Have You Ever Been Hacked? What To Do Next

Online security affects all of us. Here is some new advice from the chief information officer Josh Sharfman at California Association of Realtors:

1. Isolate your computer by turning off wi-fi and unplugging the hardwired connection to the internet.

2. Change your password, but there's more on this:  Use a passphrase, as recommended by the National Institute of Science and Technology.  This means

• A unique passpharase at least 15 characters long and difficult to guess, such as "myllamahasnotoes".  Upper and lower case letters, numbers and special characters are counterproductive because a good password is one you can remember.
• Check your passphrase against a list on "Pwned Passwords at www.haveibeenpwned.com/Passwords, where you may also checks compromised accounts.
• Don't worry about periodically changing your passphrase. This may be controversial, but recent studies have shown that periodic changes are counterproductive.

 3. Enable multi-factor authentication (MFA) or (2FA).  This requires you to use two different methods of confirming your identity by text, phone call of verification code in an app. Go to www.turnon2fa.com to learn how to turn on MFA.

4. Update your security questions and responses, try to use less common questions.

5. Scan your computer using your installed antivirus software while it is disconnected from the internet. Reconnect your computer and then download updates and run antivirus scans again.

6. Reach out to your contacts to let them know you've been hacked, and you might want to give them the advice in this article!

For help on how to buy your next home, please contact me.  I have been a Realtor for 24 years, and I know how to help you. Both buyers and sellers are cautioned about wire fraud security in their transactions.  I have more information for buyers and sellers on my website at http://www.juliahuntsman.com.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

Average Selling Prices for June, 2019 in Long Beach,Lakewood, Cerritos, Huntington Beach and Three Counties

View of downtown Long Beach

All these prices are for the month of June, 2019, based on data from CRMLS Infosparks:

Average prices for single family homes in Orange County were showing a slow downward trend since early 2018 but shot upward in May of this year, while Los Angeles County is trending up from $919,000 in December 2018, and San Bernardino County's average is now up the highest in the last 18 months as homeowners and investors find buying opportunity there.
The average days on market for the four cities is about the same as before.  However, in the very high end markets in Long Beach, properties over $1 million are generally on the market longer than those under $1 million.

Average single family home prices vary according to area, and here's what they look like locally:

June, 2019

Long Beach
 $661,746                 Avg Days on Market :34

Lakewood
$603,745                  Avg Days on Market : 28

Cerritos
$728,655                  Avg Days on Market :42

Huntington Beach
$1,014,446 (18 month high)   Avg Days on Market :40

Los Angeles County
$966,765 (still down from a high in May, 2018)

San Bernardino County
$377,714(highest average price in last 18 months)

Orange County
$1,087,04 (down slightly from May 2019 18-month high)

 

For condo prices, please contact me!

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do it! It pays to keep an eye on things.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

Top Floor Cathedral Ceiling Condo, Turnkey, under $420,000

Prime top floor condominium with spacious city views of the downtown Long Beach skyline. Cathedral ceilings and upper level clerestory windows offer plenty of light into the south facing living room. Extensive recent upgrades include stylish new kitchen cabinets, addition of dining area cabinets below new quartz kitchen counter and tiled backsplash, new gas stove, microwave and refrigerator. Bedrooms are spacious, closets have sliding mirror doors. Bathrooms have new dark colored cabinets, light colored counters, mirrors and tiled bath/shower areas, new appliances and new tile flooring. Hallway has additional counter and storage. A separate laundry closet in the hall includes a stackable washer/dryer. New vinyl flooring throughout sets off the light colored walls. Many Association features include the community pool and spa, exercise room and common area patio. There are two side-by-side parking spaces on the ground floor level in the gated parking garage. This unit is walking distance to Cesar Chavez Park, transportation and close to downtown entertainment, and is freeway close. A great opportunity at a good value.
Views, lots of light, Turnkey!
555 Maine Ave., #403, Long Beach.

• 2 bedroom, 2 full baths
• 2 parking, side-by-side
• South facing downtown city skyline
• Central Air/Heat
• Extensively remodeled, all appliances included.
• 
   MLS:  PW19086104
  Price, $410,000
  HOA dues:  $310/monthly 
• In escrow as of 4/24/2019 
• This unit closed on June 26,2019
  
  
  
  
  
  
   

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

What Does It Mean to Be a Co-signer on a Mortgage?

In today's world where there are higher home prices, many first time buyers, or younger buyers especially, are fortunate to have parents or grandparents to help them out financially.  There may be different reasons for seeking a co-signor on a mortgage loan, and sometimes there is another adult willing to help in that way.

According to an article by Lise Howe in REALTOR Magazine, 22.8 percent home purchase loans in 2017 included a co-signer, an increase from 2016 (data from ATTOM Data Solutions).

Frequently, buyers and sellers look to their Realtor as a source for answers during a transaction, but there are times we cannot advise when the question involves legal advice, tax advice, and other issues which are not included in a real estate license.  So a buyer and his/her co-signer really need to obtain advice and information about the responsibilities of being a co-signer.

So keep in mind, if you're a co-signer:

1. You are completely responsible for the loan payments if the buyer is unable to make payments.
2. The co-signer's credit report will reflect problems, if any, with the mortgage.
3. The loan affects the co-signer's own debt-to-income ratio, which could affect their own purchase plans in the future for borrowing capacity.
4. The co-signer's debts and financial information must be given to the lender as part of the buyer's loan process.
5.  Is your risk in the situation covered, i.e., your cash flow?

The decision for what type of mortgage to obtain is the buyer's responsibility, and it's the buyer's responsibility to search out their best options for borrowing.  So buyers, please talk to your tax advisors and a financial planner to make sure whatever you're considering fits into your financial capacity.

An option that does not involve co-signing is for the buyer to obtain help on the down payment only; with interest rates having dropped lately, buyers can qualify for more and possibly not need a co-signer. 

Please contact me if you would like more information about making a home purchase.  I have worked with many first time buyers in my 24-plus years of real estate experience!


Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

A Few Positive Points about the Current California Housing Market

Here's some good news about the California real estate picture, in spite of everything else we hear/read/see:

• California unemployment is the lowest in over 40 years.
• The number of active listings increased in all California regions--highest number is in Southern California as of February, 2019:  over 26,000 single family homes on the market which is 20% more than last year.
•  California home price continues to grow at a modest pace, median price Feb. 2019 was $534,140, growth of 2.2%.
• The Inland Empire (i.e., San Bernardino County, and surrounding areas) price growth increased to 5.7% , compared to 1.4% in Los Angeles area. So what does this say about where it could be a good place to buy?
• Over all increase in owner-occupied single family homes from 2000: from 6,295,466 to 6,669,522 in 2018.
• More than half of California sellers surveyed by CAR think it's a good time to sell in 5 of last 7 months.
• Interest rates are low and may stay low for the rest of 2019! Good time for FHA buyers! The lower the rate, the lower minimum qualifying income for the buyer! Take advantage of low rates!
• Despite tough market conditions, first time buyer share is highest since 2012, at 34.8% in 2018.

Overall, the economy fundamentals are strong, including low national unemployment rates and increased job growt as of December, 2018.

While housing affordability is still an issue in California, prospective buyers do have options. And, a very important fact for buyers to learn is that there are LOW DOWN PAYMENT options, in the CAR survey over 70% did not know that an FHA loan only requires 3.5% down!!  FHA loans also allow for less perfect credit than conventional mortgages.
Please contact me if you are interested in buying or selling and let me put my 24+ years of experience to work for you!


Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

That's Who We R®

That's Who We R®: The National Association of REALTORS®’ exciting new national ad campaign will clearly demonstrate the value of a REALTOR® to consumers, distinguish REALTORS® from other real estate agents, and deliver a sense of pride in REALTORS®.



Julia Huntsman, REALTOR, Broker |
www.juliahuntsman.com |
562-896-2609 |
California Lic. #01188996

Where Do U.S. Cities Rank on Vacancy Rates?

Jacaranda Trees in Stearns Park, Long Beach

The percentage or number of vacant properties in a region may indicate how easy or tough it is to buy or sell there, with higher vacancy rates usually meaning a buyer has an easier time of negotiating with the seller, but there are certain factors to take into account.  Lending Tree ranked the nation's 50 largest metro areas based on vacancies, and came up with some interesting numbers. Some, but not all, areas with more vacancies are more affordable than others.

Miami, Orlando, and Tampa in Florida have the highest vacancy rates, but those vacancies are also based on those areas being second home destinations, meaning they are not occupied all the time and therefore push up the percentage rate on vacancies.   San Jose, Denver and Minneapolis have the lowest vacancy rates in the nation--they have strong job markets combined with an influx of millennial buyers, factors which help sellers sell, but make tougher conditions for young homebuyers.
The next four cities with the lowest vacancy rates are Salt Lake City, Portland (Oregon), San Francisco and Los Angeles with 5.55% to 5.85% vacancy rates.

But a homebuyer might want to skip Florida, and head straight to Las Vegas, which has a 14.56% vacancy rate (4th highest in the nation on this survey) and a median home price of $212,300.  And speaking of median home prices, the lowest in this survey is in Buffalo, N.Y., at $135,000, with a vacancy rate of about 9%, which is the national average.

So while prices, and rents, are high on the west coast, if you are able to give yourself options, consider an area on this Lending Tree list.  It may not have the weather of the West Coast, but then that's why so many people have flocked here for generations, and created all that homebuying competition.
If you still think you'd like to consider a home in the Long Beach/Los Angeles metro area, I can help you with that, just go to www.juliahuntsman.com and search for a property! Or contact me by text or phone, or email! I have 25 years of experience to help you with.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

Housing Market Review, Fewer Sales and More Listings on the Market

Sales volume down in So Calif

As one can see from the slide (presented at 2/27/19 talk by Joel Singer, CEO of California Association of Realtors) to the right, sales volume locally (and elsewhere) is down, and has been for some time--since April of 2008.

Another example of reduced 2018-2019 sales volume in Los Angeles and Orange Counties are in the two charts showing reduction by about 37% compared to January 2018 in LA; reduction by about 35% in OC. The median price for OC home declined $35,000--median price in LA stayed the same. INTERESTING!!

Sales volume change in Los Angeles County

Sales volume change in Orange County

 







In Long Beach, sales volume decreased about 5% in one year. The City of Orange had a 12% decrease in sales. But year-over-year median price home prices increased in Yorba Linda, Norwalk, Garden Grove, and elsewhere, whereas Long Beach/Lakewood have decreased by lesser amounts in price.

The essential points presented last week were:
"• Housing market conditions continue to soften | • Sales down double-digits despite recent decline in interest rates | • Price growth remains near lowest level since early 2012 | • Fundamentals are still solid | Window of opportunities for buyers"

The good news for buyers is that inventory statewide is the highest in almost 3 years.  Buyers and sellers have become so accustomed to a history of lowered inventory, it's time to be reminded that a normal market is about 6 months of inventory--we're still not there! The lowest price segment of $200,000 and lower has not seen an increase, however, and many buyers need that price point.  Long Beach in February, for example, had 2.5 months of inventory for single family homes, and that was a 38% increase over one year ago. We still need more units on the market.  The biggest recent increase of active listings on the market is in the Bay Area, 57% higher than last year.

Advice for sellers is to be reasonable in your asking prices, it's still a very good time to sell.  Buyers may take some encouragement as the inventory comes up!



Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

More Realistic Lender Rules for HOAs would permit more Buyers to Buy Affordable Homes

According to the National Association of Realtors, there are between 145,000 and 155,000 condominium projects in the United States.  As background information, in order for FHA loans to be approved in a condo development, the entire association must be approved by HUD (per its guidelines) and this approval must be obtained every 2 years. That is a lot of paperwork for most HOAs to focus on, along with all their other usual work in maintaining their association, via their Boards of Directors.   "As of January 2019, FHA has approved only 9,427 of 52,410 condominium project applications." Hence, many association in the U.S.--certainly in Long Beach--have dropped their former approvals, and sellers must now depend on buyers who obtain conventional financing.  But they are losing prospective buyers, since many first-time buyers opt for FHA loans for a variety of reasons.

HUD has been asked to lengthen the recertification process time, as well as loosen up on other items such as owner-occupancy requirements.   Currently, 50% owner occupancy is required for FHA loans, but HUD is being asked to reduce that to 35%--because many HOAs do not have rules about how many rentals are allowed, and lower owner occupancy ratios are excluding buyers bringing FHA loans with them. Also, HUD restricts the number of FHA loans allowed in a project to a very low percentage, but eliminating that rule would allow more buyers to buy. In the past, "spot approvals" were allowed, meaning one unit could be approved for an FHA loan in a non-approved building, as long as that HOA met certain criteria.  Spot approvals are once again being requested, again, this would increase homeownership.  The two-year approval period is asked to be increased to five years, this would vastly help Boards of Directors and sellers alike.

Given the almost daily appearance of lack of affordability for buyers in the newsfeed, an opportunity to buy a condominium, which is a lower sales price market compared to houses in many areas, is an opportunity for homeownership for all.

If you are interested in a condominium purchase, or finding out about the features of condo owership, please contact me via phone or email. I am familiar with condos, and would be happy to share my information with you.


Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

Sales Volume, But Not Price, Down in Los Angeles and Orange Counties in 2018

Los Angeles County Median Sales

 One of the most immediately noticeable things about the two charts is the decline in number of sales in both Los Angeles County and Orange County in 2018 compared to 2017. 
LA County sales for both single family homes and condominiums declined about 40 percent in 2018, and the same for Orange County.

Yet the median sales prices increased.

 The price increase is also predicted for 2019, at a lower rate in some price categories.  The market under $600,000 continues to be the most competitive and sells more quickly.

Interest rate hikes are likely to be left alone for a while, and the Mortgage Bankers Association currently reports the highest level of mortgage applications since 2010.

In the continuing competitive real estate environment, buyers must be totally prepared with a complete loan pre-approval from a qualified lender, while sellers are advised to be realistic in pricing of properties.
 

Orange County Median Sales

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996