Ten Tips for the Homebuyer

So you’ve been reading up on how the market is coming back, and how now is the time to buy. Maybe you’ve even been reading about that right here on the LA Home Girl Blog!? (Well, it’s true!)

You can read about it all you want, but that won’t make a difference until you take the next step, right? (Um. What’s the next step?)

Here are the LA Home Girl’s….

Ten Tips for Homebuyers!

1. Before you start looking for a home, get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lenders will take an application, process the loan documents, and see the loan through to the funding stage.

 2. If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reason(s) caused the bad credit. A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.

 3. You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area.

 4. You will need funds for closing costs Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:

• Escrow fees charged by the company handling the transaction
• Title policy issuance fees charged by the title insurance company
• Mortgage insurance fees
• Fire and homeowners insurance
• County Recorder fees for recording your deed
• Loan origination fees 

Consult your lender for an actual estimate of these costs, as well as information about loan programs which can assist in financing your closing costs

5. Some loans have “points” and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.

 6. Should you select a mortgage with a fixed rate or an adjustable rate? The answer to this question depends on whether mortgage rates are at a high or a low point when you purchase, and on how long you plan to live in the home. If rates are high, an adjustable rate might be attractive since subsequent rate drops could reduce your monthly payments. Additionally, lenders may offer a low rate during the first few years of an adjustable mortgage to make it appealing to you. If interest rates are low you might want to take a fixed rate to protect yourself against the possibility of rising interest rates.

7. Be aware of the two main types of loan categories.

• Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.
• Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan

8. If you are a low or moderate income homebuyer, there are special programs designed to help you. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA). Most lenders specializing in real estate mortgage loans are aware of these types of loan programs.

9. Why might I have to pay mortgage insurance? Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Generally, conventional loans that require larger down payments do not require mortgage insurance. Mortgage insurance is always required on FHA mortgage loans.

10. Many organizations offer home loan counseling to prospective homebuyers.These organizations provide classes for homebuyers to cover the steps to homeownership. They will cover home selection, realtor services, lenders, loan programs, homeownership responsibilities, saving for a down payment, and other important pieces of information. Many first-time homebuyer programs require homebuyers to attend this type of class to be eligible for selected programs.

And remember, if you have any questions, simply contact the LA Home Girl and we’ll help you out! 

Kenya Reeves-Costa
Keller Williams Realty Los Feliz
1660 Hillhurst Avenue
Los Angeles, CA 90027

Office: 323.300.1115
Fax: 323.446.7415

Now is the Time for Your New Hollywood Hills Home

Let’s face the facts, people want to live in the Hollywood Hills. It’s a place in Los Angeles that truly feels old school Hollywood and allows for that true unique home experience. There’s history, amazing architecture, beautiful views, seclusion, nature, and difficult roads to keep the traffic to a minimum. There are many neighborhoods considered part of the Hollywood Hills, including Beachwood Canyon, Hollywood Heights, Hollywood Dell, Laurel Canyon, Mount Olympus, Nichols Canyon, Sunset Hills, and Whitley Heights.

• Beachwood Canyon
  The atmosphere of old Hollywood dominates Beachwood Canyon, just as the Hollywood sign dominates its hills. Beachwood Canyon works hard to maintain its rural, small-town vibe, even though its population is as Hollywood as you can get. It stretches along Beachwood Drive north from Franklin Avenue. The upper portion of the canyon is the Hollywoodland that was originally advertised in the 1920s by the Hollywood Sign. The canyon features its own market, coffee shop, hiking trails and stables.

 

• Hollywood Heights
  Hollywood Heights is a fascinating oasis of cultural landmarks, charming iconic homes and historic properties. It offers a quite residential oasis just moments away from the noise of Hollywood Boulevard. It is bordered by Highland Avenue, Outpost Drive, Franklin Ave. and the Hollywood Bowl.

 

• Hollywood Dell
  Technically “Hollywood Hills East”, the Hollywood Dell was a part of Whitley Heights before the 101Freeway was built. The Hollywood Dell is so named because it sits “in” the hills that are just above Hollywood. In general, you will go down to get into the dell, and up to get out of it. The roads within the dell are mainly hilly and many homes are built on hillside lots.

 

• Laurel Canyon
  Laurel Canyon gained its greatest fame in the 1960s as a countercultural enclave. When Joni Mitchell sang about “the ladies of the canyon,” she was referring to Laurel Canyon. Jim Morrison lived behind the 1919 Canyon Country Store, whose Sister Mary Michael-style painted sign indicates that the area hasn’t completely lost its Haight-on-the-Hill ways.

  During Hollywood’s glory years, many notables, including Orson Welles and Errol Flynn, lived in the canyon. Urban legend has it that another former resident, Harry Houdini, still haunts the remains of his estate, visible on the right just before Lookout Mountain as you drive north.

  Unlike other nearby canyon neighborhoods, Laurel Canyon has houses lining one side of the main street most of the way up to Mulholland Drive. There are many side roads that branch off the main canyon, but most of them are not through streets, reinforcing the self-contained nature of the neighborhood. Some of the main side streets are Mount Olympus, Kirkwood, Wonderland, Willow Glen, and Lookout Mountain Avenue.
   

• Mount Olympus
  Mount Olympus is a community of single family residences founded in 1969 by developer Russ Vincent. It is bounded by Hollywood Boulevard, Laurel Canyon Boulevard, Willow Glen Road and Nichols Canyon Road. Mt. Olympus is now a “planned community”, with a homeowner’s association that takes care of the day-to-day operations of the general community.

 

• Nichols Canyon
  Cut into the south side of the Hollywood Hills, Nichols Canyon stretches from Hollywood Boulevard to the south up to the top of Mulholland Drive to the north. The narrow winding roads snake through the canyon where homes are tucked into lush vegetation or perched on bluffs and cliffs with views to the ocean and downtown.

  Nichols Canyon has a natural, year-round, spring-fed creek and water fall over 100’ high, and several natural and man-made small water falls. They are the only natural water falls in the City of Los Angeles. The stream that flows through the bottom of Nichols Canyon attracts coyotes, frogs, deer, raccoons, skunks, rabbits and other wildlife. Hawks can often be seen circling the area as well. Home to many celebrities throughout the years, Nichols Canyon is a favorite jogging and cyclist road.

 

• Sunset Hills
  Sunset Hills is a small, affluent enclave in Hollywood bordered by Laurel Canyon on the east, Sunset Plaza Drive on the west and Sunset Boulevard on the south, which is also the City of Los Angeles’ border with the City of West Hollywood. Primary access roads are Kings Rd., Little Hollywood Blvd, Queens Rd. and Sunset Plaza Dr.

  A neighborhood of expensive, multi-million dollar homes clinging to dramatically rising hills, Sunset Hills is home to such landmarks as the Chateau Marmont Hotel, built in the 1920s and the famous Frank Lloyd Wright home on little Hollywood Blvd. Residents enjoy seclusion and staggering views of Los Angeles. Homes typically range from $3–5 million for small multi-level houses, with some larger homes exceeding $10 million.
   

• Whitley Heights
  Located a few blocks north of Hollywood Boulevard between Cahuenga Boulevard and Highland Avenue, Whitley Heights is known for its meandering, foliage-lined lanes and Italian architecture.

  Few other areas, outside of Beverly Hills, have been saturated with the glamour and celebrity of Hollywood like Whitley Heights. Many of the 150-plus homes have been occupied by celebrities over the years, and real estate listings frequently mention those former residents,

 If you’re interested in finding out more about what’s available in the Hollywood Hills, click here for listings, and contact the LA Home Girl so we can help you get started on finding your dream Hollywood Hills home. 

Kenya Reeves-Costa
Keller Williams Realty Los Feliz
1660 Hillhurst Avenue
Los Angeles, CA 90027

Office: 323.300.1115
Fax: 323.446.7415

Southland Housing Market Surges

Homes in Southern California sold at the fastest rate in the month of April in seven years, as the demand for move-up homes and high levels of investors increased after being in limbo for months. The median sale price rose to a high not seen in 58 months, which is good news for everyone, buyers and sellers. It means the housing market is moving in the right direction. The median rise was due to both a natural home price appreciation from higher demand and a better market, and also because of a significant lowering in foreclosure sales. Also, there has been a decent surge in mid to up-market buying. In local counties around Los Angeles, 21,415 new and resale houses and condos sold last month. That’s a rise of 4.1 percent from 20,581 sales in March, and up 9.5 percent from April 2012.  All these numbers and concepts are according to DateQuucknews.com, as reported on May 14^th, 2013.

What you should take away from this information is simple, we’re seeing a significant change for the better in the housing market, due to categorical trends. In other words, this is not a fluke. The trends in price medians and higher demand is because we have less foreclosures and people are starting to realize that it’s a great market situation to buy homes. In fact, it’s good for everyone right now because there’s a lot of potential for buyers, and a lot of demand for sellers who want to get a fair price and sell soon.

In brief, contact your LA Home Girl real estate specialist to help you more with this information, and get you on the right track to purchasing your new home. We specialize in selling homes to new buyers, so we know how daunting it can be when you first start looking. We’ll help you out, don’t worry, and we promise it’s not as annoying as it looks. Send us a message or give us a call, and we’ll be glad to get this new adventure started with you.

Kenya Reeves-Costa
Keller Williams Realty Los Feliz
1660 Hillhurst Avenue
Los Angeles, CA 90027

Office: 323.300.1115
Fax: 323.446.7415

 

The Best Outdoor Spots on the East Side

It’s getting warmer, so there’s no excuse to be inside no matter how much the Southern California weather has spoiled you. Whether you’re looking for a patio drink, an outdoor work spot, a place to read a book, or just a place to chill, we’ve put together a list of the best outdoor spots to hang out in neighborhoods like Los Feliz, Silver Lake, Echo Park, Franklin Village, and Atwater Village. Contact the LA Home Girl if you’re interested in living or moving within one of these beautiful and fun neighborhoods.

Desert Rose

The D-Rose has one of the best patios on the entire east side, and great happy hour deals. You can find shade or sun, enjoy delicious gourmet Mediterranean food, and sit in super comfy chairs. This is an ultimate lounge outside location for day drinking and noshing.

Coffee Bean on Hillhurst

With a huge outdoor patio complete with plenty of seating, good coffee, free wi-fi, and a decent amount of shade, the Coffee Bean on Hillhurst and Ambrose is one of the best outdoor work spots on the east side. Shoot for one of the corner spots near the street for optimal shade and the best people watching. If you’re along the outside parallel to Hillhurst or Ambrose, there are plenty of plugs for your numerous devices. Watch out for the birds if you’re enjoying a muffin too slowly, they’ll just straight up take it.

The Los Feliz Library

Many people don’t realize there’s an outdoor area near the parking lot behind the Los Feliz Library. The internet works out there, and you have plenty of shade. It’s a nice place to chill and read or work without having to buy a coffee. Make sure to check the Library Hours so you know the wi-fi will be working.

SPITZ for Happy Hour

The open air atmosphere, an amazing happy hour deal, and new sidewalk style seating outside makes of Spitz on Hillhurst one of the best places to hang with a quality summer drink and perfectly complimentary bites of food.

The Farmers’ Markets  

On Tuesday, Wednesday, Saturday, and Sunday you can find farmers’ markets on the east side. They’re the perfect chill way to get out and move around on a nice day. The Silver Lake Famers market also offers a lot of clothing and records to sift through for hours.

Cliff’s Edge

In Silver Lake, Cliff’s Edge has one of the most unique outdoor eating and drinking courtyards in the area. It’s a must see, because it’s hard to describe, but you’ll feel like you’re up in a huge tree house.

Home Restaurant

For casual dining outdoors, Home offers a very tranquil setting with trees over-hanging and a koi pond in the middle. They have high-quality diner style foods, and a good selection of drinks.

Barnsdall Art Park

With outstanding views and a pristine lawn, it’s a great place to put a blanket down and read. They host a lot of different events throughout the summer, so stay tuned for some outdoor fun at Barnsdall Park.

The Village Bakery in Atwater

They have great outdoor sidewalk seating with umbrellas that provide good shade if you want to work on your laptop. Atwater is a great place to work with its small-town feel, and the food at the Bakery is fantastic.

Check out this Great Deal, A Leimert Park Fixer-Upper

We got a great place with so much amazing potential here near Leimert Park.

Come and get it while its hot! This scuffed up classic beauty has great bones and is waiting on the perfect person to see past the outside and look into her soul. This traditional home offers lots of light, beautiful hardwood floors that have been protected by carpet,an enclosed patio currently used as a den,a spacious back yard and is positioned on one of the most beautiful streets in Leimert.

There’s an open house on May 12, from 2:00 – 5:00 PM

Click Here for a map view. 

Contact the LA Home Girl if you’re interested, or would like to know more about the upcoming open house. This one really is great for the right person with the right vision.

Here are some specs below:

ROOMS: Den, Dining Area, Family
EQUIP: None
AIR: None	HEAT: Forced Air
FLOOR: Hardwood,Linoleum	LAUNDRY: Inside
FIREPL: Family Room	ROOF:
POOL:	TENNIS:
PARK: Garage – 2 Car	SPA:
VIEW TYPE: None	WATERFRONT:
SEC:	FIN:
SEWER:	POSS:
DISC: As Is	SZONE:
OCC/SHOW: 24-hr Notice	SALE TYPE: Standard

Have You Seen What’s Available in Highland Park?

Things are looking good lately in the housing market, and with the economy in general, so it’s really important to understand what an amazing time it is for buying a new home. The prices are still low and the potential is very high. In Los Angeles, especially on the east side, there are communities that are both well-established and popular with new home owners, and there are some great up and coming neighborhoods like Highland Park, that are constantly being considered the next great place to live.

So all that information is important, but I know that for a lot of people it comes down to the home, and the vibe they might get from the house itself. Have you seen how many listings are available in highland park? There are some gems ready for any type of buyer. Here at the LA Home Girl, we specialize in first time buyers, so if you’re a little nervous, don’t worry, we’ll help you through the process in a judge-free environment.

For more information about the LA Home Girl, please click here, or contact us with a message or a phone call. We’re excited to hear from you, and we can’t wait to find you a new home.

Good News: Economy and Jobs Up, Good for Real Estate

Wall Street hit a record high, crossing the 15,000 mark for the first time. Plus, the standard and Poor’s 500 broader market measure went over 1,600. Just in the first hours of trading this morning on Friday May 3^rd, the Dow Jones industrial average surged 173 points to break the 15,000 mark to 15,004, which was a gain of 1.2 percent overall. With the S&P index jumping 20 points, or about 1.3 percent, to 1,618, it was the first time in 13 years the broad stock-market index broke through 1,500.

As far as jobs go, the government declared an addition of 165,000 jobs in April, which is well more than expert economists predicted. More jobs were created in February and March that have been estimated as well. The unemployment rate dropped to 7.5 percent, which is the lowest it’s been in four years. That’s good news!!

So, as a potential investor in real estate, it’s time to take charge of this opportunity. The market is looking solid, so prices are going to start climbing. You need to contact THE LA HOME GIRL, so we can get you hooked up while the time is right. See some of our outstanding listings here, and send us a message or give us a call by clicking here. It’s that simple! We’ll get you started, and you’ll be living in your awesome new place and enjoying the smart investment in no time at all. 

Pending Home Sales Hit Highest Level in Three Years

In March 2013, pending home sales reached a level not seen in three years, showing yet another good sign for the housing market. The Pending Home Sales Index rose from 104.1 to 105.7 from the previous month, surpassing even the experts’ predictions. It was the 23^rd straight month the index has seen a year-over-year increase, so we’re seeing a very solid trend that signifies a solid movement in the housing market. The last time it was this high was in April 2010, which was largely due to people scrambling to sign contracts before the expiration of a home-buyers tax credit. So you can presume that even those numbers were skewed, so the last true high number may go further back.

Every week we hear about these number trends that suggest a renewed housing market, so it’s important to understand how significant this is as a home buyer or seller. These days, there are very few promises for investors, and people are still weary of putting their money anywhere but under their mattress. However, real estate is becoming what it once was not long ago – a very solid investment. It’s time to look at that concept closely, and consider how this market will grow, and how this market could affect your future. If you want some more answers, or just want to get the ball rolling on your investment, give The LA Home Girl a shout, and we’ll help you out. You’ll be surprised at how easy it really is to ensure you’ll find a great place in a great neighborhood. 

Here’s a Solid Reason to Live on the East Side — The Taste of the East Side!

If you looked at that and fell out of your chair with excitement…I’m sorry. I hope you’re not hurt or anything. Once you get back up, click here and let’s talk about getting you an awesome home on the east side of Los Angeles. Here’s a little secret for you….there are cool events like this ALL THE TIME in hoods like Los Feliz, Silver Lake, Highland Park, Echo Park, and Franklin Village. We love our fairs and street food over here, and can’t wait for an excuse to throw down together. You should be a part of that, right? Contact the LA Home Girl, and we’ll get you where you belong.

Foreclosures Down Significantly in California

With new California foreclosure laws in effect, the foreclosures across the state have plunged in the first quarter to levels not matched since the last time we had a housing boom. That is a VERY GOOD sign for both buyers and sellers, and it’s time to take action.

On a drop of over 50% from the previous quarter, lenders filed 18,567 mortgage default notices on California houses and condominiums throughout the first three months of this year. That’s a 67% drop from the first quarter of 2012!

These numbers are being attributed to a stronger economy and the government interventions that were designed to limit foreclosures. A big role was played by a series of new laws backed by Atty. Gen. Kamala D. Harris that placed new regulations on foreclosure practices.

With the rising economy, a recovering housing market, and a few government regulations, we’re seeing some awesome numbers for everyone in the real estate world. You should seriously consider taking advantage of these good times, and get on the horn with your LA Home Girl. You can contact us right here. We can’t wait to hear from you.