Monday, April 2, 2012
The Villa Riviera - A Historic Landmark in Long Beach
 Everytime I drive back from San Pedro down Ocean Blvd. I peer to the right and marvel at an icon of the Long Beach skyline - the Villa Riveria. Hard to believe it is only 15 stories as it seems so much larger. Built in 1929, this building, for some time, was one of Southern Californias tallest buildings. It seems much larger probably because it cradles two major streets, Los Alamitos Avenue and Ocean Blvd.
 Looking closely at the architecture and top line of the building, it's steep pitched roof (made of copper) and gargoyle centurians around the whole building, I'm reminded of mid-16th century European renaissance castles I use to see and read about in history books. And the south facing portion of the building provides ideal views of the Long Beach Harbor and Catalina. While the north peers to the heart of Long Beach up Los Alamitos Blvd.
History tells us that Villa Riveria weathered one of the worst earthquakes on record - 1933. And counted Hollywood elites such as Charlie Chaplin and Joseph Schenck as its tenents. Having undergone many incarnations over time - apartments, a luxury hotel, and even naval housing during WWII, the building was converted into condos in 1991.
It is certainly one of the iconic architectural marvels of our small, diverse city and will continue to be for many years to come.
If you want to learn more about this Long Beach Historical Landmark, check out these websites:
http://www.villariviera.net
http://www.amazon.com/Long-Beach-Architecture-Unexpected-Metropolis/dp/0940512394
---
Dave Harbison
Long Beach REALTOR®
Main Street Realtors (562) 618-9770
---
Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
--- Labels: Historical, Landmark, Long Beach Condo, Real Estate, Villa Riviera
# posted by Dave Harbison @ 3:24 PM
Sunday, April 1, 2012
Regular Maintenance of Your HVAC Unit Can Save $$$!
I previewed a home a couple of months ago and noticed that the Air Conditioning unit(s) looked relatively old. Upon talking with the listing agent, I was told the sellers had never maintained the unit...in 4 years! Wow, I thought, this is not good.
As it turned out the, owners had to spend a sizeable amount of money to have a new. larger air conditioning unit installed or the buyer would walk...After negotiating such a a deal, I'm sure these sellers learned an important lesson.
Maintenance can save you a lot of $$$ !!!
There are plenty of reputable HVAC companies out there that will (for a minimal fee), Many will recommend semi-annual visits in the spring and fall.
- Spring time is when the technician will clean the indoor and outdoor condenser coils, verify refrigerant charge, and inspect all the wiring
- In the fall, look for them clean and inspect the furnace blower, burners, and heat exchanger.
- The Summer and Fall months are key times to continuously brush or blow off fallen leaves and other debris from the outdoor air conditioning units and/or heating pumps
- Spring months (March-May) are the months to wash and dry filters and vacuum condenser coils on all window air conditioning units
- In summer, shut off the water supply to the furnace humidifier
- In fall, replace the humidifier wick filter, set the humidistat to 35% relative humidity, and turn on the water supply
- Make sure when you are mowing the lawn, grass does not get into the unit
- Inspect the insulation and refrigerant lines going into your home and replace them if you notice wear-n-tear, damage, or if they are missing. Doing this every 4-5 weeks will ensure peace-of-mind
- Every quarter, it is recommended to install a new one-inch pleated furnace filter to avoid hair and fibers from you, your family and/or pets
- Make sure that outdoor air conditioning units and heat pumps are on firm and level ground or pads. The ground can shift (even a little) over the course of a year and that can greatly effect efficiency and life of your unit
- Once a year, preferably in the spring, take a cup of bleach and put it down the air conditioner condensate drain. This will do a lot to prevent the buildup of mold and algae -- both of which can cause problems down the road
- To avoid undue strain on your HVAC unit, don't close the home's register more than 20%
---
Dave Harbison
Long Beach REALTOR®
Main Street Realtors (562) 618-9770
---
Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
--- Labels: Belmont Shore, Bungalow, Craftsman, Home Improvement, HVAC, Long Beach, Real Estate, remodel
# posted by Dave Harbison @ 7:46 AM
Wednesday, March 28, 2012
Kitchen Remodel - Done on a Budget
I talk to a lot of clients these days about what they can do to improve their homes. The first thing they bring up is a Remodel of their Kitchen. The cost of a kitchen remodel is always the key in deciding whether or not to do it. So I pulled a very interesting bit of information from an article written by Jamie Goldberg - A renowned National Kitchen & Bath Association-certified designer, a Certified Aging in Place Specialist, & a contributor to Kitchens.com and Fine Homebuilding. If you don't know much about her now. You will soon. Okay, here we go with some great trends:
A new focus on moderation and value has entered the remodeling mind-set. Trends that are likely to show up in your kitchen next year include: You’ll repair your existing appliances instead of replacing them, extending their life with good maintenance and care. If you’re replacing cabinets, you’re likely to build around your current appliances rather than choosing new models. You’re scaling back your cabinetry purchases, with an increased emphasis on kitchen storage and functionality over elaborate decoration. For example, rather than stacked crown moldings throughout the kitchen, you’ll put your money into practical roll-out trays and drawer organizers. Small-scale kitchen projects are big news. Changing out cabinet hardware, replacing a faucet, and refacing your cabinets upgrades your kitchen without major expense. Trend #2: Simpler, warmer styles dominateFussiness and excess have faded away in favor of pared-back looks that present a more timeless, value-conscious style. Cabinet decoration continues to streamline. For example, massive corbels, once fashionable as undercounter supports, will give way to sleeker countertop supports and cantelivered countertop edges. Stacked moldings will pare back or disappear entirely. Elaborately glazed finishes will yield to simpler paints and stains.
Kitchen finishes will continue to get warmer and darker, and feature natural and stained woods. Walnut especially is growing in popularity. Laminate countertops will continue to surge in popularity, especially in contemporary design. The latest European-inspired laminates offer more textured and naturalistic finishes than ever before. While exotic wood kitchen cabinets are out of reach for most home owners, glossy, look-alike laminate versions can be had for about one-third the price. Trend #3: Technology expands its kitchen presenceMany of the techno products and trends that relate to your smartphones and tablets have just started making their way into your local showrooms and home centers. Appliances will be equipped with USB ports and digital screens so you can display your family photographs and kids’ artwork. Smart, induction built-in cooktops ($500-$3,000) remember your temperature settings as you move your pans across their entire surface. One light finger touch is all it takes to open the electronically controlled sliding doors of your kitchen cabinets — a boon to people with limited mobilities. You’ll pay 40% to 70% more for cabinets with electronically controlled doors than standard models. You’ll be able to use your smart phones and tablets to control lights and appliance settings from anywhere you have a wi-fi connection, as well as to shop for appliances from major manufacturers. You’ll be opting for LEDs for your recessed lights, under-cabinet task lighting and color-changing accent lighting. You’ll see more LED-powered pendants and chandeliers from major manufacturers as inefficient incandescent bulbs continue their march toward extinction.
A wide selection of affordable microwave ovens with convection and even steam features gives owners of smaller kitchen spaces more high-end cooking power.
Want to know more about Jamie? click this link. She is quite an accomplished professional. AND she has her first kitchen design book coming out later this year (2012) http://www.houselogic.com/authors/Jamie-Goldberg/#ixzz1qRUL5YzP
---
Dave Harbison
Long Beach REALTOR®
Main Street Realtors
(562) 618-9770
---
Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
--- Labels: Belmont Heights, Belmont Shorts, California Bungalow, Craftsman, Kitchen Remodel, Long Beach, Park Estates, Real Estate
# posted by Dave Harbison @ 1:59 PM
Thursday, February 24, 2011
What Are Luxury Home Owners doing in Long Beach?
Living in Long Beach, CA, I am not exposed to as many grand homes as those Realtors in Beverly Hills, Newport Beach, Manhattan Beach, Santa Barbara, Rancho Palos Verdes or other select parts of Southern California. Don't get me wrong, our city has a great number of places, on the water, and inland that hold you breathless. To me, Long Beach is a hidden gem -- a secret place situated between Los Angeles and Orange County that provides a lifestyle that is a mixture of bustling east coast and laid back west coast. Naples, Belmont Shore, Park Estates, Lakewood Country Club and Virgina Country club are places that most resemble the lifestyle synonymous with what everyone perceives as California luxury. It is, but at a fraction of the cost of other areas. In the past 10 years, a great many of the homes in this area have been remodelled or totally rebuilt to reflect the changing face of expectation in luxury. After doing a little digging, I've uncovered a number observations about the upper-tier housing market in Long Beach -- that align very closely with other areas in the whole of California: - Professional Landscaping is a must
- Upgraded the kitchen. In the luxury market there is a great number of homes in Long Beach that have "Designer" kitchens
- Wine cellars are becoming more popular as available room, especially in Naples, Belmont Shore and Belmont Heights is becoming more of a premium
- Wet Bars are starting to make a come back
- In-ground swimming pools with spas have long been popular and are even making a splash in smaller lots in Belmont Heights
- Installed Security systems are the norm rather than the exception
- Surround sound systems with the latest wireless capabilities
I can only speak for myself, but luxury in Long Beach is more than design. Add taste, style, convenience, flowing floorplans and timeless individuality and what you see will be incredible. Any chance you get to view a home that peaks your interest. Do it! --- Dave HarbisonLong Beach REALTOR®Main Street Realtors (562)618-9770--- Long Beach Realtor® / Real Estate AgentLong Beach Homes for Sale, Condos and Investment PropertiesLong Beach Relocation Expert--- Labels: Belmont Heights, Belmont Shore, Dave, Long Beach Real Estate, Luxury Homes, Naples, Park Estates, Real Estate, Realtor, Virginia Country Club
# posted by Dave Harbison @ 10:02 AM
Wednesday, January 19, 2011
The Media Hype About Real Estate - Believe it or Not?
 The past three years have been very interesting in the state of real estate... To say the least. Recently Fox and CNN economy and political experts groused about the explosion of Foreclosures in 2011 (when we hit the 5 year point from when the last of the millions of toxic 5-yr adjustable loans were issued). In the 60 months, the economy has been challenging. Job market has spuddered. Consumer confidence has waned. And, in all the negativity, the opportunity to own a home has become more affordable than any time in recent history. And interest rates are...well better than ever. Now's the time to get a peice of the American dream. Banks are lending, but are much more diligent in their vetting process (as they probably always should have been). Americans are slowly coming to grips that we need to save and work hard to realize our dreams. We'll get through this time, but in much different fashion than past recessions. With so much information at our finger tips, the stress, anxiety and speculation shot in our direction by any number of a 1000 different media outlets is looking to take control of our emotions and actions. In my opinion, Southern California home prices, specifically Long Beach, have adjusted to pre-2002 levels. To most of us consumers, we learned the hard way that our homes are not piggy banks. Home value increases seen in the early 2000's are a thing of the past. Your home will always be a valuable and worthwhile investment if you plan to live in it for a long period of time or have enough equity to gain a positive cashflow from it. As a Realtor with over 5 years experience, I've always found one of our most valued attributes is as prognosticators of the real estate future. We get asked all the time "So, where do you think the market is going?" My answer? UP. Always UP, if your thinking is long term. Labels: Belmont Heights, Belmont Shore, Future of Real Estate, Interest Rates, Long Beach, Real Estate
# posted by Dave Harbison @ 9:24 AM
Tuesday, January 18, 2011
Open Houses Are Great for Just....Going!
 Well, the new year always kicks off a new season of Open Houses. As a Realtor for a number of years, I always enjoy people stopping by and looking at the great homes I hold open. Most of them are not in the market to buy the home, but enjoy seeing what their neighbor's home looks like, what improvements have been made, what improvements need to be made and how it compares to their home. The point is, going to an open house serves a lot of purposes. I think most of all, it is to get a feel for the vision you may have for your dream home. Whether you plan on moving into it sometime soon or already live there, an Open House is a place where your mind can wander pick up unique things that will work in your home So many people ask interesting questions that help me dig deeper into the history of the home, its features and architecture. In a way, we're extremely lucky here in Southern California. The rich history and architecture coupled with great weather allow our little peice of the world to evolve in a powerfully unique way. When you pass by an Open House. Take the time to stop in. You never know what great ideas are behind those doors. Labels: Belmont Heights, Belmont Shore, Dave, Long Beach, Open House, Real Estate, Realtor, Seal Beach
# posted by Dave Harbison @ 7:18 PM
Monday, January 17, 2011
Buyer's Approach to A Home That Needs TLC
 Today, there are more homes on the market that would be considered "Distress sales" - the majority of which are short sale or a bank owned properties. In California, properties are sold "As Is"... And believe me, many need work. The questions you need to ask yourself as a buyer should drive you to a clear conclusion as to whether you should consider presenting an offer. Here is a list of, what I like call, "areas of clarity" that may help you gain peace-of-mind during the highly stressful and anxious home search experience: 1. Can you envision the end result? 2. What are the priorities of your purchase and how does the home rank? (Location, neighborhood, access, size, lot size, bedrooms, bathrooms, curb appeal, potential etc...) 3. What do you need to do to make the home "live-able"...to your standards? 4. What projects take priority and what things can be done down the road? 5. Is the list price at market value or quite a bit above or below? 6. Is there any "wiggle-room" or flexibility in the list price?  If there is anything I have learned in my years in Real Estate -- One family's "teardown" home is another's castle. If it feels right, 9 times out of 10, it is right!! Labels: Bank Owned, Belmont Heights, Belmont Shore, Long Beach, Park Estates, Real Estate, Realtor, Short Sale
# posted by Dave Harbison @ 9:05 PM
Sunday, January 16, 2011
The Mystery of the Short Sale In Long Beach, CA
 I'm sure you've been inundated with ongoing news about the state of Real Estate. Not much of it has been good. In fact, CNN reports that this year, foreclosures across the United States will peak. The experts go on to predict that interest rates will stay steady for the first part of the year then start to creep up into the 5.5% range or higher. So, when a foreclosed home or short sale comes to your attention, you may automatically think "DEAL". Especially in the first few months of 2011 while the rates are still low. The "Short Sale" may seem like a simple transaction. It's not. The owners owe more on the home than it is worth. Often times 25-30% more. They're looking for a way out. The lienholder(s) are looking for their money...Then you enter as the "Eager Buyer". It can get pretty sticky. Here are some things I've noticed and experienced as a Realtor doing short sales.
- The Price listed by the "listing agent" is often not the price the bank will accept, but one that the realtor will put in order to get an offer to submit to the bank so they can see where the bank falls. The rule of thumb
- The property may be listed for sale, yet already have an offer at the bank...which puts your offer behind (in back up) to the one submitted. All too often my clients get really jazzed about a property only to find that an offer was submitted to the bank months ago.
- I've heard of short sales taking 8-10 months to complete (although the one I'm working on now should only take 5 months...fingers crossed). It can take exponentially longer than the standard sale.
- If your offer is approved, there is a good chance you will get the property "AS IS". In other words, the bank or current title holders will not make any repairs. This often frustrates buyers as they feel they are entitled to the same courtesies normally extended to a standard sales transaction. The difference is twofold:
The title holders (owners) owe more than the property is worth and are taking a hit on their credit and most likely in in their pocketbook in order to get out of the property. They, in their own minds, have already walked away from the property and don't want to do anything more.
The bank (lienholder) is not in the business of losing money. They have not written the property off and want to keep the "bleeding" to as little as possible.
- Realtors that list short sales and are not educated in the process get frustrated quickly, making the process more difficult and time consuming to complete
Yes, a short sale can be a great buy! But be prepared to walk a windy road as statistically, most short sales do not close. And, before you start identifying short sale properties, be sure to quiz your Realtor as to their knowledge about short sales:
- Have they ever done a short sale?
- How many have they done?
- What is the process?
- Will there be a nogotiator involved?
- How do they investigate a short sale? What types of questions do they ask the listing agent?
- Typically, how long, in their experience, will it take to close a short sale
There is always opportunity in Real Estate...Have your Realtor map out the best strategies for you to achieve your goals. ---Dave HarbisonLong Beach REALTOR®Main Street Realtors (562) 618-9770---Long Beach Realtor® / Real Estate AgentLong Beach Homes for Sale, Condos and Investment PropertiesLong Beach Relocation Expert--- Labels: Belmont Heights, Belmont Shore, Long Beach, Naples, Park Estates, Real Estate, Sales, Short Sale
# posted by Dave Harbison @ 7:24 AM
Wednesday, March 17, 2010
 Everyone I've talked too knows that finishing an attic, upgrading a bathroom, remodeling a kitchen or re-landscaping your yard can increase the value of your home. But very few know the ins and outs of capital improvements when it comes to lowering your tax bill when you sell their home.
As it stands now, rules will let you add capital improvement expenses to the cost basis of your home. Simply put, costs associated with improvements (whatever they may be) lowers total profit. Or as the IRS puts it, taxable income.
The best thing to do is to get in touch with your accountant and Realtor prior to putting your home on the market and have a firm strategy for netting the most profit (and paying the fewest taxes) as possible.
Here's a link to an article that sheds even more light on the tax saving opportunities that improving your home may provide when you decide to sell: http://bit.ly/9ohY3p Labels: Belmont Heights, Belmont Shore, California, capital gains, home improvements, Long Beach, Real Estate
# posted by Dave Harbison @ 3:46 PM
Monday, March 8, 2010
Sellers - When a New Roof Matters
I always say, a well placed investment of time a money are worth a lot when it comes to selling your home... One of the biggest hurdles to overcome to a successful sale is a old or bad roof. In today's buyer's market, it is even more important than ever to go into into your home sale knowing exactly what you are willing to do about your roof. Here are some tips worth considering: First, Have all the paperwork available showing when your roof was put on and if the warranty is still in tact. Second, have up to 2 roofing contractors come over and evaluate your roof -- The condition of your wood shingles, composition, tile, slate or stone. Have them also the flashing to see that they were done correctly and that all the plumbing pipes and vents are sealed with caulk. Again, ask them if it was done correctly and professionally. You'd be surprised how many roofers don't take the time to do the job right!     Third, have the contractors go into the attic and evaluate the condition of the wood framing, sheathing and drywall for dry rot or termite damage. This will effect the estimate -- especially if there have been slow leaks that have effected the wood. Forth, have them explain the material they plan on using, the life of the roof, who the manufacturer is and how long the warranty is in effect for materials and labor. In today's real estate marketplace, it is highly unlikely that buyers will overlook the challenges that are presented for a property with roofing problems. Handle them up front and diffuse any questions they may have with logically, confident answers -- like you are in control. It is ultimately up to the buyer, however, it has been my experience that they will be less inclined to cancel or hardball a seller if they are presented a clear picture of the facts up front. Labels: Belmont Heights, California, Homes, Houses, Long Beach, Los Angeles, Real Estate, roof
# posted by Dave Harbison @ 4:32 PM
Tuesday, January 26, 2010
 Magnificant pool home nestled on an expansive lot in the heart of Long Beach's most coveted neighborhoods - PARK ESTATES!
Opportunity abounds in this immaculately maintained mid-century pool home just steps away from Cal. State University of Long Beach and close to everything that Long Beach has to offer -- unparalleled privacy, expansive lot and updates too numerous to mention.
* 4,337 sq.ft. living space on 9,000 sq.ft lot * 5 bedrooms/5 bathrooms * Expansive master suite
* Walk-in wardrobe room
* Pool/Spa with waterfall * Newer AC unit * 2 Fireplaces * Original oak wood and oak parquet floorsd * Storage throughout * Easy access to freeways Make the move to Park Estates! Labels: Listing, Long Beach, Real Estate
# posted by Dave Harbison @ 2:17 PM
Thursday, October 1, 2009
Fed Leaves Rates Alone and Supports Mortgage Market
On September 23rd, we received some more good news regarding the Fed Fund Rate. It will stay the same. Additionally, the Fed reiterated plans to support the mortgage market to the tune of $1.5 trillion. This is good news for the housing industry. Signs of stablization and great opportunity for both buyers and sellers. In my opinion, this is much needed to get us back on track.  The fed confirmed its plan to hold the funds rate near zero percent "for an extended period" even though they acknowledged that the U.S. economy is "picking up following a severe downturn". They feel financial markets need to improve more before considering a Fed Fund Rate increase. Yes home prices are on the rise nation wide. In July, they increased 0.3%. The housing market is holding its own. I feel it will continue with a few bumps along the way. Home prices and sales in Long Beach vary greatly depending on the area in which you live. There is a good sign that we have weathered one of the greatest downturns since the great depression. Foreclosures are down. Inventory is steady and people seem to be more optimistic about the future. ---
Dave Harbison
Long Beach REALTOR®
Coldwell Banker Coastal Alliance
(562) 494-4600 ext 2281
---
Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
--- Labels: Belmont Heights, Fed Fund Rate, Home Prices, Long Beach, Mortgage, Real Estate
# posted by Dave Harbison @ 8:59 AM
Saturday, July 18, 2009
5 Quick Tips -- Get Ready to Sell Your Home!
 When the time comes to sell your home, prioritizing projects to get top dollar will undoubtedly help drive the net amount of money you will pocket at the close of escrow . There are a number of important things to consider. I'd like to focus on 5 important aspects of selling your house. More can be found in a great Seller's Guide to selling your home. If these five tips interest you, give me an e-mail and I'll mail you one.
- Curb Appeal - This is often overlooked by the seller when they first consider selling their home. Yet it's so important. Your front yard, afterall, is where buyers form their first and strongest opinions. Make sure your home, from the street, is immaculate, clean, well cared for and inviting. It will bring more buyers that are serious about making an offer on your home.
- Don't Lose Sight of the Minor Details - Buyers in this market are (and can be) picky. Make sure to walk through your home and see that even the smallest of things (i.e. electrical covers, chipped paint, worn varnish, brass plates, etc) are in tip-top shape. Give buyers fewer reasons not to fall in love with your home.
- Clean, Clean, Clean - Understand that you are trying to sell your home for TOP DOLLAR. In order to do this, you need to make sure that your home is clean, there is no dust, all the floors shine, the kids rooms are immaculate and the walk way to your front door is clear of any leaves, weeds and cut grass. You'd be surprised how many homes lose buyers because they don't tidy up on a daily or weekly basis.
- Paint - This is probably one of the least expensive ways to breathe new life into your home. A fresh coat of paint, preferably in a neutral color, allows buyers to visualize how they would change the room and make it their own without creating opportunity for them to put a negative check mark next to the room because of the paint color. And, be very wary of "the wall paper syndrome". If it's there, it probably shouldn't be. Wall paper in this marketplace is not the most desirable attributes for buyers.
- Be Realistic - Over-improving may sound like the right thing to do, especially when you talk to buyers, but it can negatively effect your net proceeds. Take the time to talk with your realtor and discuss what improvements should be done, and what shouldn't. Be mindful of costs and return on investment. In a buyer's market, you will see buyers expecting more for much less.
Small improvements can provide a wealth of value to your bottom line. The right approach to planning your sale can make a huge difference. Labels: Belmont Heights, Belmont Shore, California, Homes for Sale, Long Beach, Park Estates, Real Estate, Selling
# posted by Dave Harbison @ 9:46 PM
Friday, July 3, 2009
Buy Now? Sell Now? BOTH!
Over the past 18 months, many people I've run into (that know I'm a Realtor) tell me they're afraid to buy a home now. With the economy taking a dive and home prices continuing to fall, it doesn't make sense to invest in a declining investment. Far fewer buyers are seeing a bright light at the end of a long tunnel. Yet, they are the ones who look at "these times" as the opportunity of a lifetime. Right now, you're negotiating power is stronger than it ever has been. As the market begins to turn, that position diminishes. Now, it is still not beyond reasonable for you to ask for price reductions, closing costs and even improvements. And guess what, an extremely motivated seller is very likely to work with your demands. I can identify many more reasons for buying a home now. In the interest of time, I've included my top 4 reasons: 1. Affordability is better than ever NAR's (National Association of Realtors) housing affordability index as of December 2008, clearly communicates that homes are more affordable now than at any other point since the group started the index in 1970. In simplist terms, the relationship between home prices, mortgage interest rates and family income falls greatly in your favor. 2. Inventory is "busting" at the seams After the past 7 years, of little inventory and multiple offers, we've realized a huge number of homes on the market and ready to sell. Like most of the United States, Southern California real Estate Time on Market has grown to months rather than days or weeks. Housing are taking a lot longer to sell, creating loads of inventory. Another factor, Foreclosures and distressed properties, have added tremendously to the inventory and have been a driving force for declining home prices to nearly 2001 levels in many places in Southern California. Today, it is nearly impossible to time the bottom of the housing market, and even if you do, chances of making a HUGE profit is slim at best. As we climb out of this recession, many markets will not see the huge home-price gains they saw a few years ago. 3. Mortgage rates are extremely low It's not just the price of the home that will affect affordability, mortgage terms will also effect your monthly payments. These days, rates are very attractive for conforming loas, those that can be purchased by mortgage agencies -- Fannie Mae and Freddie Mac. These daysthe current limit is $417,000, although that can rise to as high as $729,750 depending on various factors of the sale. 4. You can get a federal tax credit There's now a federal credit line of up to $8,000 for home buyers who haven't owned a home in at least 3 years. Unlike the previous credit, this money doesn't have to be paid back. The extra cash will come in handy: The average first-time home buyer spends about $6,000 in the first 6 months of owning a home. Should you wait? No. Waiting for further federal developments may zap a buyer's negotiating power, as more people get back in to the market and competition returns. The bottom line is this -- The more Washington gives, the demand for such products will increase.
--- Dave HarbisonLong Beach REALTOR® Coldwell Banker Coastal Alliance (562) 494-4600 ext 2281 --- Long Beach Realtor® / Real Estate AgentLong Beach Homes for Sale, Condos and Investment PropertiesLong Beach Relocation Expert--- Labels: Buy, Coldwell Banker Coastal Alliance, Homes, Real Estate, Realtor, Sell
# posted by Dave Harbison @ 10:05 PM
Monday, January 12, 2009
Real Estate in 2009... Awwwwwwesome!
 Now that the holidays have come and gone, we can turn our attention to the new year. There's no doubt that, in 2008, we experienced challenges and turmoil that most of us didn't expect to ever see in our lifetime. And, if your eyes are glued to the news, prospects of a recovery in the upcoming months seem dim. I SAY BULL! Believe it or not, last year's real estate activity in Long Beach, CA and the surrounding area was very encouraging. Through the course of the past 12 months we saw demand, which is measured by the number of pending sales related to the number of active listings, rise 59%. We also experienced a 25% drop in the number of listings on the market. Most importantly sales increased 10.4% over 2007 numbers. And in the fourth quarter of 2008, sales were approaching 2006 levels -- a perfect opportunity for both buyers and sellers. In my experience, increased demand coupled with decreased supply suggests that price depreciation that we hear so much about will moderate and stablize...then moderately appreciate in the near future. Coupled with once-in-a-lifetime interest rates of 4.5% to 5% range, a rebound is right around the corner. Call me an optimist, but I'm going to be bullish on 2009. Labels: CA, Forecast, Long Beach, Real Estate
# posted by Dave Harbison @ 4:53 PM
|
