAL #6 MARIO MARISCAL, KELLER WILLIAMS REALTY WHITTIER #7 JOE BERECKI, RE/MAX COLLEGE PARK REALTY #8 KEVIN MESSIHA, KELLER WILLIAMS DOWNTOWN #9 PAOLA MELENDEZ, C21 ALLSTARS #10 DANNY NAVARRO, C21 ALLSTARS

#1 GIL LEGASPI, LEGASPI COMMERCIAL #2 ALEX VALENZUELA, KELLER WILLIAMS SELA #3 RAMON CARDENAS JR, KELLER WILLIAMS SELA

Congratulations!

Top Ten Producing Teams

Top Ten Producing Offices

#1 C21 ALLSTARS #2 C21 A BETTER SERVICE REALTY #3 C21 REALTY MASTERS NORWALK #4 KELLER WILLIAMS SELA #5 RE/MAX INNOVATIVE #6 24 HOUR REAL ESTATE #7 REALTY ONE GROUP UNITED #8 EXCELLENCE PREMIER RE #9 EXCELLENCE REAL ESTATE P.R. #10 VIP REAL ESTATE FIRM

#1 Nahed Benyamein, Allstars Realty #2 Josue Ramon, Excellence Premier RE #3 Michael Berdelis, 24 Hour RE #4 Joe Manjarrez, C21 Realty Masters #5 Jennifer Avellan, Keller Williams SELA #6 Eloy Villamil, Re/Max Innovative #7 Remoun Said, Keller Williams Pacific Estates La Mirada #8 Jin Hong, eXp of California #9 Wonnie Kim, Won Suk Kim RE #10 Robert Colangeli, IET RE

DAOR 2

DAOR 3

DAOR 4

2023

greater daor Committees

LCRC Trustees

Chair: Jerry Lohman, Ruben Sariñana, Diane Sanchez, Josue Barrios Not Pictured: Kirk Cartozian, Nahed Benyamein, John Lacey

Scholarship

Chair: Rowena Dominguez, Mireya Ruiz, Christine White, Irma Salgado, Julio Midolo, oshua Glaz, Edith Stein-Woods, Elvira Meraz, Magdalena Echevarria Not Pictured: Georgette Solano, Joanna Torrico, Edith Villa, Jeff Worthy

RAPP

Chair: Josue Barrios, Mario Mariscal, Sandra Carnet, Dan Nevarez, Monica Rivera, Karen Castillo, Jesse Onate Not Pictured: Nadim Mustafa DAOR 5

Budget & Finance

Chair: Carrie Uva, Michael Berdelis, Ericka Saenz, Diane Sanchez, Rowena Dominguez, Mario Acevedo Not Pictured: Tyler Wirth, Vicki Spearman

Membership/ MLS Technology

Chair: Sandra Carnet , Jeff Worthy, Maria Lilley, Karen Castillo Lina Salgado Not Pictured: Jerid Erickson, Lucy Salgado, Anthony Acevedo Sole Gutierrez

Grievance

Chair: Anabella Jimenez, Maria Lilley, Joe Villaescusa, Maria Menjivar, Anthony Amodeo, Edith Stein-Woods, Angelica Tapia, Karen Castillo, Ruben Sariñana, Sandra Carnet Not Pictured: Josue Ramon, Samuel Ayoub, Domingo Martinez, Lulu Perez

Community Relations

Chair: Daniel Andrade, Maria Lilley, Sandra Carnet, Lina Salgado, Magdalena Echevarria Not Pictured: Toni Stewart, Elvira Meraz, Nadim Mustafa, Vicki Spearman

Oversight

Chair: Michael Berdelis, Carrie Uva, Rowena Dominguez Not Pictured: Jennifer Avellan, Vicki Spearman, John Lacey, Carrie Uva, Dan Nevarez

Greater DAOR Committees are now formed and meeting.

Greater DAOR leader and staff would like to thank every volunteer.

There is no other profession that volunteers, and helps others like a REALTOR®

Local Government Relations

Chair: Gil Legaspi, Edwin Acevedo, Edith Stein-Woods, Mercedez De La Cruz, Shelly Saroyan-Garcia, Edwin Huber, Monica Rivera, Carrie Uva, Elvira Meraz Not Pictured: Alex Saab, Lina Salgado, Melissa Morales, Eric Pierce

Professional Standards

Chair: Diane Sanchez, Jerry Lohman, Edwin Huber, Mario Mariscal, Michael Berdelis, Daniel Andrade, Steve Roberson, Dan Nevarez, Ernie Sifuentes Not Pictured: Alex Saab, Jason Cierpiszewski, Natalie Romo, Vicki Spearman DAOR 6

Tax pros say these home-related tax mistakes can cost you money or draw the IRS to your doorstep! #1 Deducting the Wrong Year for Property Taxes

#3 Deducting Points Paid to Refinance

Unless you are one of the relatively few taxpayers who are on the accrual instead of the cash basis, you take a tax deduction for property tax in the year you (or the holder of your escrow account) actually paid them.

Some taxing authorities work a year behind. That is, you’re not billed this year’s property taxes until next year. But that’s irrelevant to the feds.

Enter on your federal forms whatever amount you actually paid in that tax year, no matter what the date is on your tax bill. Dave Hampton, CPA, a tax manager with HG CPA, LLC, in Cincinnati, has seen homeowners confuse payments for different years and claim the incorrect amount.

In many cases, you can deduct in full the points you paid your lender to secure your mortgage for the year you bought your home, if you itemize. However, if you pay points in connection with a refinance, you must deduct the points over the life of your new loan.

For example, if you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $2,000 divided by 15 years, or $133 per year.

#4 Misjudging the Home Office Tax Deduction

Tip: Taking this deduction requires you to itemize.

#2 Confusing Escrow Amount for Actual Taxes Paid Here’s another property tax issue that results in common tax mistakes. If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed.

The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your actual property tax bill.

Your lender will adjust the amount every year or so to realign the two.

For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200 or the actual amount of property taxes paid that is noted on the Form 1098 that your lender sends. If you don’t receive Form 1098, contact the agency that collects property tax to find out how much you paid.

DAOR 7

There are two ways to calculate the home office deduction.

One is more complicated, has to be partially recaptured if you turn a profit when you sell your home, and can pique the IRS’ interest in your return. But it also can give you a larger deduction than the simpler method.

If you don’t care to claim actual costs, which you do under the more complicated method, you can use the simplified home office deduction. If you’re eligible, you can deduct $5 per square foot up to 300 feet of office space, or up to $1,500 per year.

#5 Failing to Repay the First-Time Homebuyer Tax Credit #8 Claiming Too Much for the Mortgage Interest Deduction If you used the original homebuyer tax credit in 2008, you must repay 1/15th of the credit over 15 years.

If you used the tax credit in 2009 or 2010 and then within 36 months you sold your house or stopped using it as your primary residence, you also have to pay back the credit.

The IRS has a tool you can use to help figure out what you owe.

#6 Failing to Track Home-Related Expenditures Common tax mistakes are often made by omission: not keeping records. If the IRS comes a-knockin’, don’t be scrambling to compile your records. File or scan and store home office and home improvement receipts and other home-related documents as you go.

If you’re eligible to itemize, the MID loan limit is $750,000.

For loans taken out before Dec. 16, 2017, the limit was $1 million. Make sure your loan is grandfathered before claiming the old limit.

Interest paid on home equity loans and second mortgages is deductible, but only if the proceeds of such loans were used to buy, build, or substantially improve the home that secures the loan. You can’t deduct interest on home equity loans that were used for things like student loans or cars.

For all the interest to be deductible, the amount of all mortgage loans (first, second, home equity, and loans for a second home) can’t exceed the $750,000 or $1 million limits.

#7 Forgetting to Report Trackable Capital Gains If you sold your main home last year, don’t forget to report capital gains on any profit above the excluded amounts.

You can typically exclude up to $250,000 of any profits from your income (or up to $500,000 if you’re married filing jointly).

So, if the cost basis for your home is $100,000 (what you paid for it plus any improvements) and you sold it for $400,000 (net of selling expenses), your capital gain is $300,000. If you’re single, you owe taxes on $50,000 of gains.

However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

And some higher-income earners could get hit with an additional tax if the gain exceeds the exclusion.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.

DAOR 8

2022 Annual Report on the Greater Downey Housing Market Detached Homes

Change from 2021:

- 11.4%

- 23.9%

- 21.3%

New Listings

Pending Sales

Closed Sales

Annual Market Activity

2018

2019

2020

2021

2022

23,430 20,172

14,310

15,243

16,327

16,550 15,715

15,569

13,506 11,457

- 13.9%

- 29.1%

+ 6.5%

- 4.6%

- 11.4%

New Listings

- 26.4%

12,893

11,282

9,815

+ 12.5%

- 23.9%

- 5.0%

Pending Sales

- 28.2%

13,125 10,323

+ 16.3%

- 21.3%

Closed Sales

$800,000

+ 8.5%

$903,496

+ 9.6%

Median Sales Price in 2022

Change from 2021

Avg. Sales Price in 2022

Change from 2021

Average Sales Price

Median Sales Price $800,000 $737,000 $595,000

2018

DAOR 9

$610,000

$849,611

$903,496

$858,002

$640,000

$824,262 $706,715

+ 2.5%

+ 4.9%

+ 15.2%

+ 8.5%

2019

2020

2021

2022

2018

+ 1.0%

- 17.6%

+ 16.6%

+ 9.6%

2019

2020

2021

2022

Current as of January 5, 2023. All data from California Regional Multiple Listing Service. Report © 2023 ShowingTime. | 2

2022 Annual Report on the Greater Downey Housing Market Detached Homes

22

+ 15.8%

101.8%

- 1.4%

Days on Market in 2022

Change from 2021

Pct. of Orig. Price Received in 2022

Change from 2021

Pct. of Orig. Price Received

Days on Market Until Sale 36

103.2%

33

99.5%

98.8%

100.5%

101.8%

26 22 19

2018

+ 9.1%

- 27.8%

- 26.9%

+ 15.8%

2019

2020

2021

2022

2018

- 0.7%

+ 1.7%

+ 2.7%

- 1.4%

2019

2020

2021

2022

1.9

+ 35.7%

1,587

+ 5.9%

Months Supply in 2022

Change from 2021

Homes for Sale in 2022

Change from 2021

Months Supply of Inventory

Inventory of Homes for Sale

At the end of each year

At the end of each year

4,030

3.0

1.6

2018

1.9

1.9

2,132

1.4

- 46.7%

+ 18.8%

- 26.3%

+ 35.7%

2019

2020

2021

2022

2018

1,799

1,499

1,587

- 47.1%

- 15.6%

- 16.7%

+ 5.9%

2019

2020

2021

2022

DAOR 10

Current as of January 5, 2023. All data from California Regional Multiple Listing Service. Report © 2023 ShowingTime. | 3

2022 Annual Report on the Greater Downey Housing Market Detached Homes

New Listings

Closed Sales

2021

2022

Percentage Change

2021

2022

Percentage Change

Anaheim

1,083

927

- 14.4%

1,027

736

- 28.3%

Artesia

76

85

+ 11.8%

56

64

+ 14.3%

Bell

34

27

- 20.6%

33

20

- 39.4%

Bell Gardens

20

22

+ 10.0%

19

18

- 5.3%

Bellflower

257

226

- 12.1%

220

177

- 19.5%

Buena Park

458

387

- 15.5%

426

301

- 29.3%

Cerritos

242

223

- 7.9%

213

187

- 12.2%

Compton

574

491

- 14.5%

484

362

- 25.2%

Costa Mesa

695

588

- 15.4%

658

465

- 29.3%

Downey

492

430

- 12.6%

444

330

- 25.7%

East Los Angeles

92

71

- 22.8%

74

51

- 31.1%

Garden Grove

692

638

- 7.8%

606

479

- 21.0%

Hacienda Heights

357

359

+ 0.6%

304

276

- 9.2%

Hawthorne

297

250

- 15.8%

252

188

- 25.4%

Huntington Beach

1,414

1,188

- 16.0%

1,344

934

- 30.5%

Huntington Park

76

62

- 18.4%

66

48

- 27.3%

Inglewood

174

204

+ 17.2%

142

147

+ 3.5%

La Habra

409

349

- 14.7%

372

296

- 20.4%

La Mirada

423

326

- 22.9%

410

268

- 34.6%

La Puente

448

446

- 0.4%

405

345

- 14.8%

Lakewood

788

652

- 17.3%

759

593

- 21.9%

Lawndale

112

91

- 18.8%

105

73

- 30.5%

Long Beach

2,381

1,936

- 18.7%

2,218

1,640

- 26.1%

Los Alamitos

85

60

- 29.4%

81

47

- 42.0%

Los Angeles

3,790

3,611

- 4.7%

2,766

2,309

- 16.5%

Lynwood

117

137

+ 17.1%

87

114

+ 31.0%

Maywood

20

22

+ 10.0%

18

19

+ 5.6%

Montebello

154

176

+ 14.3%

131

121

- 7.6%

Monterey Park

272

236

- 13.2%

228

188

- 17.5%

Norwalk

548

449

- 18.1%

467

385

- 17.6%

Paramount

111

77

- 30.6%

90

67

- 25.6%

Pico Rivera

267

232

- 13.1%

229

184

- 19.7%

Santa Fe Springs

89

61

- 31.5%

83

59

- 28.9%

South Gate

196

151

- 23.0%

154

112

- 27.3%

Torrance

945

858

- 9.2%

908

719

- 20.8%

Westminster

359

332

- 7.5%

326

266

- 18.4%

Whittier

1,210

1,071

- 11.5%

1,119

859

- 23.2%

DAOR 11

Current as of January 5, 2023. All data from California Regional Multiple Listing Service. Report © 2023 ShowingTime. | 4

2022 Annual Report on the Greater Downey Housing Market Detached Homes

Median Sales Price

Homes for Sale

2021

2022

Percentage Change

2021

2022

Percentage Change

Anaheim

$765,000

$848,000

+ 10.8%

64

96

+ 50.0%

Artesia

$660,750

$694,500

+ 5.1%

7

5

- 28.6%

Bell

$550,000

$617,500

+ 12.3%

3

4

+ 33.3%

Bell Gardens

$585,000

$654,250

+ 11.8%

4

2

- 50.0%

Bellflower

$670,000

$740,000

+ 10.4%

20

26

+ 30.0%

Buena Park

$766,500

$850,000

+ 10.9%

20

46

+ 130.0%

Cerritos

$945,000

$1,005,000

+ 6.3%

20

16

- 20.0%

Compton

$533,000

$595,000

+ 11.6%

76

78

+ 2.6%

Costa Mesa

$1,172,500

$1,325,000

+ 13.0%

42

47

+ 11.9%

Downey

$756,000

$825,000

+ 9.1%

29

38

+ 31.0%

East Los Angeles

$590,000

$670,000

+ 13.6%

8

6

- 25.0%

Garden Grove

$835,000

$892,500

+ 6.9%

42

51

+ 21.4%

Hacienda Heights

$815,000

$940,000

+ 15.3%

36

48

+ 33.3%

Hawthorne

$835,000

$875,000

+ 4.8%

20

23

+ 15.0%

Huntington Beach

$1,207,500

$1,370,000

+ 13.5%

91

113

+ 24.2%

Huntington Park

$590,000

$650,000

+ 10.2%

9

9

0.0%

Inglewood

$780,000

$799,000

+ 2.4%

20

31

+ 55.0%

La Habra

$775,000

$844,539

+ 9.0%

20

24

+ 20.0%

La Mirada

$769,000

$850,000

+ 10.5%

19

24

+ 26.3%

La Puente

$625,000

$680,000

+ 8.8%

50

54

+ 8.0%

Lakewood

$760,000

$815,000

+ 7.2%

36

36

0.0%

Lawndale

$755,000

$854,000

+ 13.1%

11

10

- 9.1%

Long Beach

$850,000

$900,000

+ 5.9%

161

179

+ 11.2%

Los Alamitos

$1,275,000

$1,205,000

- 5.5%

5

7

+ 40.0%

Los Angeles

$748,000

$800,000

+ 7.0%

638

568

- 11.0%

Lynwood

$545,000

$620,000

+ 13.8%

22

12

- 45.5%

Maywood

$507,500

$610,000

+ 20.2%

3

1

- 66.7%

Montebello

$710,000

$766,000

+ 7.9%

10

29

+ 190.0%

Monterey Park

$880,000

$939,000

+ 6.7%

22

21

- 4.5%

Norwalk

$630,000

$701,000

+ 11.3%

59

43

- 27.1%

Paramount

$580,500

$660,000

+ 13.7%

11

11

0.0%

Pico Rivera

$630,000

$697,000

+ 10.6%

18

29

+ 61.1%

Santa Fe Springs

$650,000

$719,000

+ 10.6%

5

2

- 60.0%

South Gate

$567,750

$631,250

+ 11.2%

22

13

- 40.9%

Torrance

$1,028,500

$1,150,000

+ 11.8%

35

68

+ 94.3%

Westminster

$870,000

$970,000

+ 11.5%

14

30

+ 114.3%

Whittier

$715,000

$770,000

+ 7.7%

82

129

+ 57.3%

DAOR 12

Current as of January 5, 2023. All data from California Regional Multiple Listing Service. Report © 2023 ShowingTime. | 5

h t d n A

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t o s e . . o . g d r a w A e

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12073 PARAMOUNT BLVD, DOWNEY CA 90242

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