Proposition 37 - Help for New Homeowners in California

This proposition is up on the ballot for November, and is an opportunity for help with a low 3% down payment to buy a new home up to $1.5 million dollars -- see Secretary of State website https://voterguide.sos.ca.gov/propositions/37/index.htm.

Proposition 37 does not take money from the State, the $25 billion in bonds are paid back by the mortgage payments of buyers who purchase their homes - - this is not funded otherwise by taxpayers. And unlike other types of buyer assistance programs, there are really no qualifications for this program other than standard mortgage qualification approval, it must be owner occupied, and the purchase must be a NEW home not more than $1.5 million.  And, there is no PMI!

The buyer must be a California resident and otherwise qualify for the mortgage.  Another benefit from this proposition is that it can stimulate the building of more homes, and give more people the opportunity to buy.

See https://voteyeson37.com/press-release-yes-on-prop-37-campaign-launches-down-payment-savings-calculator/ in the various counties of the state, where the savings that could be utilized by this program is posted for each county.  Please visit this website https://voteyeson37.com for more complete information about this program, which thus far has received no opposition. It has broad bipartisan support by many California elected officials from all parts of the state. 

 Looking for new home construction near you, even if it's to be built? Please contact me for locations, I can help you, because the MLS and related sites may not offer all location information.

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

The Long Beach Average Home Price in August, 2025

Ma and Pa Grocery - Belmont Heights Favorite

The Long Beach average sales price for a single family home has been jumping around since the beginning of the year:  

January - $1,132,231

February - $1,058,802 

March - $1,188, 403

April - $1,070,180

May - $1,069,937

June, $1,266,298

July - $1,089,619

August - $1,160,302 

Looking for a lower price? the neighborhoods in 90810, Westside and Upper Westside, averaged $760,200 in August; 90804, Rose Park and Zaferia areas, was $750,400; 90806 in the Wrigley area was $700,555;  

The overall August inventory level is up to 3 months now, and selling price to original list price ranges from 98%-100.3%.  Active listings have increased since January (269) to 327 in August. An easier time for buyers because there's more inventory, however, considering the higher number of listings in August, there were 128 closed sales, the January market was even slower with 91 closed sales.

While there are still misconceptions among some buyers about how much down payment is needed to buyer, just remember that FHA loans and VA loans are out there and can  be very helpful when you don't have 20% down.  Try the down payment resource search to assist you -- feel free to contact me with questions about this guide. And for prices in other local markets, take a look at the Market Reports while you're on my website, link below.

 

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

Interested in Owning/Living in 2-4 Unit? New Lower Down Payment

Mediterranean duplex style

 New loan limits are in place for 2024, by both FHA (Federal Housting Administration) and FHFA (Federal Housing Finance Agency).  FHFA is the regulator of both Fannie Mae and Freddie Mac loans. The new conforming loan limit is $766,550, an increase of $60,000 over last year's limit.  For FHA loan, popular among first time buyers, the limit is $498,257.  But due to higher cost markets in some areas, in California, New York, the District of Columbia, Hawaii and other pricey markets, the limit for FHFA conforming loans in 2024 will be set at $1,149,825.  

Also, as of last November 18, 2023, FNMA is accepting 5% down payment on 2, 3 and 4 unit properties.  They must be owner occupied in at least one unit.  This lower down payment allows the purchaser to put more money towards standard purchase costs, property maintenance or reserve funds for the future.  To obtain qualification information, the buyer needs to contact an experienced loan officer for more information on all loan limits and financing. A buyer should also learn about owner/tenant laws, and more, assuming other units will be rented out, which of course brings in income on the property. This lower down payment is a huge benefit to buyers interested in residential multi-unit purchases.
For representation to purchase a property and assistance with all contract and disclosure aspects of buying, please contact me, a REALTOR since 1994.

 PROPERTY SEARCH:  Find multi-family units at this link and complete the form for residential income, select "active", and then under "property subtype" select (use control button) duplex, triplex, quadraplex, multifamily, and then click "Apply".  Long Beach and Lakewood, as of January 17 have approximately 48 active multi-unit listings in the MLS at all prices. Some listings may show a "Down Payment Resource" link to another site for financial information for the buyer, as well as directions, map location of property, and other tax and feature information.

This search box may be used in multiple areas for multiple types of properties. Please contact me for further information about areas.  The information you see at this link is directly from the MLS, however if you have questions or are looking for in depth assistance, please let me put my experience to work for you.

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