Looking for a Home Plus Guest Quarters Under $350,000? It's Here!

This upgraded and remodeled single family home the Circle Area of Long Beach has a lot of advantages for a new homebuyer because there's so little work to do! 

Who wouldn't want the upgraded bathroom, and the new kitchen with granite counters and recessed lighting, complete with the cooktop range with downdraft feature? Hardwood floors, dual-paned windows and a roof (2005) in geat condition help a new buyer get settled quickly. 

Verizon FiOS is already installed for state-of-the-art connections.

The nicely landscaped yard is completely enclosed, and patio areas are paved with Saltillo tiles. The side yard is good for play area or a dog run.  And, though it's not permitted, there are additional guest quarters of approximately 175 sq. ft. with bathroom which makes a great office space or a third bedroom also!

Two-car garage with laundry hookups. For current listing price for 3100 Spaulding St.,  See listing here..

Please call me for more info!

Lower Loan Limits and a Higher 20% Minimum Down Payment?

Without an extension or permanent change enacted by Congress, loan limits will decrease from $729,750 to $625,500.  Couple that with new demands for a minimum 20% down payment for conventional loans and strict debt-to-income ratios, and there could be a very sad situation.

In many states these changes may not change too many people's lives.  But in California where the market has for years been higher than other areas of the country, those changes could be critical, decreasing ability of buyers and sellers to purchase and sell, and hurting the recovery of our market. There are 27 California members of Congress who have spoken out against these changes. Everyone should know how their homebuying or homeselling future could be impacted by these changes, and possibly be shut out of the market.

And to make matters more confusing, there have been alternate proposals, and different ideas of what defines a Qualified Residential Mortgage, meaning those mortgages that could be exempt from the new rules. While it may have started with good intentions, these new rules, if passed into law, could have unintended, unknown effects.



Know Your Local, Local Market: A Call to Confidence, for Buyers AND Sellers

Don't short change yourself.

Sometimes people act as if they are just looking for a reason to feel bad, and any attempts to correct, or just gently push away, negative assumptions are met with even stronger resistance.  Twice in four days, the negativity virus has struck people I'm talking to. (The open house rate can be much higher.) One person believed he has the worst looking house possible and that it will never sell, when in fact, a few immediate corrections, including some paint, costing $1000-$1500 would probably put the home on its path to a motivated buyer in at least his house price median. Unfortunately, this owner has fallen prey, over and over, to the repetitious negative media message about "the bad market", all the while knowing nothing about his neighborhood statistics. He couldn't believe he actually had an opportunity somebody out there is looking for: a solid little house with a large back yard in a nice neighborhood under $350,000. Instead, he was looking backwards at perceived complications and difficulties, not forward into the light of a sold property. Maybe he's just not ready, but just in case he's reading this, the light of a sold property can be a very happy light.

This is the real job of a real estate agent: educating the client, which in turn would fire them up with more enthusiasm and motivation about taking action. It's a shame to see a person get into a real funk, a downward spiral of mopiness, when I'm hearing there are buyers looking and looking for certain opportunities. Repetition of the message is where it's at.  The media knows this, and feeds on the human tendancy to embrace fear.  So Realtors have to know it also: We have to be prepared over and over, to show, act and tell wherever and whenever, the postive truths about a client's local market, and show them what solutions could work best for them, over and over. You can't convince someone of something they really don't want to be convinced of, however, repeating things over and over is the key to all learning. Yes, it's a challenge. 

I tried to explain to my prospective seller that the first time buyers are out there in great numbers, in fact, in Los Angeles County, about 60% of first time home buyers can afford a median-priced home (at the height of the market it was about 10%).  At the end of 2010, the LA County median priced single family home was $323,000 (per CAR), and for April 2011, it was $333,000 (per tax data).  And then I tried to explain that investors with all or 50% cash have been very strong in the market also, composing 30-50% of all sales in some markets, actually making it tough for the first time buyers who get outbid.  So Mr. Seller, for the right property in the right area, there's competition out there. Our unsold inventory in Long Beach is recently at 2-3 months (that used to be called a seller's market), the housing affordability index is now where it was in 1999 and 2000. The trickle up effect is that the higher end homes are selling more--those over $750,000 in Los Angeles County have decreased in supply of inventory compared to one year ago.

Just give peace a chance.

Single Family Sales--Market Snapshot for May & Past 12 Months in Long Beach

Date: Avg price Dec 2010 to May 2011
'Single Family Residence'
 'Long Beach'

The most sales of single family homes in Long Beach within in past 2 years is in the $200,000-$300,000 price range: a total of 1,347. The top selling area in that price range in the last 12 months was in North Long Beach, with 821 closed sales in the last 12 months, and continues to have the highest sales volumes for May, at 71 sales, in the same price category!

Based on a group of 60 listings, Bixby Knolls/California Heights area averaged $562,025 in May with 25 sales, with the Plaza and Los Altos areas at 21 and 20 sales for May. The top 5 areas in average sales price for May are Belmont Heights at $878,900, Belmont Shore/Naples at $842,000, Park Estates at $749,000 (4 sales), Bixby Knolls/Cal Heights, and Lakewood Village at $544,000. Remember, these monthly average sold prices are based on properties sold during May, and are not their list prices.
Overall, the chart, based on MLS data, shows an  upward trend--with monthly variances--in average price since December 2010 for the City of Long Beach.

New Listing: 555 Maine Ave., 309, Emerald Villas, downtown Long Beach

 Looking for that desirable "under $200,000" price? You have found it here. This is such an attractive east-facing unit in the Emerald Villas, bright and sunny in the mornings. Besides a great floor plan that features a master bedroom/master bath, plus a 2nd bedroom with a hall bath, inside laundry, and a third floor view, the buyer also receives all the appliances (microwave, refrigerator, stove AND stackable washer/dryer). The living room features a gas fireplace, and floor-to-ceiling beveled-seam mirrors on its entire south wall, plus Pergo flooring. Although it's not needed that often, this unit also has central air and heat. This is a nicely maintained unit that has been recently carpeted (bedrooms), painted in the last 2 years, with newer appliances since 2007.

If the buyer needs a loan source, I can possibly help with a source that provides 3% and 5% down conventional for condos. The building is currently FHA-approved, but its status for FHA after July 31 is unknown at this point. The HOA common areas include rooftop deck, central atrium pool and spa, and exercise room. HOA fees on this unit are $245/month and includes two side-by-side parking units. Location is near an elementary school, and all downtown amenities, including the Aquarium, Convention Center, and nearby freeway access.

Take advantage of this opportunity! These units sold in the $350,000 range in the high market. To see more on this unit, go to Long Beach Homes and Condos.  Now listed at $179,000!