by cgilles | Feb 13, 2012 | a-El Segundo, a-Hermosa Beach, a-South Bay, Blog, Manhattan Beach, Redondo Beach, Torrance
The South Bay area Los Angeles, has fifteen incorporated cities plus portions of the City of Los Angeles and unincorporated portions of the County of Los Angeles. The area is bounded by the Pacific Ocean on the south and west, and generally by the City of Los Angeles on the north and east. Its called the South Bay because it is located on the south end of the Santa Monica Bay.
Because of its location, with the Pacific Ocean at its backdoor, LAX and the Ports of Los Angeles and Long Beach, the South Bay area is prime real estate because of these transportation hubs.
The real estate throughout the South Bay area is highly desired and sought after. This is a beautiful part of Southern California and most of the real estate is made up of beachside communities like Hermosa Beach, Manhattan Beach, Redondo Beach, Torrance, Rancho Palos Verdes, and El Segundo. There are many other cities that are all located within a few miles of the Pacific Ocean and beaches.
The South Bay area is not only a beautiful place, but it is also a geat place to live, work and vacation, which accounts for the thousands of tourists that visit the South Bay each year.
You can find a diversity of homes in the South Bay including single family homes, estate homes, hillside and waterfront homes, condominiums and townhomes, cottages, duplexes and beautiful apartment buildings. Many of the homes in the South Bay that are going on the market for sale, often sell before they can be advertised in the newspapers. The South Bay homes real estate market has always been, and continues to be very hot. Demand remains very high for any South Bay homes for sale.
The South Bay home buying market is hot, but the South Bay selling market is just as active. Often, there is a shortage of homes on the market for buyers. South Bay prices are rising again with many homeowners unaware of just how much their homes are increasing in value.
Commercial properties in the South Bay continue to be hot also, whether it’s land, new, pre-owned or undeveloped, there is always a demand for good location business property.
With the diversity and great selection available in residential homes in the South Bay, you can find just about the perfect home for you and your family and at a price to fit your budget.
by cgilles | Feb 13, 2012 | a-El Segundo, a-Hermosa Beach, a-Long Beach, a-South Bay, Blog, Manhattan Beach, Redondo Beach
If you are selling your home, you can control at least 3 factors that will affect the sale of your home.
The condition of the house
The price you are asking
Marketing Strategy
It’s important to note that there are numerous other factors that will influence a buyer, and you need to understand these consumer trends when you enter the sellers’ market. It’s important that you keep your home competitive while on the market. Your real estate agent or broker can advise you on how to best position and market your home to overcome any perceived downsides.
Location:
The most influential factor in determining your home’s appeal to buyers is something you can’t control: its location. According to the National Association of REALTORS, the neighborhood quality is the No. 1 reason buyers will choose certain homes. The second most influential factor is commute times to work and school.
Size:
Keep in mind that there will be some buyers who wish to downsize or who will want a smaller home, but over the years, homes have continued to increase in size, almost double of what it was in the 1950s. Smaller homes typically appeal to first-time home buyers and couples whose children have grown up and moved out.
Amenities:
Peoples preferences in floor plans and amenities continue to go in and out of fashion, and your real estate agent or broker can help you and familiarize you of the “hot ticket” items that are selling homes in your area and market. If you home is missing or lacks a particular feature, you can renovate the house to increase its appeal, however, you want to make sure that the investment you will have to make will actually help, no hinder, your profit margin in the end. I as your REALTOR can use the current market conditions and activity in the neighborhood to determine the best way to go.
by cgilles | Dec 1, 2011 | a-El Segundo, a-Hermosa Beach, a-Long Beach, b-Short Sales, Blog, Manhattan Beach, Redondo Beach, Torrance
If you have a Bank of America loan …and are considering a HAFA Short sale … here are changes to the process … In a HAFA Short Sale, the borrower/home owner, may be eligible for a $3000 moving credit at the close of escrow. Bank of America is...
by cgilles | Nov 24, 2011 | a-El Segundo, a-Hermosa Beach, a-Long Beach, Blog, Manhattan Beach, Redondo Beach, Torrance
There are several types of mortgage lenders for those who are seeking financing for either buy a home or refinance a home. Each type of lender has its advantages and dis-advantages, but anyone getting ready to buy a home, or refinance their home, should be aware of the financing options that exist in the real estate market today. Most all lenders who do mortgage loans are going to require the same application package from the borrower, and accompanying documents as most loans are sold by the lenders to Fannie Mae or Freddie Mac, so all mortgage financing requires the same paperwork and borrower qualification standards.
1 BANKS
Advantages:
Regulated by state and federal agencies
Current banking relationship can get you a reduced mortgage rate
Numerous branches provide you with face-to-face access
Disadvantages
Limited to products only the bank has to offer
May not have the best rates
May lack negotiation leverage when it comes to publicized rates
2 MORTGAGE BROKERS
Advantages
Access to a variety of mortgages and lenders
Can save you money by shopping for the best rates
Can quickly find another lender if your loan initial application is turned down
Disadvantages
Some function as the lender’s agent and have the lenders best interest at heart
Free to set their own pricing and may mark-up wholesale rates to whatever they want
Service may vary from broker to broker
3 HOME BUILDERS & REAL ESTATE DEVELOPERS
Advantages
Good way for the first-time home buyer to qualify
The buyer does not take title to the property until the home is completed
Disadvantages
May favor certain lenders who offer higher rates
Can pressure you into getting their loan instead of using a different lender
4 INTERNET LENDERS (ONLINE LENDERS)
Advantages
Allows you to shop for competitive rates online
Disadvantages
A greater learning curve for the borrower to understand the lending process
The most common source of home lending is a retail financial institution, like a bank or credit union. They offer specific loan products and handle their own direct financing.
Mortgage Brokers, act as the loan processors, taking care of everything needed to get the loan funded, like ordering appraisals, getting credit reports, opening escrow, and other details. Mortgage Brokers don’t fund the loans themselves, but handle the mortgage financing arrangements for the borrower. Most Brokers earn their fees (called points) from the lender, and in some cases from the borrower also, or a combination of both. Since mortgage brokers have access and work with a wide variety of banks, credit unions, and other sources of financing, they are usually on top of the latest rates, fees and lending practices, and know who has the best overall mortgage loans to meet each individual loan requirement. Mortgage Brokers also know which lender will best match the borrowers financial qualifications.
Home builder, or home developer financing is common in new home developments where there is a single builder. The builder carries the construction costs until the homes are built and are ready to be sold and permanent financing put in place to pay off the construction loan. The builder works with a lender to set-up financing for the buyer and finances the construction costs. The buyer doesn’t make mortgage payments until the home is completed and bought off by the building department, and approved as complete by the construction lender.
by cgilles | Nov 20, 2011 | a-El Segundo, a-Hermosa Beach, a-Long Beach, Blog, Manhattan Beach, Redondo Beach, Torrance
People make a decision to purchase a home or piece of South Bay real estate without any consideration of their ability to be able to make mortgage loan payments in case of an emergency or a major life change like an illness, loss of employment, divorce, or other unforeseen circumstances. The top three reasons people file for bankruptcy are change of job status, divorce, and unforeseen health expenses. If you face any of these challenges and don’t have a financial cushion like some money put away, this may negatively impact your ability to pay a mortgage. Big life events dictate your readiness to buy now or to wait for a little more stability.
Some signs that you should not buy right now:
Will you be moving within the next five years?
Are you planning on having children soon?
Will you be making a job change? (or maybe you don’t know)
Have you recently filed for bankruptcy or is your credit score below 630?
If you answered yes to any of these questions, or you are experiencing other life-changing events like illness, marriage, divorce, or breakup, you may want to wait until your life and finances stabilize better. Aside from life events contributing to your decision to buy a home, getting your financial house in order before you begin your home search is the key. Even with all the programs available for buyers with a low-or-no down payment, if your debts are growing steadily and you don’t foresee an increase in your income, you are putting yourself in greater financial risk by taking on a mortgage.
With few exceptions, most loans for people who are still repairing their credit or recovering from bankruptcy will always carry higher rates than those available once your credit is in better shape.
So the question comes down to this: Do you buy now, before prices appreciate higher than you can afford, but do so with an expensive loan?
Or do you wait and repair your credit, then get a favorable loan, and pay more for your home? These are questions that a good financial counselor or mortgage broker can help with. Don’t be in a rush, after talking to a good Realtor, and a mortgage broker or lender, go to some open houses to start getting a feel of whats available and the prices, etc. Talk to a mortgage broker about getting preapproved for the amount of your loan. Remember that your Realtor and mortgage broker can explain details of all the mortgage loans that are available. Go over your credit report and your credit score with a broker and make sure that there are no problems that will come up later in the process. Talk to other homeowners and also talk to people in the neighborhood you are interested in, and get their inputs, the good and bad. Keep an open mind and soon you may be in that new home you have been dreaming about.
by cgilles | Nov 5, 2011 | Blog, Manhattan Beach
It was news when Oleg Tverdovsky bought a beautiful Manhattan Beach home in 2007 for 2mil 49 thousand dollars and it is certainly news now that he sold it for $2,065,000. The beautiful Manhattan Beach home has 3,350-square-foot of living space home with five bedrooms and four bathrooms.
Los Angeles is not losing him altogether, as the super star still owns a home in Bel-Air which he bought in 2010 for $5.4 million.
