February 13, 2016
economy, first time buyers, housing market, stocks or property
Buying a home used to be a given. After high school, you went to college and got a job. Maybe you got married. Then you smiled for the camera in front of the “sold” sign on the front lawn of your charming starter home. Today’s young people don’t necessarily have that expectation. People who are buying their first homes are earning about $7,000 more per year than they were a decade ago, demarcating a trend in which only the top 40 percent of the income bracket is able to purchase real estate. The individuals who are able to afford their first home are part of a narrower group in today’s market.
DOES THIS AFFECT THE ECONOMY?
The main concern associated with this movement is that the trend is limiting the country’s economic recovery. As fewer first-time buyers purchase homes, fewer existing homeowners upgrade to larger homes. This results in fewer home sales in general and can lower property values.
HOW THIS MOVEMENT MAY ACTUALLY BENEFIT THE HOUSING MARKET
Because lending standards are now more restrictive than they were 10 years ago, the housing market is less likely to experience a false bubble and a major collapse like it did toward the end of the last decade. The people who are buying homes today tend to be more qualified than they were in 2005.
Income isn’t the only element that lenders consider when someone is buying a home. Young people with less-than-ideal salaries can improve their qualifying criteria by increasing their credit scores. Financial responsibility is an influential factor in mortgage qualification.
February 13, 2016
Gastronomy, gourmet dining, Historic Architecture, home values, Uncategorized
home values, housing trends, luxury homes, market data, Real Estate, wholefoods
Everyone wants to retain a high home value, and location plays a key role. Although not many people would imagine living next to a specialty grocery store makes a difference, Zillow uncovered homes near Whole Foods and Trader Joe’s have the highest values.
This phenomenon is linked to ” The Starbucks Effect.” During the time period of 1997 to 2014, homes situated a quarter-mile from a Starbucks Cafe increased in value by 96 percent. This was approximately 30 percent more than other locations. In major metropolitan areas, this makes a big difference. For instance, the largest increase occurred in Boston. Home values near Starbucks in this city were boosted 171 percent. Taking a look at the bigger picture, values were not dependent on coffee alone. It had much more to do with neighborhood modernization. When a new Starbucks chain is built, it gives developers the idea that the area is in an upward swing.
Since 2000, homes near specialty food stores had higher property values than other pieces of real estate. The trend was especially evident in 2014. By the end of this year, houses within one-mile of these retail outlets had a value doubling other areas.
There is a great lessen to be learned, especially if you are searching for a new place to live. Looking through listings near a specialty grocery store or Starbucks Cafes will almost guarantee a retained or increased home value. However, you should be careful not to spend all your savings on groceries or coffee.
January 31, 2016
ocean front opportunity, ocean view lot, surf, surfing
Beach, california homes, coastal real estate, manhattan beach, ocean, Real Estate, southern cal, storm, waves, wind, wind damage
On a unexceptional coastal California day the Ocean causually flaunts its’ blue diamond brilliance. As the sun tires of it’s duties, the evening serves up a main course of heart stopping colors, blended and brilliant, beckoning locked gazes due West, hands outstretched and fingers pointing. But there is something to be said about a stormy, angry grey day.
Impervious and safe, piping hot tea shoots steam out of an army grade thermos. The furocious and seemingly furious Pacific Ocean orders white caps, and while beating each other for pride of placement the water blends into sky, skyline disappears into sea.
For all sensory appearances the roof will peel off at any moment, trees will take root inside the house, panes will shatter and the beast outside will mate with the calm contimplation inside.
It is a day for reflection, inner scrutiny with a dollop of forgiveness. It’s a day for feet up, afghan hugging shoulders like an old lover. It’s the type of day where a pronounced dichotomy presents itself – the desire to be one with the wind as it bolsters you up and tinges the ears and nose patchy red, or the lazy hankering for a hot toddy, tissues and a melancholy laced novel.
Slowly the corners pull up, the grey horizon lifts and lightens, the waves change direction. Blue creeps in between the cracks, the grey separates, ever so slowly, giving a peep show of a sultry sun dancing in naked light. The ocean gives a bored roar, and retreats to a calmer, peaceful disposition. Birds appear, testing the sanctity of flight.
January 23, 2016
AC, Cape Cod, fire pit, interior design, privacy, tree section, Wolf appliances
The State of New Inventory
I have been enjoying the flow of new delicious properties coming to market. It makes my job a hell of a lot more amusing when there are quality homes of diversity to choose from.
This week I was especially enamored with 750 35th Street in Manhattan Beach. I felt the “wow” factor that real buyers in this price point would feel upon crossing the threshold. it screams, “I’m sexy and I know it”.
The design and flow of the home works for families, however the side yard won’t please parents unless the kids at home don’t require a yard. A small four legged pet would work, but not beasts the size of my two Bouviers.
The interior designer created a rich artists pallet full of visual nibbles for the eyes.The home has exquisite touches from unique wall (and ceiling) treatments, to creative and stunning lighting decor. The home is bright and airy. I hear you groaning from the over use of that phrase but it’s true and also highly demanded by discerning buyers. Light and air gives a sense of hopefulness. It’s a must have unless you prefer the “Harry Potter” effect similar to a property listed at $5.5 in Hermosa Beach, also on Broker’s Open today….Don’t get me started on that property.
This Tree Section beauty may be perhaps a tad close to the refinery for some, as seen from the front steps, but one must recognize the fact that all of the South Bay has relics of an “uglier” age….
Offered at $3,399,000 5 beds, 4 baths approx. 3714′ on a approx. 5406′ lot
Call me for a showing.
January 22, 2016
manhattan beach, Real Estate, south bay market
When you are ready to buy a home, there are a few items you must consider. It is a significant and expensive milestone in your life. Here are 10 things you must know before making a purchase.
1. Find a Reliable Realtor, you must have a real estate agent who will protect your interests.
2. Read the Contract, each home purchase is unique. The contract should be negotiated.
3. Think About the Future, although you may be tempted to buy a home based on your current job and marital status, it is better to think long-term.
4. Relationship Status, owning a home comes with laws. During divorce, rules dictate how assets are split. When buying a home with a significant other, the rules are different. You should have a special agreement in place.
5. See the Whole Picture, if you are not ready to tackle big projects, it is best to find a home that is move-in ready. No matter how great the inside is designed, major repairs can be a nightmare.
6. Think Budget, it is never wise to extend your financial situation. Besides a mortgage, you will need to pay insurance and taxes.
7. Price is not Everything, even though a home price is low, it may involve homeowner association fees.
8. Student Loans Matter, today, student loans are treated like debt. No matter the deferment status, a borrower is charged 2 percent of the loan balance.
9. Forget Mortgage Interest Tax Deductions, it is not smart to depend on mortgage interest deductions. Your level of savings will change with time.
10. Buying is not Necessary, you should never buy a house until you are ready. If you require flexibility or do not have financial stability, it is best to wait.
Before you buy a home, it is crucial to consider the above points. It will help you make the best purchasing decision.