If you’re closing your loan after Friday, I left you unlocked. I told you
that the fundamentals of the economy would bring rates lower after the bailout
was announced. Long Beach mortgage rates were at 5.875%, today they’re at
6.5%. What’s in store for the rest of the month?
I’m still recommending that you float your mortgage rates; I
believe we’ll see rates come back down under 6% within the next 7-10 days. If
the economic data suggest that we are NOT headed for a recession, Long Beach
mortgage rates will stay in the 6.25-6.75% range. If the data are as
indicative of a downturn as I think they will be, lower rates should be on the
horizon. As always, keep checking back.
All Hallows Eve - The evening before All Saints Day
The history of Halloween places it's origins in the ancient Celt culture (Irish) as a festival known as Samhain. Samhain celebrates the end of harvest season and was a time to take stock of supplies and slaughter livestock (I am thankful for supermarkets) for the long hard winter season ahead. Ancient Celts believed that on All Hallows Eve the walls between the living and the dead overlapped. They believed that the dead would come back and wreak havoc on the crops and cause illness. Celts performed colorful rituals involving costumes and bonfires (I like parties) in an attempt to placate the evil spirits. Kinda creepy, huh?
The Irish potato Famine (1845-1849) resulted in the migration of some two million Irish to the United States who brought the holiday with them.
In the United States, Halloween has become the sixth most profitable holiday after Christmas, Mothers Day, Valentines Day, Easter and Fathers Day) and has become our second most popular holiday, which is marketed to children and adults alike. According to the National Retail Federation, the most popular Halloween costumes for adults are, in order: witch, pirate, vampire, cat and clown.
BIG research conducted a survey for the National Retail Federation in the United States and found that 53.3% of consumers planned to buy a costume for Halloween 2005, spending $38.11 on average (up 10 dollars from the year before). They were also expected to spend $4.96 billion in 2006, up significantly from just $3.29 billion the previous year.
The carved pumpkin, lit by a candle inside, is one of Halloween's most prominent symbols. This is an Irish tradition of carving a lantern which goes back centuries.
The jack-o'-lantern can be traced back to the Irish legend of Stingy Jack, a greedy, gambling, hard drinking old farmer who tricked the devil into climbing a tree, and trapped him by carving a cross into the trunk of the tree. In revenge, the devil placed a curse on Jack which dooms him to forever wander the earth at night. For centuries, the bedtime parable was told by Irish parents to their children. Reference Wikipedia
Downtown Long Beach Home Sales 2008 Statistical Analysis for Sellers
October 11, 2008
A must read for Sellers of Downtown Long Beach Homes
If you are a Downtown Long Beach Homeowner and are thinking about selling your home these statistics should interest you greatly. So far this year only 7 Downtown Long BeachHomes have closed escrow; 5 of those were bank owned foreclosures and 2 were conventional sales. These sales ranged in price from $118,000 to $400,000; 3 of them were under $200,000.
Dismal, huh?
There are 5 homes in Downtown currently in escrow; 2 of these are short sales which may or may not actually close escrow and 3 are bank owned foreclosures. These range in price from $144,900 to $381,800, 2 of these are under $200,000.
Of the 21 Downtown Long Beach Homes currently on the market 14 are conventional sales, 6 are short sales and 1 is bank owned. Several of these homes are landmark historic beauties, a few either already qualify or will qualify for Mills Act Tax savings once the temporarily suspended Mills Act programs are reinstated. These timeless and distinctive homes have always been in high demand and would command top dollar. Today, they are not moving.
The
Long Beach Office of Historic Preservation has temporarily suspended
granting Mills Act status until sometime in late 2009 while they
re-organize; at which time a small non-refundable fee will be
implemented to assist in covering costs. For further information
contact: Jan Ostashay at the Long Beach Historic Preservation Services
(562) 570-6864
Pretty depressing numbers, huh?
By now you are wondering if it is even possible to sell your Downtown Long Beach home and if it is worth the hassle of putting it on the market. If you are currently in trouble these numbers have probably left you feeling helpless and terrified. Well, Bank of America who recently took over Countrywidejust announced an $8.5 billion dollar Homeowner Retention Program designed to assist 400,000 nationwide customers. If your loan is through Countrywide you should read the press releases I have linked to here and contact your bank in an attempt to work out a program that could help you keep your home. Hopefully other banks will follow suit shortly and get us all out of this mess.
I looked closely at the Downtown Long Beach homes currently available on the market. Several of them have been on the market for some time now and still don’t have photos on the MLS. The MLS pushes the listings out online to other sites. Photos sell listings. When buyers search for homes on the Internet, they are looking for photos, slide shows, virtual tours and video of these homes. When photos are missing they just assume the place is a disaster and don’t even consider it, we Realtors make the same assumption and usually don’t even consider the home when picking out homes to show to our buyers. Others are just not priced correctly for today’s market; some are just overpriced based on their condition and location. Most are nowhere to be found online; others have photos but are not easily found on the Internet where the buyer is shopping.
We have to be realistic about what a home is actually worth on today’s real estate market, what a buyer will pay for it, the value an appraiser will attribute to it and the value an underwriter will accept on behalf of the lending bank. Buyers are looking for deals, many are finding them too. Banks are releasing foreclosed homes onto the active market from their inventory on a regular basis and more are coming. Conventional sales do have to compete with these sales regarding price and appraisers are using these sales to attribute value to your home sale.
Appraisers are working with sets of guidelines issued to them by the lendors they represent. Prices are changing so rapidly they usually will not accept comparable sales older than 2 months when determining value on your home. If you priced your home 4, 5 or 6 months ago and have not aggressively reduced your price in time with the market then there is a strong possibility that you could have an appraisal problem if you do receive an offer.
Halloween Resources
Halloween Party Planning Advice
Creepy Halloween Recipes
Halloween Appetizers & Snacks
Assorted Halloween Sweet Treat Recipes
Halloween Beverages & Punches
Halloween Cakes, Cupcakes & Pies
Halloween Cookie, Bar & Brownie Recipies
Halloween Entrees and Side Dishes
KIDS HALLOWEEN CORNER