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In recent years it has become well known that many South Bay real estate professionals will advise a homeowner to use a home staging person to dress up a home and make it more appealing for any potential buyers. These staging techniques have become popular and are successful in many cases. The stagers will rearrange furniture to make rooms look bigger and bake cookies to fill the air with a homey aroma, and use other tactics to make the house look like something that it isn’t. Smart homebuyers, however, should look beyond these techniques and look at the house from a realistic standpoint. The basic premise of staging is to make the house more presentable, but potential buyers must look beyond that and get serious because this may be the biggest investment they will ever make. Buyers must be able to uncover the real house behind the staging. Here are a few tips: Beware of Home staging Techniques Before and After FLOOR PLAN: Is this the plan you like and does the layout of the house fit your plans? An example: If the kitchen is a little small, can you remodel it later, or is it in the center of the house and impossible to remodel? If the children’s bedroom is located in an area too far from the master suite would you be able to hear them, or get to them in an emergency? Many buyers want a big house with many rooms, but can they afford to furnish all of the rooms? Buyers also need to think about the cost of utilities and maintenance on a larger home. If the land parcel is excessive, can you afford the yard maintenance costs? Stagers and builders will often remove interior doors to make the home seem airy and open during open houses. When the doors are put back in place, the rooms will seem smaller and closed in. A buyer must consider all of the furniture and possessions they have and decide whether it will all fit or not. CHECK OUT LITTLE DETAILS: Buyers must check out the little details that most people overlook. Check the furnace air filter. Is it a mess, clogged? This could be an indicator that the sellers have not done too much routine maintenance on the home. Buyers should check under the sinks to look for water marks from old leaks and make a list of things to have a home inspector check out more thoroughly. They should move furniture and rugs and check underneath for any damages or water stains. Do not be afraid to move things around and to ask questions that you might think embarrassing to the sellers. Are the doors solid or hollow core? What you find may indicate what type of materials the sellers have used throughout the house. What is the quality of the kitchen cabinets, bath cabinets, vanities and trim? Are the light fixtures old? What about the wiring in the house? CHECK WINDOWS AND LIGHTING: This is something that most buyers never do. They should come back at different times of the day, and night, to see how much light there is coming in through all windows, and does the house have good lighting at night. Many houses do not have overhead lighting in each room. Buyers should open and close every window to be sure they work. Buyers also should check on the view and the size of the window. Home stagers will sometimes place large curtains over a small basement window to make buyers think the window is bigger. OTHER LITTLE DETAILS TO CHECK: Is there a musty odor in the house, or is there only the smell of room fresheners? This could indicate a mold or mildew problem which could cost a lot of money later on to fix. If the house has a fireplace, it might need cleaning. If it has a basement, it might have a moisture problem casing the odor smell. GO TO OPEN HOUSES PREPARED TO GET THE FACTS: When potential home buyers go to look at a home, they should be prepared to ask questions and write down what they find on each place they see. Buyers should always take a notebook, tape measure, flashlight and a camera on all house hunting trips. If you travel, where will you put all of those suitcases you have, or where will you store your bike? Where will you keep all of your children’s sports equipment? Buyers should recognize that they don't have to do any of these things unless they really like a certain house and are seriously considering making an offer, and they also should go back and check the house several times and check out the neighborhood at different times of the day and night for traffic, noise, neighbors parties, etc. Read More
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. Read More
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. Read More
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. Read More
South Redondo Beach has around two miles of sandy beaches for swimming, roller blading, biking, surfing, tanning and walking. The Esplanade, which runs along the beach, has a bike path and pier areas which allows beach living at its very best for the residents who live there, and the views from the King Harbor boat marina are unbelievable. Along the beach are condos, luxury upscale apartments and wonderful older and newer single family homes. Just up the hill from the beach, the condos, apartments and single family homes is "The Hollywood Riviera" section with beautiful single family homes, condominiums and some apartments. This area also has great restaurants, shopping, and many offices. The streets in this section wind around the hills and remind you of a small town neighborhood. The home prices in the Riviera are slightly higher than some other parts of the city. Redondo Beach Single family homes are more prevalent, and average from the mid-nine hundred thousands ($900,000) to over a $1 million. Luxury homes may be $1,500,000 and up on the Avenues or $4,000,000 or more on the Esplanade. With all of it's residential options, Redondo Beach has made sure there are plenty of beautifully landscaped parks, including a dog park. Of course the marina is huge with fantastic restaurants and hotels surrounding it. North Redondo Beach lays inland and borders Manhattan Beach and Hermosa Beach on their east sides. You can find great single family homes, condos, apartments and 2 on a lot condos in North Redondo Beach. You can find some great buys in the North Redondo Beach Real Estate market. Read More
Hermosa Beach is only 15 blocks wide, east to west, and 40 blocks long, north to south with Pacific Coast Highway (PCH) running almost right down the middle. Hermosa means "beautiful" in Spanish, and Hermosa Beach is just that, a beautiful little city. It has flat, sandy beaches that are ideal for sunbathing, volleyball and surfing. The beach here tends to be wide and great for sand sports. The Travel Channel has named Hermosa Beach as “one of the Top 10 Beaches” in Southern California. The Hermosa Beach pier is located at the end of Pier Ave. and has great entertainment options, nightspots, bars, lounges, and restaurants. The residents of Hermosa Beach are living the true California beach lifestyle and lovin' it. The housing options in the Hermosa Beach real estate market are diverse with some great real estate bargains available in just about all of the different neighborhoods too. West of PCH, there are mostly single-family homes with some apartments and condos. East of PCH, on the gradual hilly slopes you will find middle class and upper middle class neighborhoods of more custom type single family homes. There are many multiple housing options in this area also. Hermosa Beach real estate options consist of single-family detached homes for sale, estate properties, condominiums, foreclosures, land and townhouses near the beach. Hermosa Beach is a beautiful place to live, work and raise a family. There are residences on the Strand, bungalows scattered throughout the town, and multilevel homes in the hills with ocean views. Hermosa Beach offers a variety of Southern California options for any lifestyle. There are many corporations and various industries in Hermosa Beach including professional, scientific, management, administrative and waste management services, educational, health and social services, manufacturing, information technology, finance, insurance, real estate and rental, and leasing, and of course beach and surfing related businesses. Read More
Today is the day that we Honor our Veterans — Those men & women who have chosen to defend our country; many who have sacrificed their lives. To all who have served … THANK YOU! “When you stand to pledge allegiance, when you hit your knees... Read More
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. Read More
In recent years, in the South Bay real estate Market, condominiums have become more and more popular with all age groups and income brackets, and for good cause. More and more people are choosing condos as their homes and many say its because of less maintenance and upkeep over a single family home. In a condominium complex there is no yard work, painting that has to be done,(except for inside)etc. When purchasing a condo or a home in a planned development, or cooperative or common interest development, like a condominium, there are covenants written specifically for that complex or development to maintain the property values, safety, asthetics, etc., thus helping to increase the value of the investment the homeowners have made. Covenants are often lumped together under the collective term of "covenants, conditions, and restrictions" or CC&Rs, which is a term commonly found in real estate documents. Since most covenants involve some kind of condition or restriction placed upon the buyer, the collective term "CC&Rs" has been more widely used in recent years to indicate the existence or future existence of limitations associated with the use of the purchased land also. CC&Rs basically affect what you can do, or not do, on "common area" of the property. For example: you most likely can't park your boat or RV in the driveway, put up a basketball hoop, put up a fence, even plant trees without pre approval from the homeowners association and in accordance with the developments CC&Rs. In some condo buildings, or developments, you may not be able to rent out your condominium unit. When looking at real estate to purchase, your South Bay Realtor is the best person to explain the CC&Rs and the responsibility of the homeowners association for a condo building or complex. CC&Rs are written by attorneys and are submitted to the building department and approved by the city during the initial construction permitting phase. Read More
Its that time again….Daylight Savings Time Ends and the rush of Holidays Begin. To make sure that your finishing off your year strong I’ve included the following 15 ways to manage your day effectively. Make it a great one!! Fall Back! This Sunday at 2 AM... Read More