LA Beach Buzz: Real Estate, Restaurants, & Relaxation

Home Buyers on the Move

With the passage of the economic stimulus package, many home buyers are taking advantage of the opportunity to get an FHA (Federal Home Administration) loan.

FHA loans had lost their popularity especially in our high-cost areas of California in the 1990s, as home values began inching upward, surpassing FHA mortgage limits.

Hot Property: Hollywood Riviera

For more information on this home visit: www.HollywoodRivieraLiving.com or call: (310) 745-1600

Selling for more...even in a Buyer's Market

If you're planning to put your home on the market in time for spring, now's the time to get it ready to show.

But wait, it's still a buyer's market. What can you do to catch the buyer's eye and get them to make an offer?

It's going to take more than a fresh coat of paint and a new welcome mat. A buyer's market raises the stakes, and you'll find you need to do a lot more work on your home than you think, if you want to get the highest price possible.

You've heard that you should clean, paint and repair, but that may not be enough. If your home is cluttered and in disrepair, buyers won't pay top dollar.

Knowing how buyers reason should help you pick which updates are most likely to help you sell your home. 

Let's take the most basic selling suggestions and explore why these are such important mantras.

Great Place in Playa Vista

For more information about this home visit: www.VillaSavonaLiving.com or call (310) 745-1600 to schedule a showing.

Garage Makeover: The New Frontier

What is the easiest way to add more room to your house? The answer, of course, is to remodel your garage. A very cost-effective way for you to gain more space for your house is to remodel.

You can greatly expand your home's living space, especially if you no longer use your garage to park your car, but are using your driveway instead. Remodeling the garage can help you get more organized, and stop storing everything in your garage.

Your garage is the perfect place to house your workshop, studio, or home office. Many people also find that their garage can be used for a gym, or for a second living room designed for special activities.

Because most garages are attached to the house, they can benefit from the same comforts as a home: heating and cooling, phone wires, and plumbing.

So the garage can give you additional space and increase the value of your home without any major changes to the original floor plan. All you need is a little imagination, a budget, and a plan.

For a list of contractors or additional advice on adding value to your home call the LA Beach Living Team: (310) 745-1600

Interest Rates Dropping

Rates on 30-year mortgages dropped for a fourth straight week to the lowest level in nearly four years, raising hopes that low rates will help spur a rebound in the housing industry.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.48 percent this week, down from 5.69 percent last week.

It was the fourth consecutive decline and the third straight week that rates have been below the 6 percent level. The new rate marked the lowest point for 30-year mortgages since they averaged 5.40 percent the week of March 25, 2004.

Economy Insider

Bill Gates, the world's richest man, believes the US economy will not fall into a slump because technological progress will help it to grow, he said in an interview with a German newspaper on Thursday.

The Microsoft co-founder told Bill he believed the severe turbulence on the global markets sparked by concerns of a recession in the United States would calm down.

"The US economy has been very strong in the last 10 to 15 years. Unfortunately I don't have a crystal ball to see into the next few years," Gates said.

South Bay up California down

South Bay home prices up 14.3%

As California and much of the nation see home prices drop, the South Bay Association of Realtors today will release local statistics that appear to buck that trend.

The South Bay's median price for a single-family home in December was $741,500, or 14.3 percent more than a year earlier, according to the group.

The statistics include new and resold homes. The median price represents the middle figure where half of all homes sold for more and half sold for less.

Source: Daily Breeze

Is now a good time to buy a home?

Here are the Top Ten reasons why this market makes is primed for purchasing

1. Selection, Selection, Selection: Regardless of the price range you are in, there are plenty of houses from which to choose. Just a few years ago the beach resale inventory was at a bare minimum. As a buyer you were forced to make compromises if you were going to purchase a home. There is now great selection of single family homes, condos, and townhouses. Lots of options means you win.

2. Peace has come to the Bidding Wars: In 2005 we saw people making offers on numerous homes at a time. They would lose the first nine to the 'feeding frenzy' that existed. Only occasionally these days do we see a home go into multiple offers...and that usually happens because the Sellers have priced the home very competitively.