It used to be we had the book, and they had to come to us for information.”

That quote from Rob Levy, a real estate broker in Portland, Oregon refers to the MLS book, an artifact from ancient past history as long ago as the late '90's, a piece of history that by now is probably little known to younger prospective buyers entering the market for the first time who are used to quick access to information. That was back when a trusted Realtor was considered the major source of information about homebuying and selling. Fast forward now to a time when real estate information is everywhere in print and on the internet, it's so much everywhere from so many sources, that choosing the right information from the right source takes labor, time and a lot of self-education for the buyer. It's becoming important to know where to look.

Like the buyers in the article, "Buyers Who Go It Alone" by Buck Wargo, REALTOR® Magazine Online, they may think it's easy because maybe their first transaction was smooth. But different real estate cyles have a tendency to change situations, plus new laws in real estate impose additional requirements and disclosures, which may leave both buyers and sellers in quandry in the middle of a transaction if they decided to leave a qualified REALTOR® out of the mix.

Internet tools, such as MLS searches on REALTOR® websites and other online media article, are great resources not available in the past, and a non-pressured way of looking. But I'm also finding in this market that there are those who have done very little prior research and would rather come into the open house and talk personally with a Realtor, and I'm wondering if there isn't so much universal information to be sifted through, that despite media publications to the contrary, most prospective buyers and sellers want "local, up close and live" talk from a professional whose business it is to provide specialized expertise and knowledge accumulated from experience and competence.

Long Beach, CA, open house, homebuyer

Future Reminders

I just saw this on another site, it's a great idea for reminders and planning. Send yourself an e-mail you write today and get in the future to find out if you really did do the things you said you would, or planned on, or wanted to do--your annual business goals, the trip you wanted to take, a relationship, selling your home--anything at all. Try it.

Long Beach, CA

Talking to Your Realtor

With so much focus right now on housing affordability and on the financial capacity of the buyer to buy, you would think the only thing holding someone back is whether they have money, or access to it. But in fact there are other reasons why a buyer may have to wait.

Most recently, I met a man and woman who seemed very ready to buy together and told me they were pre-approved for a loan, and that they could get the letter of pre-approval I asked for. After getting them to a table where we could talk, and presumably write the offer on a house they seemed most interested in, it turned out there was more information not previously revealed. Buyers, first of all, please realize that when a Realtor asks certain questions, they’re not just prying. There’s a reason for finding out, for example, what your marital status is. Just know that California is one of the several community property states in this country, and if you’re still married—that means your divorce decree is not yet finally granted by the court—that new property you’re going into escrow with will also be owned by your current spouse.

See this Marital Status flyer from North American Title.

If you’re planning on buying with your new partner, that could complicate things. If your current spouse is not willing to quitclaim his/her interest in your new purchase, and you don’t want him/her on title with you, that could completely prevent the transaction from going forward, and might have certain consequences to you depending on the terms of the contract—losing your deposit (in this market often at least about $10,000-$12,000) could be one of them.

So please, disclose information concerning taking title to all parties at the outset of your working relationship. It will save everyone, including you, from transaction problems which might actually be negotiated in some way if known up front.


Long Beach, CA, community property, divorce

2236 San Vicente

Contact Julia at 562-896-2609 about this property and open house dates or to view this property. Current asking price is $687,500.
LA: Re/Max Real Estate Specialists

Long Beach, CA

Change in Formatting

As of today, blog entries will be categorized, and older ones will eventually be included, so lick on the links to see other entries.

Inventory Decline This Month

The inventory in November for the greater Los Angeles/Long Beach area climbed to over 40,000 units, houses and condos combined--that was up from 27,000 in April 2006. This month has settled back down to about 30,000 units on the market. Buyers have more time to decide, which is good, because buying a new home is pressure enough--but with so much on the market at one time in some areas, buyers have mistaken it for a recession, instead of a more normal market time for most properties. 2007 is predicted to be the 4th best year for real estate, according to NAR, not the 19th, which is what some have been fearing. Try finding your home through my local MLS website search, which is updated throughout the day: www.juliahuntsman.com.

Long Beach Local Zip Code Stats

Here are just a few stats for areas closer to shoreline - December 2006 median price:

90803, Belmont Heights, Bluff Park, Belmont Shore, Naples areas - 13 single family residences sold for median price of $1.135 million, a decrease of about 10% from Dec. 2005;
10 condos sold at $446k median price, an increase of 5.1% over last year.

90814, Bluff Heights, partial Belmont Heights -
13 single family residences for for median price of $700k an increase of 5.7% from previous year;
8 condos sold at $431k mediain price, an increase 13.8% over last year.

90813, Downtown areas -
12 single family residences sold at median $440k, an increase of 12.8%;
7 condos sold at $345 median price, an increase of 3.0% from 2005.

For current market listings where it's easy to search by price and zip code, go to the Property Search at www.juliahuntsman.com.

What’s Causing Home Prices to Drop?

Basically, the answer in this article is that prices increased so much in California that buyers are still sitting on the sidelines, in spite of otherwise good economic indicators. In fact, 2006 was the third best year for sales according to the National Association of Realtors, and 2007 overall will still be strong. Mortgage rates are holding for now, and on the West Coast prices are stabilizing: Don't make the mistake of the buyer in Dallas who, in a market 15% under the national median, still wants to subtract $50,000 from his offer price. In other words, know your local market.

"Buyers who are still waiting on the sidelines must learn a basic economic fact of life: if fundamentals aren't supporting a market decline, then it's not going to decline for very long. If the nation and local communities are adding jobs and population, a market decline is destined to be short-lived.

"Price is a legitimate concern, but with growing inventories, buyers should be taking advantage of an abundant selection. In a seller’s market such a luxury doesn’t exist and slim pickings mean they must take whatever is available."
Blanche Evans, Realty Times.

2007 Median Prices May Remain Flat, But Mortgage Rates May Rise

The hoped-for huge drop in home prices many buyers have been waiting for and expecting is not likely to be the reality. While prices may go up in some areas at a very modest appreciation, or just stay the same, buyer's home payments may increase with the rise in mortgage rates. So why wait? Look for your next investment property, house or condo at www.juliahuntsman.com by clicking on the Property Search. You'll be glad you did as it's updated and current throughout the day directly from the local MLS.

The Mortgage Bankers Association expects the interest rate on a 30-year fixed-rate mortgage to jump from 6.2 percent to 6.5 percent by the end of the third quarter, as investors lose hope that the Federal Reserve will slash short-term rates any time soon.

The MBA Chief Economist

expects existing-home price appreciation to slow "significantly" over the next three years, and that median prices should remain relatively flat for new and existing homes. Price gains for both types of housing are expected to be limited to about 2 percent in 2008 and 2009.

Inman News, Jan. 17,2007

Appreciation Up, Sales Volume Down

Buyers and sellers really have the best of both worlds right now, but buyers are having a difficult time seeing that in the midst of bubble talk reports. Dataquick, in its usual way, combines condo stats with single family stats, but the story is there. Find MLS search at here.