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The Dunham Stewart Vision

Blog, Dunham Stewart   |   Dunham Stewart   |   March 10, 2015
Meet Dunham Stewart, your go-to Real Estate resource in the South Bay.

Why Buy A Home Now Instead Of Spring

Blog, Market Updates, Real Estate Tips   |   Dunham Stewart   |   March 10, 2015
So you’ve saved up your down payment, rates are about as low as you think they’ll go, and you’re ready to start home shopping, but it’s winter – and your pals are telling you that should what till spring. Is that really true? Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five reasons purchasers should consider buying before the spring market arrives:

Supply Of Homes For Sale Is Shrinking

With inventory declining, there will be fewer homes on the market, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. Sellers willing to keep their house on the market in winter may be more flexible in negotiating the terms of an offer; extending the time to close or agreeing to other concessions.

Home Prices Are Increasing

Home prices have been on the rise for the last couple years, and prices are projected to appreciate by over 25% from now to 2018. First time home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.

Interest Rates Are Projected to Rise

The Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the spring. That is an increase of almost one full point over current rates.

Owning a Home Helps Create Family Wealth

Whether you are rent or you own the home you are living in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.

Buy Low, Sell High

We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be in the coming years. It’s time to buy

Hybrid ARMs Dominate Mortgage Offerings

Blog, Market Updates, Real Estate Tips   |   Dunham Stewart   |   March 10, 2015
Hybrid ARMs continued to be the most popular loan product offered by lenders and chosen by ARM borrowers according to Freddie Mac’s 30th Annual Adjustable-Rate Mortgage (ARM) Survey of prime loan offerings, which was conducted January 6 to January 10,

Homebuyers have preferred fixed-rate mortgages the past few years because of the low interest rates and the certainty of the monthly principal and interest payment. As longer-term rates rise, ARMs with their lower initial interest rates will become more appealing to loan applicants. Hybrid ARMs are particularly attractive because they have an initial extended fixed-rate period of 3 to 10 years — and then adjust annually thereafter. Nearly all of the ARM lenders participating in the survey offered a hybrid. The 5/1 hybrid (a five-year fixed-rate initial period before the rate resets annually) was by far the most common, followed by the 3/1, 7/1 and 10/1. Far less common were ARMs where the re-pricing frequency was fixed for the life of loan, such as a one-year adjustable, a 3/3 ARM (which adjusts once every three years), or a 5/5 ARM (which adjusts every fifth year).

Banks are definitely doing more ARMs because they’re selling the consumer what they’re asking for, which is a lower monthly payment. In early January 2014, the interest rate savings for the 5/1 hybrid ARM with a 30-year term — the most common ARM offered in today’s market — compared to the 30-year fixed-rate mortgage amounted to about 1.36 percentage points. For a $250,000 loan, the monthly principal and interest payment on a 5/1 hybrid would be about $194 less than on the 30-year fixed-rate loan over the first five years of the loan.

Many borrowers with adjustable-rate mortgages were among the first to default during the downturn. When their rates adjusted after an initial teaser period, they were unable to refinance and got stuck owing sharply higher payments. This time around will be different, lenders say, because underwriting standards are tougher for hybrid ARMs, so borrowers will be less likely to get squeezed when interest rates reset. Moreover, regulators have all but banned the interest-only and balloon payment features that made ARMs ticking time bombs during the financial crisis.

For many, it makes a lot of sense to take a shorter-term mortgage, If the borrower is in a situation where they’re not going to be in that home for more than seven years, it would be incorrect for them to take the fixed rate when the ARM is giving them a benefit of lower monthly payments.

Manhattan Beach Real Estate Market Minute

Blog, Community News, Market Minutes, Market Updates   |   Dunham Stewart   |   March 10, 2015
Manhattan Beach real estate market update. A look back at 2013 a year in review new construction, sales and inventory in Manhattan Beach, Hermosa Beach and North Redondo Beach. Market insight is the essential ingredient in all of the services we offer. We answer the question “How is the market?” By monitoring Manhattan Beach real estate market trends, and statistics we make projections to help you make critical decisions. This report demonstrates the comparison of new construction, rate of sales compared to current real estate inventory, which is known as the Market Action Index. The current market would still be defined as a sellers market. We present a deep dive into the current real estate market analysis for Manhattan beach, Hermosa Beach, Redondo Beach neighborhoods. This video update is for the 90266 zip code. Learn about the real estate market trends for median list price, asking price per square foot, average days on market. Get the market knowledge you need to make the best real estate decision. Find Manhattan Beach real estate market statistics including home values, listing prices, number of homes for sale and many other measurements. Please make sure to subscribe to our real estate market reports for Manhattan Beach homes for sale in 90266. Presented by Dunham Stewart

dineLA Restaurant Week Coming to the South Bay

Blog, Community News, South Bay Living   |   Dunham Stewart   |   March 10, 2015
dineLA’s bi-annual Restaurant Week is just around the corner, and it’s that time of year when the best eateries in the Los Angeles areas prepare amazing multiple course pre-fixe menus for foodies, locals and visitors to enjoy at special prices. Started in 2008, dineLA is an event held twice a year where more than 300 of Los Angeles’ most famous and most upscale restaurants of all styles and specialties participate in this 12-day fest.  This is the perfect excuse to try new and delicious restaurants around Los Angeles. If you like eating out or want to check out some new places without completely blowing your budget, or maybe want to go on a restaurant crawl with your friends, this is a pretty good way to do it. The prix fixe menus run as low as $15 for lunch and $35 for dinner (not including drinks, tax or tip).This year for Winter 2014 Restaurant Week (January 20-31, 2014,) the top chefs in LA are offering unique culinary experiences that highlight exactly what each restaurant is best known for. Without saying, this is a fantastic way to try out new places, explore different dishes and most of all, support the LA dining community. For more information, or to view all of the participating restaurants here in the South Bay please visit: http://goo.gl/PF07uT

Low Inventories Threaten Home Selling Season

Blog, Real Estate Tips   |   Dunham Stewart   |   March 10, 2015
Record low inventories last January set the stage for a selling season featuring soaring prices, bidding wars and the outbreak of price bubbles in several California markets. The improved conditions for sellers prompted many to list their homes, but not enough to measurable improve the inventory picture as real estate markets go into hibernation to prepare for the 2014 season. November listings were only 0.18 percent above levels of November 2012, when inventories in the Realtor.com database had already begun the dramatic decline that culminated in the spring, 2013 shortages. With inventory levels enter the winter at virtually the same level last year, should sellers remain leery of the market, inventories may not restock sufficiently to meet buyer demand next spring, setting the stage for a repeat of last year’s wild spring and summer conditions. Despite the remarkable price gains in 2013-exceeding 13 percent through the third quarter in the latest Case-Shiller numbers and the freeing of millions of owners from negative equity sellers seem to be pulling back. Recent consumer surveys have tracked a significant decline in consumer confidence in home price expectations. In addition, the share of those who expect mortgage rates to climb in the next 12 months remained at an elevated level since it spiked in June.

Home Owners Will Regain More Equity in 2014

Blog, Real Estate Tips   |   Dunham Stewart   |   March 10, 2015
More home owners will be are edging above water with their mortgages 2014. The number of underwater homes continues to shrink , regaining equity during the third quarter. A house is said to have negative equity or be underwater when more is owed on the mortgage than the market value of the property. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both. Currently, about 13 percent of homes with a mortgage remain in negative equity compared to 14.7 percent the end of the second quarter. An estimated 42.6 million homes in the U.S. have positive equity. About 20 percent of those homes, however, have less than 20 percent of equity or what is considered “under-equitied”. This according to CoreLogic’s latest negative equity analysis reports. The majority of the homes that have positive equity are in the high-end housing market. Rising home prices continued to help homeowners regain their lost equity in the third quarter of 2013. “We should see a further rebound in consumer confidence and economic growth in 2014 as more homeowners escape the negative equity trap,” said Anand Nallathambi, president and CEO of CoreLogic.

Hermosa Beach Real Estate Deal of the Week

Blog, Community News, Deal of the Week   |   Dunham Stewart   |   March 10, 2015
{Video} Hermosa Beach Sand Section home for sale in 90254. New Construction Ocean View Cape Cod Beach House in PRIME North Hermosa Sand Section Location only steps to the Strand. Wolf and Sub Zero Appliances adorn the Entertainers Dream Kitchen. 3 level home features 5 bedrooms, 4.5 bathrooms, 3 Stop Elevator, Coffered Beam Ceilings, and Roof Top Deck with Unobstructed White Water Views. Rinse off the sand in the outdoor beach shower and open up the Bi-folding doors to welcome in the cool ocean breeze and sounds of the crashing waves. Wide plank hardwood flooring and coastal inspired detailing create the ideal beach home retreat.

Home Sellers Saying no to FSBO in Recovery

Blog, Real Estate Tips, Selling   |   Dunham Stewart   |   March 10, 2015
Even though prices have risen as much as 12 percent this year, more than any year since the end of the boom in 2007, sellers are not trying to sell their homes without the help of a real estate professional. Historically, for-sale-by-owner transactions accounted for between 15 to 20 percent of the market.

In 2008, as the last boom ended, “for sale by owner” transactions reached 13 percent of all sales as sellers sought to avoid the expense of paying a commission to a brokerage. As prices and sales plummeted, so did FSBOs, falling to 9 percent in 2010. The figure tends to go up when the market is hot because it’s easier for sellers to go it alone, and that number declines during a down market because there’s a glut of unsold properties. However, FSBOs haven’t budged from that level in 2013 despite the strongest prices, tightest inventories and healthiest demand if five years. One-third of those FSBO sellers probably would not have needed a professional to market their homes since they knew the buyer prior to the home purchase, according to the National Association of Realtors.

Also, many of today’s FSBOS didn’t do much to market their homes. One-third of FSBO sellers took no action to market their home, and 60 percent did not offer any incentives to attract buyers. But homeowners who sell their property on their own may not always be able to tap the pool of buyers that an agent can in the open market, which could reduce the range of offers. And the process of selling a home can be painstaking and confusing, potentially more trouble than it’s worth. FSBO homes in 2013 sold for over 16% less than agent-assisted home sales.

King Harbor Holiday Boat Parade

Blog, Community News, South Redondo Beach News   |   Dunham Stewart   |   March 10, 2015
The King Harbor Yacht Club presents the 22 Annual Holiday Boat Parade on Saturday, December 14. A longtime favorite of locals and visitors to the area, this hugely popular South Bay event gets under way at 5 p.m. in the main channel of King Harbor. Before the event you can enjoy a free concert on Redondo Beach Pier. The festivities start at 3:00 pm and go until 5:00 PM. Greet Santa as he arrives at the end of the pier with his surfboad! Live holiday music featuring High Tide, a surf rock band performing The Ventures Christmas album.  Stroll along the pier with The Boyz and Beez Holiday Carolers. As always, the Body Glove yacht Disappearance will lead off the parade. This year’s theme is Dive into the Season and boats participating in the parade will be judged by vessel type in several different categories. Awards will be given for Best Costumes, Best Lighting, Best Animation, Best Execution of Theme, Best in Fleet and the Overall Winner. If you plan to observe from shore, you can do so from any number of vantage points in King Harbor, from the Redondo Beach Pier and several restaurants with harbor views. The Portofino Hotel & Yacht Club, a parade sponsor, wants to remind everyone that the Portofino Lobby Lounge will be fully staffed and offering the full menu along with appetizers, cocktails, complimentary hot chocolate and the best view of the parade from the lobby. If you are unable to attend the Parade, you can watch a live video feed via Google Hangout at http://www.thesouthbayshow.com/king-harbor-holiday-boat-parade/
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