Do You Have a Retirement Account?

Long Beach/Southern California Real Estate • December 4, 2024

 

The gap between homeowners and renters is ever widening, "The median net worth of a homeowner is about $400,000. A renter’s is just about $10,000" , according to the Aspen Institute, just one of many financial sources concerning data on wealth. Home equity is one of the ways to build wealth, people with more income also have investments.  Many younger people have benefited from family money funneled into down payment, or parents who take money out of their home equity and lend or give to their child. This becomes more and more important as the market price of a home gets higher.  Some people don't have family money, but don't think that you can't ever buy-- first of all, you have to realize that most people don't start at the top, they start where they can reach their goal of homeownership, which can lead them to their next goal of another home. 

 

Homeownership creates stability, and creates a stronger community for everyone. I have worked with buyers who were not able to buy until well into their 40s. There's not an age limit for getting a mortgage (although that may be true in other countries), and there are various loan programs and down payment program available.

Find a REALTOR who can provide a buyer orientation, explain the process of mortgage and introduce you to a financial person, and explain the financial responsibilities of homeownership, whether it's a house or a condominium.  

 

For more information to investigate on your own, go to https://www.hud.gov/counseling for information on buying, obtaining a reverse mortgage, or avoiding foreclosure.  For more information on owning, buying, selling, renting, plus more, go to https://myhome.freddiemac.com and in particular, learn about credit management at https://myhome.freddiemac.com/resources/creditsmart .

 

Often times, a client does not want to tell their REALTOR indepth information about their financial circumstances (although certain things a REALTOR must know about about, such as down payment amount), but a client does go through much more financial disclosure with their lender.  So by going to the links above, a buyer (also a seller who will become a buyer after closing escrow), will be more prepared for discussion, and planning for their future.  

As a professional REALTOR for the last 30 years, I am acquainted with clients' stories, and what they have sometimes been through before buying. Please feel free to contact me with questions, I have access to a lot of information that can help you.


 

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate |562-896-2609 |California Lic. #01188996

 

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New California Law Grants Foreclosure Extensions of Time When Listing and Selling a Property

By Long Beach/Southern California Real Estate • December 9, 2024
Back in September, 2024, the Governor signed a bill which would prohibit a foreclosure sale for another 45 days after a listing agreement is signed, and also prohibit a foreclosure for another 45 days after a purchase agreement with a buyer is executed. This is stating the issue simply, and as stated already, certain other guidelines must be followed. Several things must be done by the mortgage servicer, including:

What Are Reasons to Buy, No Matter Whether Interest Rates are Unpredictable?

By Long Beach/Southern California Real Estate • December 2, 2024
View towards San Pedro One of my most popular posts was on the cost of waiting to buy, posted several years ago. And it's still an important reason to make a move -- Renting vs. Buying. Waiting for better interest rates can result in long term higher costs. Renting has zero equity growth and offers no tax benefits of homeownership.It's important to watch the shifts in the local market, and stay ahead of the changes, not behind them where you're playing catch-up.There's been talk of when the interest rates will drop -- but look at the local market--in spite of interest rates dropping and then rising again, the local single family market and condo market has still risen when comparing October 2023 to October 2024.  The demand is still strong, and that's helping the overall upward surge in prices. Here's a scenario from my post back in 2009, you can substitute in current asking prices and slightly higher interest rate, but the point is still the same:Let's make an assumption that the prices may still decline 5% more before they start appreciating again. If while a buyer was waiting for the price on a $250,000 to go down 5% to $237,500, and the interest rate goes up one percent from 5.25% to 6.25%, which is entirely possible, the buyer's monthly payments will increase almost $79 per month. If you're a first time buyer (meaning you haven't owned property in the last years), look into the buyer programs offered through various banks.If you're holding back because you think interest rates will drop again, or again, just think about how you could be gaining equity, and saving on  tax deductions.  Not every home that's come on the market is selling, and reasons vary, but think again about your goals towards homeownership. Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

What To Expect From Your REALTOR® if You're Buying or Selling An HOA Property

By Long Beach/Southern California Real Estate • November 20, 2024

Los Angeles Area Cost vs Value for 2024 Remodeling Jobs

By Long Beach/Southern California Real Estate • November 6, 2024

Long Beach Real Estate Market, October 2024

By Long Beach/Southern California Real Estate • November 5, 2024
Long Beach Sales October 2024 In October, the average sales price of a single family increased by 1.1% since one year ago, to $1,089,651.The median SFR price for October was $940,000, an increase of 4.2% from one year ago.For condos, both the median and average prices also increased, by 1.5% and 1.6% respectively, $559,000 and $619,000 respectively.  The inventory of homes for sale increased also, an encouraging sign for buyers, by 3.1%, but at a total of 270 homes for the entire city, that's not such a very large number compared to other cities in some states. Note the small print at the bottom, that the sales price showing does not account for down payment assistance or seller concessions.  Many people may not know this, but seller concessions, i.e., repairs, seller contribution to buyer costs, are noted in the MLS separately when the property closes.  So an appraiser notes these concessions and subtracts that figure for the net amount of the sale price of the property.  And, broker compensation has always been calculated into final sales figures, so knowing that amount is of significance to all parties as well.In the coming 2025 year, increased inventory, lower interest rates and a strong economy will create a more viable real estate market.  Supply and demand are always the key driving factors, so greater supply helps both buyers and sellers.If you would like to know your home value, even if you're not sure about selling, but perhaps for insurance purposes, or any other reason, just  contact me or use the property search on my website to review the market in your area.  Go to https://www.abodes.realestate/mls-property-searchJulia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

September Sales Data Graphic for Long Beach California

By Long Beach/Southern California Real Estate • October 21, 2024
 Seller Guide GraphicSeptember 2024 sales data in Long Beach California shows a climbing 3 year price trend using price per square foot for single family homes, an increasing number of days on the market and more homes selling under list price as over list price. Properties on the market longer than 5 weeks amounted to 65% of the listings. Price per square foot is more commonly used in commercial listings, but here it's an additional way of showing the overall price increase in single family homes.The average price of a single family home in Long Beach in September was $1,105,665 the condo average was $571,828.Yes, there are homes lower than $1,000,000, and it's even possible to use FHA financing (3.5% down payment) in the higher brackets. Please contact me if you are interested in finding out more! Or go to my website below to use the property search which has the latest information from the MLS. Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Are You Voting on California Ballot? You Should.

By Long Beach/Southern California Real Estate • October 15, 2024

New California State Law Requires Buyer Broker Agreement as of January 1, 2025.

By Long Beach/Southern California Real Estate • October 3, 2024

CALIFORNIA ASSOCIATION OF REALTORS Market Forecast for 2025

By Long Beach/Southern California Real Estate • September 27, 2024
Summary of Yearly Housing Sale DataThe annual report by the REALTOR trade group was publicly reviewed last Wednesday at the Long Beach meeting at the Convention Center by CAR economist Jordan Levine. What do people want to know first? How much more will houses cost next year.Here are 3 main points from the CAR economist report for 2025:Existing, single-family home sales are forecast to total 304,400 units in 2025, an increase of 10.5 percent from 2024’s projected pace of 275,400. California’s median home price is forecast to climb 4.6 percent to $909,400 in 2025, following a projected 6.8 percent increase to $869,500 in 2024 from 2023’s $814,000. Housing affordability* is expected to remain stable at 16 percent next year after slipping to a projected 16 percent in 2024 from 17 percent in 2023.There's much more to this 2025 annual report, which can be shared on request.If you would like to discuss your home value, please feel free to contact me for conversation.  Or, try out this automated home valuation program which will also send you email updatesJulia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

How Can Two Appraisers Value the Same Property Differently?

By Long Beach/Southern California Real Estate • September 24, 2024
House with pool A situation to avoid in any market is ending up with a contract price that the appraiser doesn't agree with. Sometimes sellers are willing to lower their selling price, or buyers raise their contract price, or adjust their loan level if possible to meet the new selling criteria.  Sometimes an appraiser is willing to make an adjustment (not very common), or the lender order a new appraisal which is probably going to be an additional expense to the buyer. This is why it's so important to find the right list price and selling price when putting your property on the market--sometimes though, there's just no predicting even when you thought you chose justifiable comparables.  Read the article below about how these disparities can come about.  How Can Two Appraisers Value the Same Property Differently?: One of the most frustrating things for consumers, agents, and even appraisers involved in a real estate transaction is seeing disparate results in two or more appraisals of a property. A variety of factors—including timing, purpose of the valuation and comparable sales used—can lead to disparities.
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