Find Your South Bay Home

Real Estate News

August 2006

www.KeithKyleHomes.com

 

 (310) 251 -2344

2501 N. Sepulveda

Manhattan Beach, Ca 90254

Keith.Kyle@SouthbayBrokers.com

 

In This Issue

·    Where is The South Bay Market heading?

·    10 Questions to ask your mortgage lender

·    Tax Benefits of Home Ownership – How to save each month

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Where is the South Bay Real Estate Market Heading?

While much has been made of the real estate bubble, and whether it will inevitably burst, most economic analysts now believe that the market will have a soft landing.  The market is definitely stabilizing and becoming far more of a buyers market than has been the case in the recent past.  Although sales have slowed and homes are staying on the market longer, prices are still generally remaining strong and the median sales price in June is up 6.2%, according to the California Association of Realtors. 

See What does this mean for you?  

 

June 2006 Median Home Prices

                                   June 2006           June 2005      % Change**

El Segundo                    $787,750             $869,250         -9.4%

Hermosa Beach           $1,100,000          $1,224,500        -10.2%

Lawndale                       $505,000             $495,000          2.0%

Manhattan Beach         $1,575,000          $1,579,500         -0.3%

Rancho Palos Verdes    $1,105,000          $1,032,500          7.0%

Redondo Beach               $770,000             $750,000         2.7%

 

**Monthly numbers can vary by type of homes on the market, whether multi unit properties are on market etc. and should be used in relation to annual price changes to determine the overall trend and market conditions.

10 Questions to ask your Mortgage Lender

By Bankrate.com

Here are the 10 key questions to ask at application time to help you find the best overall mortgage loan.

If you have already selected a lender and are ready to apply, make sure you have the answers to these questions first.

Click to find and compare local lenders

10 Questions Continued….

  • What is the interest rate on this mortgage?
  • How many discount and origination points will I pay?
  • What are the closing costs?
  • When can I lock the interest rate and what will it cost me to do so?
  • Is there a prepayment penalty on this loan?
  • What is the minimum down payment required for this loan?
  • What are the qualifying guidelines for this loan?
  • What documents will I have to provide?
  • How long will it take to process my loan application?
  • What might delay approval of my loan?

A Little Cash Relief is as close as your W-4 Form

By Lew Sichelman, United Feature Syndicate
July 23, 2006

 

WASHINGTON — Home buyers who need a little more take-home pay to afford their bills don't necessarily need a second job or to dip into their savings.

By increasing the number of allowances claimed on tax forms filled out at work, they can boost their paychecks considerably. Exactly how much depends on the amount of mortgage interest and property taxes paid. But the more allowances claimed, the less federal income tax will be withheld.

See more of this article

Get Educated!  1st Time Buyer Seminar:

September 28th  5:30pm-7:00pm

El Segundo Public Library (Matsui Room)
Cost: No cost.

  • 100% financing: When it works -- and when it doesn’t.
  • Pitfalls to avoid in selecting a lender and Realtor.
  • Myth vs. Fact: Your credit report and FICO score.
  • How is the max purchase price you qualify for calculated?
  • Regarding purchase price: how high is "too high"?
  • Identifying and correcting mistakes on your credit report.
  • Calculating the tax savings associated with home ownership.

Click here to sign up for the free seminar