Interest rates on home loans are down one full percentage point in some categories from April 17, 2008, for example 5.5% for a 30 year fixed loan due in 10 years. Tuesdays, I attend our Office Meeting and then go on to the Palos Verdes Real Estate Broker's Tour. Better loan rates were the pleasant surprise at our Office Meeting. Today's Broker's Tour had 24 properties to view in approximately two...
I believe home buyers of Palos Verdes real estate are finally waking up. Blanche Evans in Realty Times has written that consumers have "been getting bad information" and goes on to explain that Robert Shiller (founder of the Case-Shiller Index) might just have an ulterior motive when he says that housing prices may drop further than 30% (as experienced in the Great Depression). Shiller "makes money...
I have been part of a lively conversation lately regarding the practice of "double ending" transactions -- representing both the buyer and seller in the same real estate transaction. This is an acceptable practice in California and the Palos Verdes/South Bay area. How does this serve the buyer and seller? My personal feeling is that I cannot fairly represent both the buyer and seller. The buyer...
Buyers may need 5% more down payment to buy homes that are designated to be in a declining market. By the way, the entire state of California (including real estate in Palos Verdes) is considered a "soft market" by Freddie Mac and Fannie Mae. Kenneth R. Harney of the Washington Post wrote an excellent article on April 26, 2008, entitled "Declining Markets and Self-Fulfilling Prophecies(which was...
This is an open letter to Buyers. If you are looking for foreclosures or REOs (bank owned real estate) in Palos Verdes or the South Bay, here are some ideas to help you... One for the Money -You must have your finances ready. The Bank-Seller has already experienced shaky finances from the prior owner. Get pre-approved from your lender and have them pull your current FICO scores. You will also...
"Home prices staying afloat at the beach" is today's headline in theLos Angeles Times Business Section. They researched 18 zip codes "excluding such spend-happy areas as Malibu, Palos Verdes and Newport Beach" inferring that real estate in those 3 cities are doing even better. Kudos to the LA Times for writing a balanced article with information that is specific to our South Bay area. We are...
Rancho Palos Verdes was the last city on the Peninsula to incorporate in 1973. The city has 7.5 miles of coastline and 12.3 square miles of land. Rancho Palos Verdes is the largest city on the Peninsula. According to the U.S. Census Bureau, the estimated population in the year 2003 was 42,265. Current real estate prices for single family residences are between $619,000 (for a 2 bedroom, 1 bath,...
Palos Verdes Estates was the first city on the Peninsula to incorporate in 1939. The city has 4.5 miles of coastline. Twenty-eight percent of city land is permanently deeded as parkland and maintained as dedicated open space. According to Palos Verdes Estates Resident Handbook, the population in the year 2000 was approximately 13,572. Most homes are custom built and one can only find multiple...
Real Estate is like baking cookies because: 1. Research is key. 2. You must gather all information (ingredients) before you begin. 3. Care (measuring) must be taken during all steps. 4. You must be patient and attentive during the escrow (baking) process. 5. You get to enjoy the fruits of your labor for many years (days). photo courtesy of John...
The answer seems to change daily. I checked with a lender today and a 30-year fixed conforming loan (now $729,750 for Palos Verdes Peninsula/South Bay real estate) is 5 3/8% with one loan point while a jumbo loan is 6 1/2% with one loan point. On a jumbo loan, lenders are requiring a minimum of 25% down payment (this is new). A HUGE caveat on the conforming loans is that if the loan exceeds the...