FHA Loan Limits for Los Angeles County and Orange County - Long Beach Real Estate

Long Beach Real Estate News

New FHA Loan Limits

Los Angeles County and Orange County FHA loan limits are rising January 1, 2009. What does that mean to todays home buyers? This means that Fannie Mae and Freddie Mac loans remain high through the end of 2008, buyers can qualify for higher loans on homes closing prior to the end of this year. Once the New Year rolls around buyers will have less buying power due to the lower loan limits. This is true for all residential loans, including; homes, condos and residential investment property under 4 units.

Whats the big deal? Lower maximums loan amounts means decreased buying power.

Today is November 16, 2008. It is still possible to find and close on a home or condo before the new lower loan limits take effect. If you have been thinking about buying, were contemplating putting that purchase off until after the New Year and are in the price range that would be affected by the new lower FHA loan limits, you might want to consider getting out there right now while you can still take advantage of the higher FHA loan limits. Remember, your escrow must close prior to 12/31/2008.

Federal Housing Authority Home

Real estate is always a good purchase, now really is a very good time to consider purchasing a Long Beach Home, Condo or Income Property. If you have been sitting on the fence call us today to discuss your needs and wants. We are always here for you. Call Laurie (562) 212-5420

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Posted on November 17, 2008 03:13:11 by Laurie.Manny

Redesign or Home Stage Your Long Beach Homes

Redesign or Home Stage Your Long Beach Homes

In today’s buyers market, now, more than ever, Home Staging or Redesign is an absolute must! This includes homeowners who are still in their Long Beach homes as well as vacant homes. The Long Beach real estate market includes a multitude of homes that have not been cared for. Some homes have been served a Notice of Default or have gone through the foreclosure process. The information and photos of these homes are often misleading to buyers since it’s based on what the home looked like months ago. If you need to sell your home in this market a home stager can help you sell your Long Beach home!

De-cluttering, cleaning and furnishings are basically what home staging and redesign are all about. Some Long Beach homes are so cluttered with stuff, that it’s time to learn about getting organized. Contact NAPO for a professional organizer in your area, or get a book on organizing, home staging, painting, or design; there are many to choose from.

You can start with your curb appeal; making sure your lawn, shrubs and flowers are all neatly trimmed. Paint your front door and create an inviting entrance. Counters inside should be cleaned off, remove furniture that is not necessary, use your dining table without the leaf and only 4 chairs, organize closets and add plants and flowers. Create a focal point in each room, and de-clutter. I can’t say it enough; clutter is the biggest challenge for a redesign expert.

If you don’t have the time, energy, or desire home stage or redesign yourself, call a home stager. Some home stagers will redesign, others will not. Our redesign report lists suggestions of what to take down, remove or pack away, furniture layout, tips on hanging pictures, the importance of light, how color in your rooms affect your mood and many more ideas. After you review the detailed report contact your Long Beach home stager to set up another day to complete the redesign.

The cost of hiring a company to stage your home ranges from $1,800 to $3,800 but can also go much higher. Check with your Long Beach Home Stager for pricing. The price, size and location play a big part in the cost.

Diane Concialdi

DC Redesign

714.815.3506

Read also:

• Redesign Home Staging for Your Long Beach Homes
• Long Beach Home Staging-Define Your Long Beach Homes with Color
• Staging Your Long Beach Homes
• Stage YOUR Long Beach Home to Sell
• Selling YOUR Long Beach Home - It’ Tough Out There - Are YOU ready for this real estate market?
• Selling YOUR Downtown Long Beach Condos-State of the Market
• Remodeling Your Long Beach Home?
• Curb Appeal On A Budget
• Summer in Long Beach California - Reduce Your Energy Costs and Stay Cool
• Self-Healing Homes
• Why Stage Your Long Beach Home or Condo?
• Long Beach Backyards-Ponds and Nasty Swimming Pools
• Long Beach Home Kitchen Remodels
• Long Beach Home Bathroom Remodels

Posted on November 15, 2008 04:08:00 by Laurie.Manny

Long Beach Home Loans - Understanding Your Credit Scores

Long Beach Home Loans - Understanding Your Credit Scores

Understanding how your credit score will affect the purchase of Long Beach homes.

We all know that a good credit score is not only helpful, but today it is necessary to get a mortgage to purchase Long Beach homes, or even buy a car. Your credit score will also determine the interest rate you have to pay.

Factors that go into figuring a credit score?

• Have you Established Credit? Paying cash is often construed to be the act of a responsible consumer, by doing so you establish no history for a mortgage lender to examine. One way to establish credit is to get credit cards and use them - you can, and should, pay them off every month and on time. A credit score considers the number of creditors as well as payment history.

Read Also: How to establish credit

• Prompt Payment of Financial Obligations. This is very important, but you should know that this accounts for only about a third of the total score.

• Amount of Available Credit. Your credit score might be impacted by the number of credit cards you have, even if you never use them. They indicate the amount of credit you have access to, thus opening up the chance of financial strain.

• Your Debt Ratio. Lenders will consider your debt ratio when you apply for a Long Beach mortgage. In spite of an excellent credit rating they will use this debt ratio to see if you can take on additional debt for a mortgage on your Long Beach home.

• Consolidation of Debt. Although, this might make it easier to pay off debt and thus increase your credit score, the process of consolidation will have no effect on your credit score.
  

What do the Credit Score numbers mean?

Your FICO score is comprised of a compilation of your credit history from the three major credit reporting bureaus, Equifax, Transunion, and Experian. Basically your credit score is determined by a formula that is calculated that is proprietary information and owned by Fair Isaac. Your credit score number will be between 300-900, and the higher the number the better off you are.

Are you ready to start the process of applying for a Long Beach Mortgage now? Before you approach a lending institution for a Long Beach home mortgage, know where you stand with your credit score. Not sure where you stand, a good Mortgage professional will assist you with obtaining a copy of your report. After obtaining a copy of it, they will review it with you and assist you to resolve any issues that are affecting your credit score negatively.

Guest author: Colleen Kulikowski, Buffalo NY Realtor

Posted on November 14, 2008 13:55:53 by Laurie.Manny

Lakewood Plaza Rancho Neighborhood Market Report-2008-Long Beach Real Estate

Lakewood Plaza Market Report

2008 Long Beach Real Estate Sales

January 1, 2008 - October 23, 2008

What’s going on in the Lakewood Plaza/Rancho Real Estate Market?  

There are 31 Lakewood Plaza Rancho homes for sale on the real estate market at an average price of $517,762 while the average price for closed sales in the area is $501,568.  This is a very negotiable gap.  Homes are selling in the area with an average of 60 days on market.  This is not bad for todays market.  Sellers in this Long Beach neighborhood are pricing homes to sell at today’s market price point, buyers are recognizing this and are purchasing in the Lakewood Plaza Rancho communities. 

The Lakewood Plaza Rancho neighborhood is known for its exceptional elementary school and its quiet tree lined residential streets making it quite attractive to buyers. 

While the real estate market certainly still has its challenges and more are certain to follow, the Lakewood Plaza/Rancho area has fared quite well.  It remains an excellent place to purchase a house and to call home. 

This is a great time to be on the market priced to sell. 

There are currently 31 homes for sale in the Lakewood Plaza/Rancho neighborhood of Long Beach.

• Average Price: $517,762 down considerably from our update of 6/20/2008; $606,919
• Average Days on Market:  121 down a bit from June’s 137

There are 8 homes in Lakewood Plaza Rancho pending in escrow, down from 21 in June.  

• Average Price: $506,825 up a bit since June’s $488,192
• Average Days on Market: 115 up considerable since June’s 71

There are 10 homes in Lakewood Plaza Rancho in escrow, accepting back-up offers, up a bit from June’s 6.  

• Average Price: $466,935 down a bit from June’s $472,649
• Average Days on Market: 47 up slightly since June’s 44

100 homes in Lakewood Plaza Rancho have sold (closed escrow) in 2008, up from June’s 70.  

• Average Price: $501,568 down a bit since our last report of 6/20/08 when it was at $528,545
• Average Days on Market: 60 down a bit since June 70

There is currently 1 home in Lakewood Plaza Rancho on Hold (do not show).

• Price: $425,000
• Days on Market:  8
  

34 Lakewood Plaza Rancho homeowners cancelled their listing, up from 22 in June.  

• Average Price: $544,888 down a bit since June’s $563,336
• Average Days on Market: 107 up slightly since June’s 104

44 Lakewood Plaza Rancho home listings expired in 2008, up from 34 in June

• Average Price: $599,377 down a bit from June’s $606,919
• Average Days on Market: 146 up a bit from June’s 137

View Lakewood Plaza Rancho Homes For Sale in Long Beach California

Posted on October 23, 2008 14:27:00 by Laurie.Manny

Long Beach California Luxury Home Market Update

Long Beach California is home to the West Coasts most affordable beach real estate.  Set in sunny Southern California we enjoy moderate temperatures year round, sweet ocean breezes and a resort atmosphere.  With our purchase prices so reasonable is it any wonder snowbirds are flocking here?  Palm Desert, 2 hours inland, is fantastic, but nothing compares to luxury oceanfront property and the beach is just more fun! 

Long Beach has an endless array of entertainment to suit any lifestyle or age from water-sports to nightlife, theater and fine dining.  This is the perfect place to do everything, do nothing or to just go fly a kite!

Yes we have golf courses!  Long Beach is centrally located making access to all Southern California golf courses just a short drive. 

Long Beach is conveniently located just 20 minutes south of Los Angeles International Airport (LAX), 20 minutes north of John Wayne Airport (SNA) in Irvine, and home to our own Long Beach Airport - which we love.  We are also just a 20 minute drive into Downtown Los Angeles - in case you were thinking about catching a Lakers game; attending a concert at the fabulous Staples Center or a performance at our beautiful Music Center.  Fantabulous and incomparable, 8 time Grammy award winner, Tina Turner is performing at the Staples Center as I write this, had I known that ahead of time I would be there tonight singing along……..What’s love got to do with it?  La la la… Gotta love that woman! 

Did I say we were centrally located?  A 2 hour drive north will find you in beautiful Santa Barbara.  Head north just a little further and enjoy a day, or a romantic weekend, in wine country.  A leisurely drive south will take you into lovely San Diego.  Catch a Padres game or spend a day at the San Diego Zoo or perhaps SeaWorld with the family then head into the Downtown San Diego gaslight district for a delicious dinner and some relaxing down time. 

Surfer?  10 minutes to surf city - Huntington Beach, where you will catch some of the finest waves on the west coast. 

Long Beach is slated to become the new home of the largest movie studio in California.  A deal has been struck to take over the Boeing facility near the Long Beach airport. This will infuse new life into Long Beach and will certainly attract celebrities to our lovely waterfront homes and high rise condominiums.  How could they resist?  You never know who your new neighbor may be! 

Did you know that Hollywood got its start in Long Beach?  Long Beach was known as the motion picture capital of the world until post World War I when Hollywood developed around the glitz of the era.  With its perfect Southern California climate, Long Beach afforded the perfect setting for the industry.  There were eight film houses, two stock companies, roller-coasters and bath houses at the historic Pike, along the shore of Downtown Long Beach.  This was the home of the Balboa Amusement Production Company, the world’s most prolific silent-film studio.  W. C. Fields and other stars lived in beautiful mansions in the Bluff Park neighborhood along Ocean Boulevard and First Street, many of which remain in the families to this day.

Speaking of historic districts, Long Beach has 17 of them, California Heights being the largest.  We love our historic homes here.  You can find out more about the history of Long Beach here as well. 

Redevelopment in Alamitos Beach and the bustling Downtown Long Beach communities has birthed fabulous luxury high rise condominiums with endless ocean views, Manhattan style lofts and many fabulous new dining opportunities. 

The luxury home market is generally a cash market.  Brian Brady’s 2009 Real Estate Market outlook predicts that disappearing jobs and financing will likely drive the price of luxury properties down in our waterfront and higher end communities.  While that is tragic for the owners of these Long Beach properties it is an incredible opportunity to purchase the Long Beach home, condo or vacation property you have been waiting for.   

The Long Beach real estate market has gone through several tumultuous years, this winter is certain to be a difficult time for sellers of Long Beach luxury homes, condos and income properties.  FHA loan limits, currently capping at $729,750 for single family home purchases are slated to be decreased to around $625,000 on January 1, 2009.  Decreasing buyer purchasing power is certain to affect prices in the mid-market range of $700,000 to about $1,000,000.

What does this mean for sellers?  If you are planning on selling, you should plan on closing your escrow before the end of the year and should price it to do so. It would be our pleasure to provide a home value assessment. 

What does this mean for buyers?  This is an incredible opportunity to purchase your new home at an incredible price.

International buyers are flocking to the United States to purchase real estate at our current depressed prices, there is limited financing for foreign nationals, most are purchasing with all cash.  Long Beach prices have become very attractive to these buyers. You can start your search for Long Beach homes here.  VIP service is provided with the ability to set up custom searches with an automatic email alert system. 

If you are interested in purchasing a Long Beach luxury oceanfront home or a high rise luxury waterfront condominium, this winter is the time to make that purchase. It would be our pleasure to assist you.

Long Beach California City and Relocation Resource Guide

Posted on October 17, 2008 16:27:20 by Laurie.Manny