Long Beach Real Estate Sales-Homes and Condos YTD 2008

Long Beach Real Estate News

Long Beach Homes and Condos Sales and Market Update 2008

December 5, 2008

Daily the media pounds Americans with numbers, statistics and real estate market information which is general across the nation. None of these numbers are relevant to any local real estate market, they are estimates from test markets in various places and are combined numbers which we are to believe are true in all real estate markets. These numbers do not translate down to the local real estate market level and are not necessarily indicative of the Long Beach Real Estate Market.

Sales trends can change not just from state to state and city to city, but there can be vast differences in market trends at the neighborhood level in any given city. Cities are made up of many neighborhoods, some affluent, some average, some lower income. While certain neighborhoods may be plagued by foreclosures and short sales, which are continuing to drag prices down, not all neighborhoods are suffering from this malady. Some Long Beach neighborhoods, for instance, do not have many foreclosures or short sales and prices, after initial drops, have remained fairly stable since the beginning of the summer.

Long Beach Homes and Long Beach Condo Sales have steadily increased this year through October, as is reflected on the graph below. While November sales have dropped sharply, this is normal in our market and is not cause for alarm. November and December traditionally reflect reduced sales, the holidays always slow sales down. People just don’t have the time during the holiday season to shop for real estate and don’t want to list their homes during the holiday season either. This is a time for family and preparation for the upcoming holidays. This increase in sales is reflected statewide as reported by DQ News in their October Sales Report.

Little new inventory has entered the market for the last 6 weeks or so, and won’t until the beginning of the new year. After the holidays there will be a rash of new inventory for buyers to choose from. Even the banks have slowed placing new bank owned homes and condos listings onto the real estate market, holding back, presumably to take the loss in the new year.

January usually brings a surge of buyers onto the market, fueled by today’s lower prices, the new inventory interests them. If you are thinking about putting your Long Beach Home or your Long Beach Condo on the market soon, this is the time to do so. New inventory, priced to sell immediately, is welcome by buyers who have been looking for months and have not been intrigued by the current inventory of homes and condos available. Today’s buyers are not willing to overpay, if your home or condo is priced right, straight out of the gate, this could be your opportunity to sell rather quickly.

Long Beach Real Estate - Closed Sales

January - November - 2008

* Lofts include Loft Live and Work spaces

Contact Laurie to begin the Search for Your Long Beach Home or for Your Long Beach Homes Value

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Posted on December 6, 2008 by Laurie Manny

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

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 21, 2008 by Laurie Manny

Long Beach Home Buyers-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

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Posted on November 20, 2008 by Laurie Manny

Green Living in Long Beach California - Water Conservation

Owners of Long Beach Homes have a unique opportunity to contribute to the environment, go green and conserve water.

Did you know that most homeowners over water their lawns by 30% to 300%? That’s a whole lotta wasted water folks! I have to admit, I’ve been guilty of doing this myself on occasion, it’s just so nice to have a lush, green lawn and it shows a real pride in Long Beach home ownership. With the economy in shambles and water in short supply and sporting a hefty price tag, now is a good time to think of creative ways to both conserve water and money in our Long Beach Homes.

Ric Romero of ABC Eyewitness News reports: Rob Patten of Agoura Hills lives on 3/4 of an acre. His water bills have been coming in at over $300 monthly, a staggering number which made him decide to do something about it. After installing a new gadget called Cyber-Rain he has been able to reduce his monthly bill by about $100 and conserve a fair amount of water at the same time. See How it Works.

Cyber Rain XCI is an 8 zone sprinkler system which claims to save homeowners 30% to 70% on their watering bills through the use of their PC and automatic weather updates from the Internet by automatically adjusting the amount of water usage based on weather and seasonal conditions. It even provides the ability to check your water usage on your computer. Ingenious!

Jonathan Neidnagel, CEO of Cyber-Rain claims that this system can pay for itself in 3 or 4 months. Priced at about $295 this is not a cheap system, but may very well offer the best return on the investment and is a wonderful green contribution to the environment. Read more about this product and the effect it can have on our Southern California community over at the Cyber-Rain blog.

A big thanks to my friend Joe over at the Sellsius Blog for finding this great gadget.

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Posted on November 11, 2008 by Laurie Manny

Daylight Savings - Turn Your Clocks Back 11-2-2008

Don’t forget to turn back your clocks one hour at 2:00 AM Sunday November 2, 2008

You don’t want to show up in the right place at the wrong time, do you?

When it’s time to purchase your next Long Beach Home or Condo, call Laurie (562) 212-5420

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Posted on November 1, 2008 by Laurie Manny