The recent decision by the Federal Reserve (the Fed) to lower interest rates by 25 basis points has some potential homebuyers wondering if they should pull the trigger on purchasing a new home.

Contrary to popular belief, the decision by the Fed has little impact on the overall status of mortgage rates. Rates depend on many factors including the housing market itself. The notable exception is for those currently paying on variable rate loans. The decrease of basis points correlates to a drop in variable rate and slightly reduces those mortgage payments. 

The news that the recent lowering of interest rates by the Fed has little impact on mortgage rates should not deter you from the positive home buying market. Mortgage rates are under 5% in many cases and the housing market is positioned to give the advantage to the purchaser.

2018 saw enough market volatility to encourage a mortgage rate decrease to an average of 4.5%. These rates appear to be sticking around as economists are encouraged by the growth the adjustment has caused.

The increase of home prices is trending downward, as well. This is encouraging news for those who may have been priced out in previous years. A 6% rise in sales price in 2018 scared off many prospective shoppers but the rate seems to be slowing, with estimates at 4% for this year.

Some markets still suffer from inventory shortages, but the outlook is promising. New home starts are estimated to increase in the near future, providing more opportunities for homebuyers to find a great option.

The time is now for buyers to take advantage of a good market. With mortgage rates holding steady, new inventory, and a stable job market, chances are the purchasing climate will not get much better.

There are so many reasons to buy a home in Long Beach, California. Yet, some people will cite one significant reason not to–it’s too expensive. That’s not always the case. In fact, there are plenty of affordable homes in Long Beach, California that will check off all the boxes that you look for in a house. Those who say Long Beach is too expensive aren’t looking for houses in Southern California the right way. Here is how to buy your home in Long Beach, CA, without overpaying.

Make Sure This is the House You Really Want 

Moving to Long Beach, California, is an exciting time in anyone’s life. However, buying a house is a commitment. If you don’t think that Long Beach is for you in the long-run, then the last thing you should do is property in the area. 

Truth be told, if you buy a house and sell it a couple of years later, you will not make much on your investment. However, owning a home that you plan to pay off over the next thirty years is. The key to not overpaying is to pay a mortgage on a house you plan on being in for the long haul. Otherwise, you’re better off renting.

Pick a Budget…and Stick to It 

Buying a house can be a lot like filling your grocery cart. Everything looks great while you’re throwing it in the basket. Then you reach the checkout, see the price, and it feels like the wind got knocked out of your stomach! This scenario is less likely to happen if you pick a budget.

Look at your income and calculate if you can afford the month-to-month. From there, think about how much additional money toward the principal you can cough up without compromising your comfort. That sweet spot should be your budget. Don’t surpass it.

If you don’t want to overpay for your Long Beach house, you need to pay a little extra each month. Paying down your mortgage will help with paying down interest rates. So, paying extra on a property that was within your budget means you will save money in the short-term and long-term!

Be Patient, But Stop Lowballing

Obviously, you want the best deal. However, you shouldn’t price yourself out of the market. If you lowball every time, you’re going to end up on the losing end of the bidding war. As the clock ticks, you may become desperate and end up paying more than you initially anticipated.

Furthermore, don’t go into this rushing. Take your time and look for what you want in a house. See how much they are being listed for. Now, you have a general idea of what your preferences cost. Taking the time to learn what you like in a house will help save you from paying too much for just the minimum.

Get a Realtor 

There are so many nuances that come with buying a home. The market is constantly fluctuating. If you are looking for the best deal, you need someone to look out for your best interests. Put your trust in a realtor.

Not only do realtors know what the current market trends and the latest news on homebuyer credits, but they also have strong knowledge about Long Beach neighborhoods. That trait is especially crucial for someone who is looking to uproot their family to the Southern California region. 

By getting a realtor, you can let them know what the are musts for your future Long Beach home. From there, the realtor can tailor your search to meet the parameters of your budget. You might think that cutting out a realtor will save you from coughing up more cash. However, getting a realtor is an investment in your financial future. 

Buying or selling a home can feel like a never-ending process. While it is natural to want to skip to the finale, it is important to know that simply closing escrow does not mean all the work is done.

You can take comfort in knowing that what comes next is far simpler than the process up to this point. Here is a quick list of things to take care of once you know that home is yours!

Change Your Address

This seems like a no brainer but is often put on the back burner for new homeowners or those finding a new home. The USPS (the people that put the mail in your box) is kind enough to offer mail-forwarding service for a certain period.

Log in to any accounts you may have with magazine subscriptions, delivery services, and Amazon to make sure your address if officially changed on your profile. If you are old school and keep an address book, consider sending a notification to your most important contacts to inform them of your new address.

Get an Updated Driver’s License

This is a law and unfortunately, many people neglect to obey it. The DMV in almost every state is a hassle but your ID becomes invalid after 30 days (in most cases) of an address change. 

This step is especially important when it comes time to vote or travel by air. 

Notify the Utility Companies

You will likely want water, power, and sewer services at your new home. Cable and telephone may be important to you, as well. Once you have officially closed, contact these entities to alert them of your ownership.

Contact Your Financial Institutions

Your bank, credit card companies, and any retirement or investment funds should be made aware of your new address immediately after closing. This will ensure any important notifications are sent to your home, as many are time-sensitive.

There! That wasn’t so hard. Take care of these things as soon as you close escrow, rather than putting them off and forgetting about them.

If you’re like most financially minded folks, you likely set some admirable money goals for the year back in January. Well, here we are, half-way through the year already! How are your money goals stacking up? Are you blazing through the year or falling behind?  If you’re on target, congratulations! Keep up with that good work and don’t lose steam. If, however, your review shows that your financial goals need a boost, try these tips for some money motivation.

Manage Daily Spending
Little daily expenses can add up – big time. Your daily coffee shop visit or biweekly manicure could be costing you thousands in the long run. If you’re behind on savings for the year, consider cutting some of these daily treats and conveniences. Set yourself a daily or weekly budget and stick to it. Many people like using a cash method to help moderate their spending and prevent unnecessary money drains. Take out your weekly cash allowance and stop the mindless spending. 

Ditch Useless Monthly Plans
It’s easy to collect monthly subscription services that we use a few times then forget about. This is a great time to tally up all your monthly subscriptions and plans and cancel those that are unnecessary or that you could live without. If you miss them, you can always re-subscribe. Then put all that extra money into your savings goals. 

Evaluate Your Income
If you’re really struggling to make ends meet or gain traction in your money goals, take a good close look at your income. When is the last time you had a raise? Is it time to consider a side-gig or pick up extra work? Could you make your money work better for you? Should you re-evaluate your investments? Spending less is crucial to saving more, but sometimes you just need more money. Look for opportunities and think outside the box. 

Practice Money Mindfulness
Too often we are hit with the dilemma of gratification now, or reward later. As humans, we are wired to take our chances when we get them which can make financial goal setting quite a tough endeavor. Before you make a purchase, consider how that purchase will make you feel three months down the road. Is it necessary? Will you still care about in a few weeks’ time? If not, consider if the purchase is worth setting your goals further back. Money spent on anything is money not put into your goals. Weigh your options carefully and think about your future self first. 

Hopefully, these tips will help to spark some money motivation for you! If your current goals are slacking, just remember – we’re only halfway! There are six more months to make your dreams for 2019 a reality.

Are you thinking about selling your Long Beach, California home? You’re not the first person, and you won’t be the last. Therefore, all the questions and concerns that are running through your mind have been experienced by millions before you. Here are some answers to the burning questions that every seller asks before listing their house?

Q: When is the Right Time to Sell My House?

A: There are several answers to this question that are unique to the potential seller. First, you need to be ready emotionally. When you sell a house, you are parting with a property that held so many precious memories. Once you’re emotionally ready, it’s never the wrong time to sell your house. However, you should talk to a real estate agent who is familiar with your neighborhood and the market. That way, you can make an informed decision as to right now is the perfect time to sell for financial gain.

Q: What Does The Market Look Like?

A: As the “right time to sell,” the market is also unique to the person. The answer to this question depends on your neighborhood. However, you can look at the overall market in your state for a gauge. In California, we are looking at an increase in price median of 1.2% over the past year. However, the market, in general, is slow right now. So, you’re looking at people making more money over the long-term. These statistics can easily change by the end of the year. That’s why it’s so vital you speak to a real estate agent familiar with trends in your neighborhood.

Q: How Do I Know How Much My Long Beach Home Is Worth?

A: Again, it’s good to rely on a trusted real estate agent. To get a clear picture of your home’s value, you need a Comparative Market Analysis (CMA). A CMA takes many algorithms into consideration such as square footage to the age of the roof to what neighboring houses sold at.

Q: Should I Fix Problems Before Listing?

A: If you see it, potential buyers will see it. So, if your house needs a new coat of paint, windows, or updated electricity, just do it. Otherwise, your house will be on the market longer than you anticipated. In the end, you’ll probably end up doing the fixes anyway. For those who don’t want to make unnecessary changes, it doesn’t hurt to have an inspector point out potential problems.   

Q: Should I Inflate My Price to Leave Wiggle Room?

A: You can. However, don’t outprice your house. Then, you’ll have nobody to negotiate with you. If you price your house a little more than what it’s worth, you can probably sell rather quickly. It just leaves the question, what’s “a little more?” Your best bet is to make these decisions with a trusted real estate agent. They can advise you on what tactics work best in your community to sell your Long Beach house for the highest price.  

Is there anything better than brunch? A simple meal hybrid has become a staple activity of Long Beach life where life is wonderful, and the food is delicious. Thankfully, we are lucky in Long Beach to have such an amazing set of options for brunch. Let’s take a look at some of the best places to brunch here in Long Beach!

 

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Claire’s at the Museum
For a classic Long Beach brunch favorite, head to the Long Beach Museum of Art’s delicious restaurant and brunch stop, Claire’s. Claire’s offers starters, mains, sandwiches, vegetarian options, and a Bloody Mary menu to die for!

 

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The Breakfast Bar
Come to The Breakfast Bar for a hearty dose of comfort food. The Breakfast Bar offers a wide range of delicious plates like eggs, omelets, pancakes, French toast, and more – all with a special flare. Plus, their porch is dog-friendly so the whole family can partake in the brunch tradition!

 

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The Attic
The Attic is a gorgeous environment, with seating inside a 1920’s craftsman bungalow. The restaurant offers an eclectic menu for brunch with flavors of the South mixed with local Southern California ingredients and styles. Try their famous jambalaya or bananas foster!

 

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Saint and Second
This Belmont Shore favorite is all about fresh and local. Saint and Second has an intriguing brunch menu with dishes sure to inspire the chef in you. And don’t forget to check out their creative bar menu or splurge for the mimosa tray.

 

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Berlin Bistro
Located in the East Village Arts District, the Berlin Bistro . This is the place to go for vegan and vegetarian fare, as well as your standard meat dishes. Earthy tones and bright flavors make this a favorite for Long Beach Brunchers.

 

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Make the Best of Brunch
Whether you are a longtime resident, new neighbor, or prospective Long Beach relocator, don’t hesitate to jump into the brunch craze. There are so many options for a fabulous time out with friends. Make the most of the weekend and go out for brunch!