Refinancing 101: Is it the right move for you?

Here is an article that is close to my heart. People do not understand the consequences of refinancing their homes.... it always sounds great. I will lower my monthly payment, then pay off some bills... Sounds great right? Wrong... My experience and I do mean personal experience says that within months your revolving debt is higher. We will spend too whatever capacity we have... it is human nature... OK enough about me, I hope you learn from the below article.

Homeowners who are current on their mortgage payments and have equity in their homes may want to consider taking advantage of the lower mortgage rates offered by many financial institutions. However, refinancing may not be the best choice for all homeowners.

KEEP THIS IN MIND

• Refinancing often requires fees for title insurance, a new appraisal, document processing, and a
fee for the mortgage broker or lender. While it may appear the refinance is free, the costs often are added to the total loan amount or the borrower is charged a higher rate. Because there are fees typically associated with a refinance, many financial industry specialists recommend borrowers not refinance unless they plan to occupy the house for at least two years. Although there will be a reduction in the monthly payment, it can take a few years to break even on the refinance.

• Loan options are more limited today than a few years ago. Generally, the best rates are offered on traditional loans, such as 15-year and 30-year, fixed-rate mortgages, and loans for borrowers with at least 20 percent for a down payment for buyers or existing home equity for those seeking to refinance.

• Some subprime loans made during the house boom carry prepayment penalties–a fee or
percentage the homeowner pays the lender in the event the mortgage is paid early. Some lenders may waive prepayment penalties and allow the borrower to refinance with another lender if doing so prevents foreclosure.

To read the full story, please click here:
http://www.msnbc.msn.com/id/28302078/

Jeffrey Hall
Long Beach Home Solutions
www.jeffhallrealtor.com

jeff@jeffhallrealtor.com

Mortgate Rates Plunge

We have all heard about his all week... Here is a recapt from the Wall Street Journal.

Mortgage Rates Plunge to Record Lows In response to the Federal Reserve's cut in the federal funds rate to near zero, Freddie Mac reports that the 30-year fixed mortgage rate fell to 5.17 percent during the week ended Dec. 18--down from 5.47 percent last week and the lowest since the survey's inception in 1971. Interest on 15-year fixed loans slipped to 4.92 percent from 5.20 percent. Meanwhile, the five-year hybrid adjustable mortgage rate dropped to 5.6 percent from 5.82 percent; and the one-year ARM dipped to 4.94 percent from 5.09 percent. A year ago, the 30-year fixed rate stood at 6.14 percent, the 15-year fixed rate at 5.79 percent, the five-year hybrid ARM at 5.9 percent, and the one-year ARM at 5.51 percent. Source: The Wall Street Journal, Steve Kerch (12/19/08)

Have a great Holiday,

Jeff

MORE THAN HALF OF MODIFIED LOANS DELINQUENT WITHIN SIX MONTHS

I found this information interesting this morning from the California Association of Realtors. It is an insight into how messy the housing market really is right now. A few years ago when I first started selling Real Estate in Long Beach; the company I worked for was pushing people into loans they could not afford. Once I saw what was happening I left... it only took about two weeks to figure this out.

Real Estate like many careers attracts both the good and bad. Many agents just care about getting the job completed fast and getting paid. Many will not show homes if the commission is too low.

I feel it is important to take care of the client and when you do it all works out. When working with a client I often have them explain what type of loan they are getting to hopefully keep them out of hot water. If they cannot afford it... the should not buy. If the home is not right... they should not buy...

It is very important to work with an agent who keeps your best interest in mind. At all times!

So, all they being said... take a look at the following information.

New data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months."After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due. After six months, the rate was nearly 53 percent, and after eight months, 58 percent," said U.S. Comptroller of the Currency John C. Dugan. A report scheduled to be published later this month will show continued increasing delinquencies and foreclosures in process for all first-lien mortgages held by the largest national banks and federally-regulated thrifts, Dugan said. However, new foreclosures decreased by 2.6 percent from the second quarter.The mortgage metrics report covers nearly 35 million loans worth more than $6.1 trillion, or about 60 percent of all first-lien mortgages in the United States. The quarterly reports are unique in that they are not merely surveys, but instead consist of validated, loan level data using standardized definitions for prime, Alt-A, and subprime mortgages, and standardized definitions for loan modifications.

I hope you found this interesting as well.

Have a great day,

Jeff

http://www.jeffhallrealtor.com/

jeff@jeffhallrealtor.com

Everyone Loves a Parade

It's that most wonderful time of the year... and for me the starting point is the annual Christmas Parade in Belmont Shore. This year like past years the streets were crowded with people waiting to enjoy the sights and sounds of a grand tradition. I always enjoy seeing the bands that come from near and far, the floats and of course Santa Claus...

Another Long Beach tradition is the Daisy Lane Parade that happens Saturday the 13th at 5:00 p.m.

No matter what your season traditions may be... please be safe and careful. For many 2008 was a very hard year... Let's begin to look forward to 2009 and a year of new beginnings. Happy Holidays, Jeff

Jeff Hall
Long Beach Home Solutions
www.jeffhallrealtor.com
jeff@jeffhallrealtor.com

Thanksgiving....

I remember my first Thanksgiving in Long Beach... it was warm which for me was weird and unusual. My history was from growing up in Northern Idaho and then as a young adult moving to the Seattle area and before coming to Long Beach living on Bainbridge Island across the sound from Seattle.

So for me Thanksgiving time meant warm clothes, boots, coat and a hat. In Idaho it meant a probable chance of snow and Seattle... rain.

So I found this warm weather odd and the people in shorts at the beach rather odd. But all that did not take away from the meaning of Thanksgiving and me for me that meant family and friends. We all need to be thankful for what we have in our lives.... even when times are tough as they are for some right now we need to be thankful. Traveling earlier this year to Israel, Jordan and Egypt gave me a real perspective as to what poverty is... and you know what? They looked happy. We are trained from an early age that having possessions will make us happy and that is just not true... I find mine in my family and friends.

This year has been hard on all of us... but looking towards 2009 I see a year of new beginnings. 2008 for me was a good year as my real estate career kept plugging along... and I survived.

I have spent helping people in the Long Beach area who are struggling... there are alternatives out there and finding someone capable of helping is a huge asset. I have aligned myself with a Short Sale company to help facilitate the difficult process of handling a short sale. Please call if this is of interest.

Again... Have a Great Thanksgiving.

Jeff Hall
Long Beach Home Solutions Inc.
Long Beach, CA
562-505-6204

jeff@JeffHallRealtor.com
www.LongBeachHomeSolutions.com

November... Really

As a child growing up in Northern Idaho you could always tell it was November by the cold in the air, lack of leaves on the trees and sometimes the fall of early snow... All I can say about that is... I love Southern California and especiall Long Beach.

I moved to Long Beach a little over five years ago and have not turned back to the rainy days of living in Seattle Washington which I called home for almost twenty years. I will never forget my first Thanksgiving here in the warm sunshine... it was odd at first.

Today we are in the middle of another hot morning and the heat feel so good on our skin.

What does this have to do with real estate? Nothing... just a fond memory.

Over the past couple of weeks I have been working hard with clients trying to sell their homes via "Short Sale." Short Sales are where we ask the bank(s) to take less for a home that is owed on it. What this does for the seller is give them a feeling that they did the right thing and not going all the way to foreclosure.

The big reason is a foreclosure stays with the seller and their credit report for a long-time and can be a reason for turn down when purchasing a nother new home. (This is up to the credit authorizating bank and may change at any time.)

What I have found is a way to make this happen and work for all parties envolved. Short Sales are real hard on the buyer as well as you go through periods of no action from the bank. As an agent it makes you feel real helpless.

When considering working with an agent be sure they know how to work with all types of transactions and can help you make a good choice.

Enjoy the warm weather.

Jeff

Jeff Hall
Long Beach Home Solutions
Long Beach, CA
www.jeffhallrealtor.com

jeff@jeffhallrealtor.com

Time for the Howl'oween Parade

Alexis was wondering if you have ever seen the Howl'oween Parade in Belmont Shore? She told me how much fun it can be and that many of her friends were going to dress up for the occasion...

The reason is according to Alexis... is that most of their owners dress up in late October and so they felt they should too.... although she hopes she does not look as bad as her owner...

On Sunday the 26th of October this incredible parade of pets will once again take place. The parade starts at 2:30 along the sidewalks of the shore.

In a year when people are concerned about their state of affairs this wonderful event will lift your spirits. Many of us love our pets... they can become more than family... many people would give up their lives before allowing something to happen to fluffy.

I will be taking time out of my active real estate career to see the animals celebrate Halloween. To enter your favorite pet check out Haute Dog... Have fun Jeff

Are Sales Looking UP?

This September was one of my busiest Septembers of my career. It seemed like I was running like a mad man all month. My time was spent helping buyers find the home of their dreams. I love working with buyers... it is more of a challenge than working with a seller. Buyers require more attention and it is fun to teach new buyers the ropes. My rule is to work with anyone who is qualified to buy regardless of the price range they are in. Long Beach had a good September as far as sales were concerned. We are seeing the average home sale around $402,284 and being on the market for around 72 days. We saw 420 new listings last month most of which are somewhere in the foreclosure to bank owned process. Currently there are 1535 homes (Homes means any type of residential houses and does not include duplex and apartments buildings)on the market Below are the statistics I used from the SoCal - MLS

City	New	LP	Sold	SP	DOM
LONG	420	$439,414	210	$402,284	72
SIGH	11	$423,181	11	$312,950	104
	431	$431,297	221	$357,617	88

The good news is homes are selling and there is still inventory. The decision that needs to be made is "is this a good time for you to buy" Remember invest in your self and use a good buyers agent to walk you through the process. What a lot of people do not understand is we are paid by the seller and our job is to lookout for you and your needs.

I have a special Foreclosure areas on my website... check them out.... Have a great week... Jeff

Butterflies, Desert, Fault, Dates & Relaxing

Interesting title? Last week I wrote about the Long Beach Marathon and my annual tradition of heading out of town. One of the great things about selling Real Estate is you have personal freedom and for the most part set your own schedule. This is good and bad... I try once a month to take a weekend off if possible. Last week I had the excuse... here is what I learned.

As humans we need to relate to nature at least I need to. Why? It helps keep in the forefront of my mind what is important in the scheme of life and for me that means: Family, Friends, Health and time to enjoy the wonders of the world.

Many times my friends will hear me tease about being just a boy from "Idaho" but that country boy is still deep within my soul. When it comes time to relax I love turn the cell phone off (it does have an off button) and take a nice walk. I love to visit the zoo and last weekend I visited one of my favorites The Living Desert Zoo in Palm Desert. I know many people who visit the desert and have know idea this treasure is there to be discovered. This past weekend they had a special Butterfly exhibit and it was so incredible I just needed to share a picture with you.

The balance of the weekend was spent at La Quinta Resort in La Quinta. La Quinta is one of the newest cities in California and the surrounding mountains are breathtaking.

To further quest for my need to be in nature we went on a Hummer Tour provided through Elite Land Tours from Palm Springs. We selected the It's Our Fault tour. This tour takes you out on the San Andres Fault and our guide Mark has so much information to share and his wealth of knowledge was astonishing. The scenery was beautiful and there was a surprise around every turn. Here is a clip of me and Javier on the fault, I hope you enjoy it. Fault You Tube Video

Part of our tour took us to a date plant where we sampled many different kinds of dates.

Back at the hotel there was plenty of time to soak, relax, nap and eat... oh, and a cocktail or two as well.

We have so much to offer living in Long Beach and I encourage you to go and see what is there for you and your loved ones to enjoy. Have a great weekend, Jeff

Marathon Weekend

It is that time of year again when our lovely city is taken over by the Long Beach Marathon. I remember the first year that I discovered this event. Not being quite the running type I was out with friends and we were heading to brunch... My idea of a peaceful Sunday afternoon. After heading down Broadway it seemed like a normal weekend... but; let's just say that came to a screeching halt.

Two hours later we were able to park and find a place to eat. So on Marathon weekend... I am out of here and being a long weekend for some people it is a good excuse to get away.

If you are looking for something to do here is an idea: Check out the Butterfly exhibit at The Living Desert in Palm Desert. What is the living desert? One of my favorite places so follow the link and check it out. The Living Desert

One of the things I always tell people new to Long Beach is there is so much to do here. We are so close to some many attractions I can always find something to do.

October.. Already

I fondly remember as a child growing up in Northern Idaho the month of October . The leaves would change color, the air got fresher (colder) and the excitement of the fall/winter holidays were about to begin. Sometimes we think of fall as getting older... but for me it means the end of a season. The housing market in Long Beach is year round, but for me over the past few years it runs hot late April through the end of October and this year has been no exception.

When I setup my business up it was with service in mind. I work to handle each client on a case by case basis... working only with no more than three buyers at a time along with a few sellers. My business has focused on buyers... why? Many agents do not like to work with buyers because they are too much work. I DO NOT believe in this kind of thinking. It is exciting for me to find the right home for my clients and not all clients are created equal.

Over the next few weeks as fall approaches I will again review my business practice to prepare for next year. This not mean I am done for the year as I am not... I am here to work for each of you in the ways you need my services.

So, all that being said... Go out and enjoy your weekend. Long Beach has a lot to offer... Jeff

Where has September gone?

The real estate business seems to build and build every year in Long Beach and in September is when it all breaks loose... We are in this weird market... there are many great deals out there if you have the know how to make them nice again. Many of these homes are just right down scary. Yet that being said we are seeing some regular sales happening as well.

Below are figures for the month of August.

City	New	Avg LP	Avg LP	Sold	Avg SP			Avg DOM
long	441	$449,30	$377,382	268	$424,326			79
Sigh	14	$818,050	$303,266	5	$477,636			73
	455	$633,715	$340,324	273	$450,981			76

The columns for New, Under Contract, and Sold represent the number of listings that went into those statuses during the month. These are updated on the 1st and 15th of each month for the preceding month.


As you can see things are selling and the average price is low... there is a reason. Right now most of the homes selling are in the price range the average person can afford. This is good....

Is it time for you to buy? Keep smiling Jeff

New listing in Harbor Place Tower...

Client Brief Report + Photos I have this listing in Downtown Long Beach, close to the convention center. Great city view... close to the beach... makes a great rental. Private appointments available. Have a wonderful day, Jeff

Where has the time gone...

It seems like yesterday since my last post... but it has been a couple of weeks. So, how has your August been? For those of us in real estate it has been fast and furious, even in this economy. Sales are up, foreclosure notices are up, so it is kind of weird. As a rule I do not chase people who are struggling to make it, so my side of the foreclosure business is when homes are owned by the bank and ready to sell. I prefer to keep clients away from Short Sales, although I do have a few of those listings. The reason I say this is because if you look at the figures it is not really all that bad out there.

The bank owned properties are at bargain basement prices. I am finding the bank is holding firm to their prices. It is a waiting game... it can take two weeks just to hear back from them. One home I am working on went on the market, we made an offer the same day and there currently are twelve offers and no one has heard anything.

It is a good time... if you have can tolerate the wait. Now go out and enjoy the rest of your summer.... Jeff

Is it time to buy....?

It is another beautiful day here in Long Beach, as I sit here to prepare for another day of work my mind is wandering about the market.

Everywhere you go people are talking about Real Estate. Everyone has an opinion as to when and where the bottom of the market will happen. I am asked all the time. The truth is none of us know. In fact when you buy a home you sign a form saying we do not know.

In the past twenty odd years of working within the business I have bought and sold many homes, some at peak of the market and some at the bottom. What really matters is... do you like this home? How long do you want to live here? Can you afford it? Long-term buyers can ride the market up and down... If you see a home you like... Buy it. If you wait it will not be there...

Over the past few weeks we are seeing more and more homes becoming finalized sales. If the home is priced right they are selling. Many of the REO (Bank owned properties) may be cheap, but can you afford twenty plus thousand dollars to fix them up? Most people cannot.

The important thing to remember is you are buying a home for you and your loved ones to live under... that you can paint, and change whenever you want. It is not a cash machine... refinancing is not always a good thing. It is your home...

Buying can be scary and fun... let an experienced agent help you in this purchase to ensure you are doing the right thing.

Now go out and enjoy yourself. Take care, Jeff

New Home Legislation

Oh, oh, the picture with the suite... this must be a serious blog today... Well it is... it is good information us to know.

By now you have heard on the news about the changes in the Historic Housing Bill signed into law on the 30th of July. As a Realtor that is constantly working to improve my clients well-being these changes will help many California residents.

For years now the median price of homes in Long Beach has been greater than the conforming loan standards, which means people had to get a Jumbo Loan. This means they ended up paying a higher interest fee on their loans, as they were considered a higher risk even with good credit. This new limit will help many medium family buyers.

For those who are on the lower income front and wish to own the Second Mortgage Assistance Program through the Long Beach Housing Development Company will offer get opportunities for many of our citizens. If you are interested please call me for more information 562-505-6204

Below you will find some high-lights of the new program passed by Congress. I borrowed these words from a e-mail sent out from the President of the California Association of Realtors.

California Association of Realtors and the NATIONAL ASSOCIATION OF REALTORS® have aggressively lobbied for Congress to pass numerous provisions found in this historic bill. Many of you participated in these efforts by communicating with your Members of Congress.

The legislation will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas.

The bill permanently increases the conforming loan limit to $625,500. C.A.R. has long advocated for higher conforming loan limits. In February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008.

The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115 percent of an area’s median home price, up to $625,500. The new FHA loan limit will be the greater of $271,050 or 115 percent of an area’s median home price, up to $625,500. Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008.

C.A.R. also supports the following bill provisions:

• A temporary increase in mortgage revenue bonds to refinance subprime mortgages.
• New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize.
• First-time home buyer tax credit, which allows first-time home buyers to receive a tax refund worth up to 10 percent of a home’s purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.
• Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.
• Adjustment to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), allowing sellers to provide the non-foreign affidavit to a qualified closing entity and not just the buyer.
• The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.
• The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.

This is all good news albeit a bit confusing... But the good news is you may be now able to find the home of your dreams... search for homes on www.jeffhallrealtor.com

Have a great day, Jeff

Christmas in July... Think about it...

Sometimes we let society put pressure on us that is not really good for us or required. Sometimes we just need some cheer in our lives.... When was the last time you did something crazy? Just because you could? That is what happened last Saturday at a friends house... We had Christmas in July... because we could.

You know how stressful the holiday season can be with the months of build up. Will I buy the right gift? What will I wear? Who will be there and do I have to be nice? It just tears us all apart. Imagine all of it happening in just a few quick days and then it is gone.

To set the stage there was a Christmas tree all decked out. Those blow up things in the yard, with Santa riding a Harley. Oh, and as you can see even Sponge Bob dropped by. There was holiday cheer complete with Christmas music, and because it is southern California, nice warm weather... uh... almost like December.

We had a white elephant gift exchange... something around twenty dollars or so and no gift cards although a couple of people cheated. A gift could be stolen up to three times... and as I stole one gift from a friend and had it stolen from me by another. It was my turn to open yet another package and when selecting the other gift... I heard a scream of OH NO... rule is if you touch it; it is yours. Turned out to be a gift that was given to me and I had given it at another white elephant before... So, watch at Christmas time as it will be back out there again...

What does this have to do with real estate? Nothing... have some fun once in a while and remember to laugh, that is how I stay somewhat sane. Cheers, Jeff

Wow... it is about time....

Sometimes it is the simple things that I enjoy in life. Many of which are bizzar... one of them yesterday was to see a left turn traffic signal on Anaheim Street heading west and Redondo. I travel this route at least a couple of times a day and making that turn is very dangerous... I just hope that when construction on 7th street is complete they leave it there.

Speaking of 7th street... it looks like a few more weeks of work and life returns to normal.

So... what is exciting in Long Beach this weekend? You might check out the special Sunday events this summer at the Aquarium of the Pacific. Or, maybe at the Latin Museum of Art.

I am personally torn between going to Sea World, The Wild Animal Park or The Living Desert all of which require a nice car ride.

Just some thoughts for fun in the sun. Have a great weekend, Jeff

June Home Sales Update

Everyone always wants to know.... What is happening in the housing market in Long Beach. Long Beach is very fortunate because it is a coastal city and people love the climate. But like most other parts of the country sales are down. Ok, as a real estate professional this is not always the best of news, but the fact is homes are selling. Everyone wants a deal these days... I mean after-all we hear about them in the news everyday. But a deal too good to be true is normally that. Homes that are well priced are selling at record pace.

Last week I wrote three offers for clients. Each home was new on the market. Each sold in three days... I (we) were not the lucky ones. Selling price was close if not more than asking. The reason is the inexpensive homes are many times trashed... unless you are paying cash, there is no way to get a loan. Many people do not want these type of homes, so when something comes on nice.. it is snatched up right away.

I thought it would be fun to share the latest housing sales information with you today, this comes directly from the SoCalMLS which I belong to.

City	New	Avg LP	Under Contract		Sold	Avg SP			Avg DOM
long	424	$492,246	178		182	$455,675			71
Sigh	13	$435,917	5		5	$471,040			102
	437	$464,081	183		187	$463,357			86

The columns for New, Under Contract, and Sold represent the number of listings that went into those statuses during the month. These are updated on the 1st and 15th of each month for the preceding month.

Currently there are over 1600 active listings on the market. Is there a home out there for you somewhere? Till next time... Jeff

4th of July in Long Beach, California

I remember as a little boy in Northern Idaho, the days started to warm up after school let out... then about the 1st of July it got, well hot. What that meant to me then was summer vacation was almost halfway over... and my dad would be bringing home fireworks. In Idaho the fireworks were the safe and sane variety, what you might buy in Lakewood. However we were just over the border from Montana where the fireworks were whatever you wanted or could afford.

Fireworks always kind of scared me and the dog... and my younger brother loved them, not sure if it was blowing something up or getting to play with matches... I remember one kind even looked like candy and when you threw them down on the pavement they made a popping noise.

We always went somewhere for the 4th of July and one year it even snowed... Yikes...

This year the 4th will be celebrated with friends and going to the beach to see the fireworks from the Queen Mary. Last year we saw them from the Aquarium of the Pacific one of my favorite spots in Long Beach. Or you might want to check out the show from the Fire Department at Veterans Stadium. On a side note: remember Fireworks are illegal inside of City Limits.

I hope each of you enjoy your holiday for some it will be a long three-day weekend, for others it is back to work. Remember to play safe, be safe and come back again.

Enjoy, Jeff

Foreclosure - Short Sale - REO or Bank Owned

Have you ever wondered what all those terms mean? I have to tell you it can be very confusing... As an active real estate agent in Long Beach I see these terms each and every day. My clients however do not; however they hear about them.

There are many real estate websites out there where you see these terms... many of these sites are made to lead you on in order to collect your information to have you bothered by an agent. These lucky agents get to pay for your information.... But the worst part is much of this information is not accurate or old.

My website is updated daily from our local MLS so the information is hot... Many of my clients love my free listingbook site to use as a tool to find their new home. You are welcome to look to your hearts content and I will never bother you unless you ask for help.

But what this post is about are those terms.... Everyone wants a deal... and believe me they are out there. If it is a deal too good to be true... they normally are just that. Many of the homes in foreclosure process are almost destroyed and many of them you would not even be able to get a loan on...

When some one defaults on their mortgage (that is falls behind on their payments) the foreclosure process begins. This process takes a few short months before they will loose their home.

Right now we have many people in Long Beach who are trying to sell their homes through a process known as "Short Sale", in other words the bank maybe willing to take a lesser amount than owed.

The problem with Short Sales is they can take forever to go through the process and just may not even happen at all. Some of the prices on the Short Sales are way below what the bank may be willing to take. And finally the owner must prove they cannot make the payments anymore.

And finally for those who have done what they could they end up as an REO or Bank Owned Property.

When taking clients out I prefer to show them only the REO properties to save the disappointments they go through. You can see these properties on my website http://www.jeffhallrealtor.com/ Take a look, what can it hurt. Have fun... Jeff

Is Long Beach going to the dogs or the fish?

Here we are approaching the longest day of the year... The weather is warm, the sun is shining and another work week almost through. The City of Long Beach Parks Department has a special celetration. There are many exciting events in the evenings all summer long.

How many times have you made idle chat with a stranger and learned something? This morning was one of those times for me... this lady was walking her Airedale in the alley behind my home, and we started to chat. First I love Airedale's (my great grandfather use to raise them)and so the discussion went... She told me she was here for the dog show to be held over at Cal State Long Beach. So, if you are interested look it up...

Now those fish... The Long Beach Aquarium of the Pacific is about to start it 10th Anniversary bash this week... I am planning on attending the adult night on Tuesday. These events are fun and I even find it relaxing... be sure to pet the sharks.

One of the fun things about being a realtor is that time can be scheduled to enjoy our city. It is an interesting market right now and it keeps me hopping... but you need to take time to just relax. Remember all we have is our heath and families... Have a great weekend, Jeff

Art Walk - Saturday June 14

Hmmm smell the air... I think summer is arriving behind the clouds of our typical June gloom... I love those warm late spring evenings during this time of year, there is so much to do. Even if you have lived here a longtime you need to go downtown and see what is happening. With all the new homes in downtown Long Beach you are starting to see people on the streets... and speaking of the streets this is a good weekend to see some art and maybe even have a glass of wine or two.

The EAST VILLAGE section is the area bound by Long Beach Blvd and Alamitos, then Broadway to Ocean. This area is home to a variety of new restaurants, bars and art galleries. The streets will be closed and filled with vendors and live music. This is all FREE and the entire downtown area is walkable. On optional $10 pass will include: -Free transit on the Passport and Big Red Bus (double decker).

-Wine tasting at the Aqua on Ocean Bl.

-Free entry to the Museum of Latin American Art (plus live music).

-Discounts to area bars and restaurants.
This is a monthly event and getting bigger every month .
For more information check out ArtWalkLB

Maybe I will see you there... Jeff

Whats happening on 7th Street?

So, I take a few days off and come home to Long Beach to find major changes on 7th Street this morning. Whats happening...? The normal place to start is a Google search... starting with the City's traffic website but that was a dead end. I was able to find some upcoming projects for the future, but that does not explain what is happening today. There is a vital need to improve the traffic on 7th... I guess we just need to see what happens. Any thoughts? Jeff

A talk with mom

The past few days I have been on vacation in Northern Idaho to see my parents who live in the Silver Valley (about thirty miles east of Coeur d' Alene or sixty east of Spokane Washington). If I would have come a week sooner I could have skied at Silver Mountain which just concluded its longest ski season ever on June 1st.

I am fortunate to have a great relationship with my family and these visits are always a much need break from the busy life I live as an real estate agent in Long Beach. (I thought I would add a picture of some snow... from my homeland... I use to ski here as a young adult.... but the snow is now gone).

However that being said, the discussions are always about money and how I may or may not manage it... While my parents come from a more liberal outlook their outlook about money is very conservative, in a good way. She worries about debt and how each dollar is like a big stone around your neck and planning for the future. For those of us who are self-employed we realize this more that our counterparts that have a nine to five job.

Real Estate has many great benefits... the freedom to make your own schedule... it give us more time, or so people think. Taking a break is very important to our mental health and for our clients... sometimes they just do not understand that you need a day off and you might even loose a sale.

But what this blog is about today is the fact that many people for one do not understand how to manage money, and those in my business that take advantage of them. I work with many first time buyers and one of the things I like to tell them is this... Find a mortgage person you feel you can trust. Second have them explain the loan you are applying for and then you need to explain it to me. If it makes sense then things are probably fine... if not we have a problem. In the years of being a real estate agent/broker I have seen many mess's people have gotten into.

When making a decision this important you need to do the math. A interest rate of 4% sounds great, but when most of the people are paying 6% there is a problem.

So, take moms advice... Do the math, watch your spending and save.

Then take mine... take some time off enjoy life and be close to those you love. Jeff

Catalina

This post is coming a few days late... One thing I always like to tell new people coming to Long Beach is.... there is so much to do. In my philosophy of work hard, play hard this is very important. A good example is this past weekend we went to Downtown Disney and the park just to see the fireworks. A Disney pass can be affordable and offer great entertainment. Disneyland is just about thirty minutes from Long Beach. So Friday night we went to Disneyland, worked Saturday and Sunday off we went to spend the day at Catalina Island. You can get there via the Catalina Express. One of the things I like about going there is the peace, shopping, and adventures of a day trip. This past Sunday we had lunch, went out to see the seals at Seal Rock, then to our favorite nap spot on the grass. What more could you ask for. In the role of real estate agent for Long Beach and the surrounding areas, I feel it is important to take time out for myself and those I love. So, take someone you love to Catalina and enjoy... Jeff

Long Beach Housing Market and the US

Over the past few months we have seen and heard nothing but doom and gloom concerning the housing market. What concerns me is the amount of misinformation that abounds... It abounds in our own area...

When you go to any real estate site and do a search you are starting to see some unbelievable prices out there... and that is just what they are. I ran up the information this morning on a home here in Long Beach that is for sale for 695K, but the people owe more than a million? Now what will happen is the bank more than likely will not take an offer under 950K. These type of homes are listed as "Short Sales"

What this type of pricing is doing is give people a wrong sense of what their property is worth. The only real selling prices are on those homes that have already closed escrow.

Now today I read some good news on real estate... to see how Long Beach is doing visit Happy Real Estate News

Sales are down and so are prices... but we are holding our own and there are deals out there... ask me about some. Jeff

Memorial Day... in Long Beach

How many of us do not know the history behind Memorial Day? Many of us think it is just a three day weekend... or the weekend before summer vacation starts... One of the sad things about our Holidays is the original meaning is; well lost...

So this morning I did a little Google on Memorial Day History and this is what I found. Memorial Day, originally called Decoration Day, is a day of remembrance for those who have died in our nation's service. There are many stories as to its actual beginnings, with over two dozen cities and towns laying claim to being the birthplace of Memorial Day, for the rest of the story view this site Memorial Day History.

As a child I remember going to the cemetery with my mother and grandmother to decorate the Graves of those long gone family members. I never knew why really... other than it was normally cold and I liked those little flags. OK, the cold part is from living in Northern Idaho. Even part of this tradition seems to have disappeared...

If you are home in Long Beach this weekend and love to watch sailing races you might check out what is happening at the Alamitos Bay Yacht Club, which is having a Regatta... or check out the City of Long Beach City News page.

The most important part is to enjoy your family and friends... and be safe.

Have a great weekend, Jeff