Community, Diversity, Sustainability and other Overused Words
Community, Diversity, Sustainability and other Overused Words
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If you're thinking of buying a home this year, you may be wondering how much money you need to come up with for your down payment. Many people may think it's 20% of the loan to secure a mortgage. While there are plenty of lower down payment options available for qualified buyers who don't want to put 20% down, it's important to understand how a larger down payment can have great benefits too. The truth is, there are many programs available that allow you to put down as little...
Low mortgage rates and a desire for more space amid COVID-19 pandemic fuels Southern California's housing surge. In January home prices and sales jumped double digits in Southern California as prospective buyers rush to take advantage of historic low mortgage rates. The data shows the hot housing market is extending into the new year. Real estate experts say there are several things contributing to this competitive market during the pandemic. The cost to borrow has plunged...
With mortgage interest rates hitting record lows so many times recently, some are wondering if we'll see low rates continue throughout 2021, or if they'll start to rise. Recently, Freddie Mac released their quarterly forecast, noting: "The average 30-year fixed-rate mortgage hit a record low over a dozen times in 2020 and the low interest rate environment is projected to continue through this year. We expect interest rates to average below 3% through the end of 2021. While...
We're currently experiencing historically low mortgage rates. Over the last fifty years, the average on a Freddie Mac 30-year fixed-rate mortgage has been 7.76%. Today, that rate is 2.81%. Flocks of homebuyers have been taking advantage of these remarkably low rates over the last twelve months. However, there's no guarantee rates will remain this low much longer. Whenever we try to forecast mortgage rates, we should consider the advice of Mark Fleming, Chief Economist at...
Home values appreciated by about ten percent in 2020, and they're forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different. 1. This time, housing supply is extremely limited The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally...
Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report. The report revealed that the economy lost 140,000 jobs in December. That's a devastating number and dramatically impacts those households that lost a source of income. However, we need to give it some context. Greg Ip, Chief Economics Commentator at the Wall Street Journal (WSJ), explains: "The economy is probably not slipping back into recession. The drop was induced by new restri...
Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today's low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there's still a common myth that you have to come up with 20% of the total sale price for your down payment. This means people who could buy a home may be putting their plans on hold because they don't have that much saved yet. The...
The City of Santa Monica has extended its emergency order preventing residential and commercial tenants from being evicted for nonpayment of rent, to March 31, 2021. Which begs the question, why pay rent? Eviction defense lawyers we spoke to, said they recommend remaining on good terms with your landlord. He's still expected to pay property taxes, after all. The State of California does have a record of helping landlords collect rents, through strict laws and summary unlawful...
What do you do if you're say, Saudi Royal Family and you get stuck in LA's Covid Lockdowns? You check into the Oceana Hotel is on Ocean Avenue just south of Montana Ave, and stay for a couple months. A repurposed apartment building, Oceana Hotel has rooms that start at $1000 a night, and go up to a modest $4000 a night. It is about half occupied longer term, with the very wealthy. Many of them unable to travel due to Coronavirus. And now it is under new management. "LXR...
