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long beach california real estate: Real Estate Sales Information for Long Beach, April 2009 - 06/10/09 01:38 PM
Thanks to my friends Christy Van and Robert Strausas from USA National Title Co. in Huntington Beach for providing the report with this information:
Long Beach Sales by ZIP Code, Month of April 2009
SINGLE FAMILY HOMES
90802 - 2 homes sold, median price $190k90803 - 12 homes sold, median price $723k90804 - 11 homes sold, median price $419k90805 - 52 homes sold, median price $218k90806 - 18 homes sold, median price $325k90807 - 18 homes sold, median price $385k90808 - 26 homes sold, median price $475k90810 - 17 homes sold, median price $260k90813 - 11 homes sold, median price $172k90814 … (5 comments)
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long beach california real estate: What will my payment be? The cost of home-ownership in today's market... - 06/08/09 06:31 PM
It's been a while since I did one of my "What will my payment be?" blogs, so I thought it was high time I did. People always want to know what their payment will be. Of course, your credit as well as the amount you have for down payment both play a major role in determining your final payment, but here are a few examples to get you in the ballpark. Keep in mind that interest rates just went up about .5% this past week, so these are based on current rates.
If you have any questions about rates, mortgages, first-time … (0 comments)
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long beach california real estate: Weekly Mortgage Rate Update - Buyers Take Note! - 06/07/09 01:11 PM
Here's the latest update I got from Steve Hageman at Bank of America on current mortgage rates. They show about a half point jump from just last week (see : Interest rates take a beating this week ) when they had already made a big jump. Buyers should take note and get the ball rolling if they want to purchase over the next few months. Rates continue to go up (see below). It is a good idea to have all of your clients that have been shopping for more than 30 days to contact me to reassess their maximum purchase prices. … (0 comments)
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long beach california real estate: Interest rates take a beating this week - 06/01/09 12:47 PM
Here's an email I got from one of my main loan officers this weekend:
Hello! It's been a bumpy ride for Lending this week! We had 5 pricing increases in a single day (May 27)! This was due to a massive run on the Bond Market stemmed by inflation fears. The market did settle down and produced some rate decreases on Friday. All "fence sitting" buyers should wake up and take notice that our low interest rates should not be taken for granted! Rates are still excellent, as you can see below. FHA rates are at 5.00%, at approximately 1% … (0 comments)
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long beach california real estate: Lazy agents endanger me, my clients and their own clients' pet - 05/30/09 04:25 PM
This is the sort of thing that I would normally just let go as one of those things that happens during the day-to-day business of real estate. But since it happened to me TWICE today, I thought it deserved a little air time on my blog.
I was showing condos to my client. The MLS listing said to Go Direct, but as I was putting the key in the front door, I could clearly hear a dog barking right on the other side. The MLS listing also said vacant, I might point out. Well, after a quick call to the seller's agent, … (3 comments)
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long beach california real estate: Down Payment Assistance for First Time Buyers - 05/23/09 05:50 PM
Some of you may have heard about the back-and-forth going on over the $8000 tax credit for first time buyers. They want first time buyers to be able to use the credit towards their downpayment, but current FHA rules prevent this. However, good news is coming down the road. Here's a message I got from my loan guy Steve Hageman over at Bank of America: 2 great opportunites are on the horizon for qualified homeuyers that are struggling to put together their 3.5% down payment. HUD Secretary Shaun Donovan stated at a meeting of the National Association of Realtors that … (1 comments)
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long beach california real estate: Long Beach California Foreclosed Homes by ZIP Code - 05/22/09 04:42 PM
If you were wondering just how many foreclosures there are in Long Beach, then here's some stats for you. This shows how many foreclosed homes are currently listed for sale on the MLS for each ZIP code in Long Beach.
90802 1790803 690804 1090805 46 (yep, more than twice as many as the next highest LB ZIP!)90806 990807 1090808 390810 1490814 390815 1
Total 119
So 119 total foreclosed homes currently for sale in Long Beach, with more than 1/3 of them in ZIP Code 90805. Email me for my free list of foreclosures if you'd like details on any of … (3 comments)
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long beach california real estate: Home Buyer Seminars in Long Beach - June & July, First Time Home Buyers Welcome - 05/21/09 02:25 PM
We are hosting a couple of Home Buyer Seminars this summer for people who want to learn how to find and finance a home in the current market. This is great for first-time home buyers, but also for investors or for anyone looking to purchase a foreclosure or short sale.
The meetings will be held on Tuesday, June 16, at 7 p.m., and on Sunday, July 12, at 2 p.m. They'll be held in the meeting room fo the Pacific Yacht Club here at Shoreline Village, 419 Shoreline Village Dr in Long Beach. You must RSVP for this seminar by calling … (0 comments)
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long beach california real estate: What is a silent second mortage? - 05/14/09 01:38 PM
In yesterday's blog Update on First Time Home Buyer Down Payment Assistance programs I went over some of the programs available to help first time buyers with their down payments. Most of the programs work by offering a "silent second mortgage." One of my regular blog readers was unfamiliar with the term and asked me to explain it, so here goes.
A "silent second mortgage" is a way of loaning money to first-time buyers to help them purchase a home. This is a loan, and not a gift or a grant. However the term "silent" means that no payments are required on … (4 comments)
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long beach california real estate: Update on First Time Home Buyer Down Payment Assistance programs - 05/13/09 05:04 PM
I wanted to give you guys an update on some of the local First Time Buyer Down Payment Assistance Programs.
Long Beach: all the funds for 2008/2009 have been disbursed already. Applications for the program are suspended until 10/1/2009. If you want to take advantage of this program, contact me NOW. Do not wait until the application date or you'll be behind the game again!The program requires 1% down payment from your own funds, and offers up to $275000 in assistance in the form of a silent second mortgage.Check out my previous blog here for more information on the City of … (4 comments)
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long beach california real estate: Financing Condos in Today's Market - 01/09/09 05:45 PM
You may or may not be surprised to hear that I'm having problems getting a loan for one of my buyers. Now, that's nothing unusual in this market, but this particular buyer has 10% down payment (on a $225,000 condo) and a FICO of 712. As of Jan. 1 most MI (Mortgage Insurance) companies stopped insuring deals on condos that are higher than 80% LTV unless the buyer has a FICO score of 720. You would think that a buyer with $20,000+ down payment and a credit score over 700 should be able to secure a loan ... but I'm here … (1 comments)
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long beach california real estate: Update on : Short Sales - An Endless Source of Frustration - 12/22/08 09:40 PM
I thought I would give an update to a post I wrote a few weeks back called Short Sales : An Endless Source of Frustration. I am happy to say that since that posting my client and I put in an offer on another short sale unit, right next door to the one I referenced in that blog entry. It's been accepted and we're two weeks into escrow now and things are running along smoothly so far. Of course, this particular listing ALREADY had the short sale acceptance from the lender, so I think that's the only reason things were able … (3 comments)
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long beach california real estate: The Perils of Probate : A Monetary Lesson - 12/19/08 12:36 PM
I had mentioned in my last blog My First Trip To Probate Court that the situation was a lesson about the importance of living trusts. Some of you may wonder exactly what I meant by that, so please let me explain. As most of you probably know, when a person dies in California, even with a valid will, their property can wind up going through the probate court process. During this process, the court oversees the selling of the decedent's assets and the payment of their creditors. The process can take quite a while. For example, my recent trip to Probate Court … (1 comments)
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long beach california real estate: My First Trip To Probate Court - 12/12/08 06:17 PM
Being a newer agent, licensed in 2006, I've only ever done one probate sale in the past, and the court confirmation for that one had already been done. Well today I made my first appearance in Probate Court. My client is purchased an adorable studio condo in downtown Long Beach, with original hardwood floors and built-in Murphy bed. A great '50s-era unit. The former owner passed away in the unit a little over 18 months ago. I feel badly for her heirs, as the property lost much of it's value during the time it was in probate. If there was ever … (0 comments)
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long beach california real estate: What is a BPO ( Broker Price Opinion )? - 12/02/08 07:20 PM
Most of our brokerage's signs and advertising contain the tagline "REO & BPO Specialists." You can imagine how often I get asked what those acronyms mean. I've already talked a lot about REOs ( That's 'Real Estate Owned' - owned by the lender after foreclosure - for those who missed those blogs. Take a look at my older blogs to learn more.) Today let's talk about the second acronym: BPO.
Well if you made it all the way through the headline of this blog entry, you at least have learned that BPO is short for a "Broker Price Opinion." Your marvelous … (2 comments)
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long beach california real estate: Price Drop on 1 Bedroom Condo Only 1 Block From Beach - Now $144900 - 12/01/08 09:15 PM
Adorable little 613 square foot, 1 bedroom, 1 bath condo on First Street in Long Beach just a block from the beach. Quaint 1950s building converted to condos. Lovely hardwood floors, travertine tile upgrades in kitchen and bath, and tons of storage space!! On the down side, there is street parking only. Asking price: $144,900
We also have a great Craftsman style home, 3 bedrooms, 1 bath, on the corner of Hill and Pasadena. This 1405 square foot home is for the family that just wants to move in. This home was just repaired. It has a new roof on the … (2 comments)
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long beach california real estate: Long Beach Foreclosures By ZIP Code - 11/25/08 04:43 PM
If you were wondering just how many foreclosures there are in Long Beach, then here's some stats for you. This shows how many foreclosed homes are currently listed for sale on the MLS for each ZIP code in Long Beach.
90802 5190803 990804 3090805 109 (yep, more than twice as many as the next highest LB ZIP!)90806 1990807 2090808 490810 2890811 2890814 790815 8
Total 313
So 313 total foreclosed homes currently for sale in Long Beach, with more than 1/3 of them in ZIP Code 90805. Email me for my free list of foreclosures if you'd like details on any of … (2 comments)
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long beach california real estate: Our Currently Available REO Listings ... Carson , Long Beach , Paramount , Compton California - 11/19/08 06:38 PM
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long beach california real estate: Short Sales : An Endless Source of Frustration - 11/18/08 06:16 PM
Even though I've never gotten a single offer accepted on any short sale I've ever tried to get a client into, I continue to try. Often times I find the agents with these listings to be unresponsive and sometimes downright rude. This past week I showed one of my clients a unit up for a short sale. The price is way under market so of course my client wanted to make an offer. Naturally I suggested a full-price offer in a effort to get the lender to approve it all, and for once in this market the client agreed! Faxed over … (2 comments)
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long beach california real estate: Price Drop on 2 Bedroom Condo with Parking only 1 Block from Beach in Long Beach - 11/15/08 07:18 PM
I noticed on the MLS today that the price dropped again on a property that I think is a really strong investment opportunity. Nobody's scooped it up yet because it needs some help on the inside, the bathroom especially. But it's a 2-bedroom, 1-bath condo only 1 block from the beach, with a parking space for $155000. Could this be your next home or rental property? Email me today through the link on my blog to find out more about this condo.
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David Ethridge
Long Beach,
CA
More about me…
Sea Lion Real Estate
Office Phone: (562) 285-0200
Cell Phone: (562) 673-6634
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