Long Beach Mortgage Rates Report for August 29, 2008

Leave a comment »

Weird things are happening in the mortgage-backed securities market.  Strong
buying, in the 30 year-fixed rate loans, has dropped rates .25% since my last
report,  The ARM rates, however, have RISEN.  A weird phenomenon, indeed.  I’m
only quoting two loan programs (the others make no sense):

Mortgage rates  for August 29, 2008.  Loan amounts up to
$417,000:

5/1 ARM              5.750%

30 Year Fixed      6.125%

All rates offered to the borrower with 1 point cost.  Rate quotes assume
a purchase transaction with a 20% down payment, 720 credit score, and full
income qualification.  Rates are subject to fluctuation.  Custom rate quotes and
rate lock advice are available by calling (858)-777-9751.

Short-term, this is about as good as it gets.  I think we’ll see some higher
rates, in the next 7-10 days, with rates coming back down to this level by the
end of September.  I’m befuddled for the 3 month trend so I’ll stay neutral.

MORTGAGE RATE TREND:

Next 7 days:      Higher 

Next 30 days:     Neutral

Next 3 months:    Lower? (I’m
stumped)

Long Beach mortgage rates report is offered courtesy of Brian Brady.  Contact Brian for more information about a home loan.

Read More Details

Long Beach Mortgage Rates Report for August 29, 2008

Sunday Afternoon in Belmont Shore – Long Beach California

2 Comments »

Sunday Afternoon in Belmont Shore

Long Beach California

August 24 2008

 

 

Today was the most gorgeous day here in Long Beach.  Is it any wonder why we all love it here so much?  I was out showing homes today to a new buyer, when we were through I drove into Belmont Shore and up Bayshore along the canal.  It was about 5:30 in the afternoon and many people were enjoying the beach.  Adults and children alike were in the water swimming, paddling around on boogie boards, and kayaking, others were relaxing on the sand.  Small boats were slowly making their way down the canal…….it was perfection.  It is what Long Beach is all about. 

 

I parked the car, grabbed both cameras and walked onto the bridge above the canal.  The tide was high, several boats that had been out for the day weren’t able to make it back under the bridge to return home were turning around to travel another route home.  People were out on the water having fun, the sun was glistening and the water was an incredible azure blue, as was the sky.  Today was a gorgeous day here in Long Beach.

 

In the background music could be heard, a 3 piece band had set up on the end of one of the docks on the other side of the bridge.  Nice background for the end to a perfect day, thanks for adding a beat to it. 

 

Residents of Belmont Shore and Naples Island were walking to the beach with sand chairs tucked under their arms planning on finishing their day off relaxing on the sand while the sun sank in our sky.  What a great way to end the day and a wonderful weekend. 

Relocating to Long Beach California-Resource Guide

 

Belmont Shore Homes For Sale

• Belmont Shore and Naples Condos For Sale
• Belmont Shore CA Homes for sale under $1000000
• Belmont Shore-Naples Homes For Sale $1000000 to $2000000
• Belmont Shore Naples Homes For Sale $2000000 and up

Belmont Shore Condos For Sale

• Belmont Shore and Naples Condos For Sale
• Marina Pacifica Condos for Sale Long Beach CA
• Bay Harbour Homes For Sale Long Beach California

 

Belmont Shore Income Properties For Sale

• Belmont Shore-Naples Island Income Properties For Sale

 

Read More Details

Sunday Afternoon in Belmont Shore – Long Beach California

Long Beach Real Estate MLS Blunders

4 Comments »

 

Long Beach Real Estate MLS Blunders

Ever wonder why your Long Beach home or condo isn’t getting showings?

As many of my regular readers know, the Long Beach Real Estate Home Blog produces a lot of Long Beach Real Estate Neighborhood Market Reports and statistics.  These reports are a very handy tool for buyers and sellers of Long Beach homes, condos and income properties.  The information on these reports often comes directly from the MLS and is provided free to our readers. 

These market reports require more analysis than just copying numbers from the MLS.  Today I thought I would provide you with an overall Long Beach Real Estate Market report but instead decided to entertain you with the type of MLS faux pas (blunders) that not only get in the way of providing clear and accurate information, but also keep your homes, condos and income properties from actually being shown and selling.

My choices for todays entertainment:

A rare 4 bedroom 2 bath Long Beach condo; 1100 sq ft with no garage; listed for a very desirable $289,000; HOA $1 per month; 173 days on market. (all information is as represented in the MLS)

 

Agent Remarks (direct from the MLS):  Great comdominio 4bedrooms 2baths Two levels New water pipes. This is a Regular sale owner in process of buying another property Ass is very low Just $ 13500 a month

 

 

Makes you want to just jump up and race to see it huh?

 

Hey if you cant spell condominium how are you going to sell it?

 

Is it any wonder that this condo has been on the market for 173 days?  After indicating an HOA of just $1.00 the agent remarks state Ass is very low Just $13500 a month.   Well I have seen a few low ass’s myself, but this condo ain’t gettin shown with that kind of liability!  There is no description of the property and of course – only 2 pictures of a strip of garages and parking spaces – you did note that the MLS description states “no garage”.  173 days on market and this agent hasn’t had time to actually describe the condo on the MLS and take and post a few decent pictures of the actual condo?  It is common knowledge that pictures sell homes! 

 

Agents representing Long Beach buyers will likely pass on this one just to save themselves and their buyers from having to deal with this level of dumb!  NEXT…

 

 

 

Our next contender is a listing in the same Long Beach condo/townhouse complex as above:

 

Another rare 4 bedroom, 2 bath, 1102 sq ft condo; listing price $350,000; HOA for this unit is a mere $45 (guess the other unit must be carrying the heavy financial load), with 1 garage.  This condo/townhouse has been on the market for a short 5 days and yep, NO pictures at all! (all information is as represented in the MLS)

 

Agent Remarks (direct from the MLS): property needs TLC. Two storey condominium unit with one bedroom downstairs and 1/2 bathroom. Needs new carpet and paint. close to schools, church and easy freeway access.

 

This Long Beach condo is being sold as a short sale.  Lets think about this for a minute.  The other condo in this complex is listed at $289,000 for what appears to be a conventional sale, it has been on the market for 173 days and has not sold.  Does anybody else agree that it was a stroke of genius to price this one (needing TLC) $61,000 higher at $350,000 – as a short sale – in todays real estate market? 

 

Another Long Beach condo that isn’t going to be shown or sold!  NEXT…

 

 

 

Next choice for todays entertainment:

An unheard of 16 bedroom, 2 bath, 824 square foot Long Beach condo, on the Eastside, in the Circle Area; HOA $216 per month.  Are you laughing yet?  Allowing a mere 300 sq ft for the kitchen and 2 baths that would make each of the bedrooms …….. ..what?……..standing room only for 1?  Maybe that would work for vampire storage but it doesn’t work for humans. Yep, you guessed it another listing with no description of the condo and once again, NO pictures.  (all information is as represented in the MLS)

 

 

 

 

Agent Remarks (direct from the MLS): Beautiful 2 Bed / 2 Ba. Brand new construction. your clients will love it.

 

 

Ahhhhhhh, so it is a 2 bedroom!

 

When an agent is searching the MLS on behalf of a buyer we enter search parameters in order to narrow down the search to that which our buyer is interested in.  This is another Long Beach condo that just isn’t going to be shown, because it’s not going to be found. 

 

Did you notice the agent remarks above?  Brand new construction – your clients will love it – no description – no pictures!  Heck of a job representing your seller!  Nobody is coming to see it, they cant find it and if they do, you don’t have any pictures!  NEXT…

 

 

 

Attention Sellers:

 

Are you thinking about selling your Long Beach Home, Condo or Income Property?  Make certain that you get a copy of the MLS and see how your property is being presented to the agents bringing buyers to the table.  The MLS pushes this information out to many internet sites where buyers will see it and decide if your property is one they would like to view. If your Long Beach properties are not being shown they are not going to sell. 

 

When you interview agents, get a clear view of how your property is going to be marketed and make a wise decision.  In todays real estate market your property needs to be on the internet in front of Long Beach buyers eyes and needs to be presented in a desirable and professional manner.  

 

Keep in mind that the longer you sit on the market the less you are going to make on your home.  If you make a bad choice when you choose your 1st agent, it is going to be a long time before your contract runs out and you can replace them with the right Realtor. There are some sellers in Long Beach who are currently being represented by their 3rd agent.  

 

 

 

Why Hire an Internet Savvy Long Beach Realtor?

 

Over 80% of all home searches
start on the internet. Your Long Beach homes need to be online, and findable, when buyers begin their
search. Have the Realtors you interview show you their ability to market your
Long Beach properties on the internet. Step back;
pick keywords that should bring that item to the front page of
Google; keywords like Long Beach Real Estate. Are any of the sites that
your Realtor is using to promote your property coming up at the top of the
engines? No? Keep shopping. Better yet, call the Long Beach Realtors on the front
page of Google, they already know how to get there and you can cut right
through the unlikely candidates.

Over 25% of all Home Buyers
FIRST saw the home they purchased on
the internet. If
your Long Beach homes are not heavily marketed on the internet, you are missing
thousands of potential buyers.

 

Read More Details

Long Beach Real Estate MLS Blunders

Long Beach Mortgage Rates Report for August 15, 2008

Leave a comment »

Mortgage rates were stable this week.  ARM rates went up and the fixed rate mortgage rates are the same as they were Monday.  I mentioned that traders felt “stuck in the middle” of conflicting data.  Core inflation is rising but oil prices are falling like a rock off a cliff.  I’m as confused as the mortgage bond traders so I’m taking this opportunity to lock rates for loans closing within 30 days. Why?  I think the rising ARM rates suggest that traders believe, in their hearts, that the Fed will tighten before Thanksgiving.  I’m more about mitigating risk rather than pouncing on opportunity so when I’m confused, I lock mortgage rates.  Maybe the descent in oil prices will continue and mortgage rates decline further but “I ain’t seeing it” from my ivory tower.   Long Beach Mortgage rates for August 15, 2008.  Loan amounts up to $417,000: 3/1 ARM              5.750% 5/1 ARM              5.750% 7/1 ARM              6.000% 10/1 ARM            6.250% 30 Yr Fixed          6.375% All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling (858)-777-9751. MORTGAGE RATE TREND:   Next 7 days:      Neutral  Next 30 days:     Neutral Next 3 months:   Neutral Long Beach mortgage rates report is offered courtesy of Brian Brady.  Contact Brian for more information about a home loan.

Read More Details

Long Beach Mortgage Rates Report for August 15, 2008

Are YOUR Granite Countertops "HOT"? -Long Beach Real Estate

Leave a comment »

Are your Granite Countertops “HOT”?

Granite Countertops are one of the top selling points for homes and condos.  In a recent article “Words that Sell Homes”, it was disclosed that the word Granite was one of the 7 top words that help sell a home. When thinking about a Long Beach Home Kitchen Remodel, it is the Granite counter-top that is the finishing touch.  Will you go dark or light?  A lot of texture or more sedate? Domestic or Imported? Almost everybody loves granite countertops. 

 

Recently the NY Times published an article raising questions regarding harmful levels of radon gases being emited by the breadown of uranium in the many varieties of granite countertops.  Radon is a radioactive gas that can cause lung cancer.

 

Having read through many of the articles available on the internet most suggest that the countertops emitting the highest levels of radiation seem to be those imported from Brazil and Namibia.

 

The Marble Institute of America has said such claims are “ludicrous” because although granite is known to contain uranium and other radioactive materials like thorium and potassium, the amounts in countertops are not enough to pose a health threat.

 

If you have granite countertops and are concerned whether radon or radiation is a problem you can:

 

1. Contact the American Association of Radon Scientists and Technologists (aarst.org). Testing costs between $100 and $300.
2. Find a certified technician at the Environmental Protection Agency’s Web site at epa.gov/radon, as well as from state or regional indoor air environment offices, which can be found at epa.gov/iaq/whereyoulive.html.
3. Radon test kits are available from the National Safety Council  (or call 1-800-SOS-RADON).  Some home improvement stores sell test kits.  To find a qualified testing or mitigation contractor, contact your state radon office or either of the national private radon programs.

 

Articles on the subject you might be interested in reading: 

 

• What’s Lurking in Your Countertop? – NY Times
  
• Granite Countertops A Health Threat? – CBS News
  
• Radon in Granite
• Could your granite countertops be leaking radon gas?
• Granite Countertops & Radon Gas

 

Read More Details

Are YOUR Granite Countertops "HOT"? -Long Beach Real Estate