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Vital Information For
First-Time Buyers
The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.
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According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed
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Relieving the Stress of Packing
Packing can be stressful time for every member of the family. To ensure that your move goes as smoothly as possible, try the following tips!
Pack a "Red Box"
Since one in five American families moves every year, that means 22 million families may be searching for their TV remote controls!
One of the pitfalls of packing for a move is you can't always anticipate what you'll need when you arrive at your new home, and movers typically list only the obvious such as dishes, glasses, bedding, etc. The miscellaneous items you need in the first few hours invariably wind up on the bottom of a random box.
To start, you may want to create your own "red box" as some moving companies ("Removers") do in Great Britain. This is the last box loaded and the first one off the truck. The one universal item in the red box is the tea kettle (perhaps this would be the coffee maker in the U.S.). This is also the place
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Making Your Home Age Appropriate Creates Appeal
All of us have something in common with our homes. Sure, style, design, and location are at the top of the list, but how about age? As we age, buyers, especially the baby boomer generation, are looking to transform their homes into a place that they can stay in for as long as possible or they're hoping to find one that's already equipped for them to age-in-place.
So how old your home and you are, are reason to give some thought to if your home needs age-appropriate adaptation in order for you to be most comfortable. And, in doing so, you may actually make your home more valuable to a wider audience of buyers, should you ever sell it.
According to the National Homebuilders Association, making a home suitable for the golden years is economicaly sound. The baby boomer generation (77 million people) makes up 28 percent of the U.S. population. Assisted living for this generation can cost more than $60-thousand per year, not counting moving expenses.
That's pretty pricey. So, if you've taken some steps to make your home an age-in-place sanctuary, then make sure you highlight those renovations if you ever
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South Bay Real Estate...
SOLD in the South Bay.....
What’s Happening in the Market?
It looks like the economy has caught up to the Beach Cities. Builders are getting caught by a market that is just not moving. Many new homes have been on the market for well over a year and banks are now calling the loans due and filing foreclosure notices. When the upper end slows and prices start to fall that puts pressure on the rest of the market.
Builders are no longer buying up lots at any price. North Redondo is seeing some good deals on homes around $500,000... some have even gone in the high $400's. Manhattan Beach is seeing entry level homes in the mid $600's in east Manhattan and mid $700's in the trees.
As prices have declined, the conforming loan limits are increasing which is making FHA financing very viable. FHA can be used on homes as well as condos/townhomes if they meet certain basic requirements. FHA down payments are lower so a buyer can get in with 3.5%-10% down which is much less then the amount required by conventional lenders. The rates area little higher but not bad.
It's always something in the exciting world of South Bay-Beach Cities real estate....
Be sure to check my blog for Market updates and Market Snapshots about every 10-15 days.
As always the only sure thing about our Beach Cities market is that it is always changing!.
Click on MARKET REPORT to get listing information for this month. If you are interested in statistics for other cities or want more detailed information on any of the above cities e-mail me at Kaye Thomas with your request.
The Days on Market (DOM) appears to be increasing once again.
February 2009 SOLD for Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo
El Segundo:
Single Family homes: 4 homes closed escrow sold compared to 2 last month. The median price was $762,500 compared to $840,000 last month. Price per Sqft was $474 compared to $412 the previous month.
Townhomes/condos: 6 sold compared to 4 the previous month. The median price was price was $643,000 compared to $347,500. Price per sqft was $357 compared to $349 the previous month. .
Hermosa Beach
Single Family Homes:2 sold compared with 2 last month. The median price was $1,397,500 compared to $717,000 last month. The price per sqft was $557 compared to $786 the previous month. .
Townhomes/condos: 4 closed compared to 3 last month. The median price was $978,000 compared to $1,075,000. The price per sqft was $620 compared to $566 last month. Manhattan Beach
Single Family Homes: 17 homes closed escrow compared to 7 last month. The median price was $1,460,000 compared to $1,350,000 last month. The price per sqft was $633 compared to $689 last month.
Townhomes: 2 sold compared to 3 last month. The median price was
$1,508,750 compared to of $1,299,000 last month. Price per sqft was $587 compared to $580 the previous month.
Redondo Beach
North Redondo:
Single Family Homes:8 closed escrow compared to 9 last month. The median price of was $642,000 compared to $640,000 last month. The price per sqft was $3962 compared to $388 the previous month. .
Townhomes/condos: 13 closed escrow compared to 14 last month. The median price was $699,000 compared to $642,000 last month. Price per sqft was $316 compared to $341 last month.
South Redondo:
Single Family Homes:3 closed escrow compared to 9 last month. The median price was $650,000 compared to $791,000 last month.. Price per sqft was $555 compared to $522.
Townhomes: 3 townhomes sold compared to 1 last month. The median price was $800,000 compared to $750,000 last month. The price per sqft was $603 compared to $273 the previous month.
Condominiums: 6 sold compared to 6 the previous month. The median price was $515,000 compared to $641,250. The price per sqft was $459 compared to $506 the previous month. .
I'll be posting more information on my Blog so check it out..
Give me a call or e-mail me at: Kaye Thomas with questions or comments.
That's it for now...
Kaye
For those of you who are interested I have started a Real Estate Blog. It has local and general real estate information. I update every few days. Just click Real Estate Blog to check it out.
Market Report for: Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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