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While repairing and remodeling your home before selling can certainly increase the value of your home, you don’t need to fix or update everything. Some repairs can be done quickly and cheaply, while still having a significant effect. Focusing on those repairs is a good way to get the most value out of your time and money. This is especially true if the only repairs needed are low cost, high value repairs. Prospective home buyers care a lot about first impressions. If something is visibly broken or damaged, they’re going to assume there are more, possibly less obvious broken or damaged aspects of the home. Even if the only thing wrong with your house is a torn screen door, that’s something that will be readily apparent to a prospective buyer. Other first impression repairs include leaky faucets and toilets, cracked paint, and squeaky doors and cabinets. These are also all potentially things you can fix yourself if you have the right materials and tools. Some more high value “fixes” involve things that aren’t broken at all, but may not leave a good impression otherwise — such as cluttered floors, or weeds or bare soil in your yard.Photo by&nbsp;<a href="https://unsplash.com/@jefspeetjens?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Jos Speetjens</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Low Cost, High Value Home Repairs

The heat of California, particularly in the summer, means many Californians turn up the air conditioner to stay cool. But there are some areas of the world that can get just as hot, if not hotter, and do without cooling systems. How do they manage it? In Burkina Faso, which frequently reaches temperatures over 100 F, it's the type of stone used for construction. Burkina Faso is rather low on the Human Development Index (HDI), ranking 184th out of 191 countries as of 2020. This means much of the country doesn't have access to electricity, and importing concrete is expensive. What they do have easy access to is a stone called laterite, which forms naturally in the region. Laterite is quite strong once formed into blocks, and its thermal properties help keep the interior cool. Constructing buildings using laterite is not a new concept, but in much of the world it has been replaced by concrete.Unfortunately, laterite is not a solution for California. With its advantages come some pretty severe disadvantages. Laterite has extremely low earthquake resistance. In California, which has over a hundred earthquakes per day and building laws requiring high earthquake resistance, laterite buildings simply won't work.Photo by <a href="https://unsplash.com/@andrecageorgiana?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Georgiana Andreca</a> on <a href="https://unsplash.com/">Unsplash</a>More: <a href="https://www.theguardian.com/environment/2024/feb/29/we-dont-need-air-con-how-burkina-faso-builds-schools-that-stay-cool-in-40c-heat">https://www.theguardian.com/environment/2024/feb/29/we-dont-need-air-con-how-burkina-faso-builds-schools-that-stay-cool-in-40c-heat</a>

The Right Building Materials Could Eliminate The Need For Cooling

Whether your home has a lot of outdoor space or just a little, it's possible to make good use of it. But in order to optimize your space, first you need to know how you want to use it. Not everyone wants to use their outdoor space for the same functions, and you want to have some idea of what function or functions it should serve for you. If the space is large enough, divide it into zones. For example, you might have one area for relaxing with a book, one for a garden, and one for socializing with guests. Various types of lighting can help to transform each zone individually or your entire space. Perhaps you want soft ambient lighting, or maybe you want more functional lighting for reading or dining. Regardless of what you use your space for, a couple things are to be expected in any outdoor space, and those are seating areas and greenery. Choose weather-resistant materials such as wicker, teak, or metal and add cushions for improved comfort. Opt for plants that require minimal upkeep and grow well in your area.Photo by <a href="https://unsplash.com/@fla5h904?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">David Hunter</a> on <a href="https://unsplash.com/">Unsplash</a>

How To Organize Your Outdoor Living Space

There's a strong tendency to want to pay off your mortgage as quickly as possible. There's also a strong reason for lenders to not want you to do that -- they get less money because you aren't paying as much in interest. Because of this, they frequently use prepayment penalties. This is an extra fee for paying off your mortgage too quickly or before the term of the loan ends. If you're simply paying the minimum amount anyway, this won't affect you, but if you think you may want to pay off your loan early, you'll want to know your options.

Different states have different laws regarding prepayment penalties, and some don't allow them at all. In states where they are allowed, they come in two types: hard prepayment penalties, which are fixed fees regardless of the reason for prepayment and that are usually a percentage of the loan amount, and soft prepayment penalties, which are only charged if the borrower pays a large amount in a short time period. Even in states that allow prepayment penalties, not all loans will have them, and you may be able to negotiate with your lender for their removal. When shopping for loans, make sure to read all the terms of the agreement, and talk to a legal professional if there's anything you don't understand or want to learn how to negotiate.

Photo by <a href="https://unsplash.com/@mari?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash" target="_self">Mari Helin</a> on <a href="https://unsplash.com/" target="_self">Unsplash</a>

Understanding Prepayment Penalties

Solar energy has been growing in popularity in recent years, and there are good reasons for that. Solar energy is highly sustainable, and isn’t subject to fluctuations in the market since the amount of available solar energy is not market-dependent. Some people aren’t convinced though, and that may be the result of some misconceptions. A big reason people don’t even entertain the idea of solar energy is that they think it’s too expensive. While initial installation can be pricy, the savings over time allows the investment to pay off relatively quickly. This is especially true because utility prices are increasing, and solar panels don’t require utility payments, so your electricity bills may be cut out entirely. There are also government incentives in place that will allow you to offset the initial investment cost. Solar panels do have some maintenance costs, but they’re pretty minimal — just some regular cleaning is generally sufficient.Others believe solar panels are only effective in warm, sunny weather. A more appropriate statement would be that direct sunlight enhances their efficiency. They still work perfectly fine in cloudy or rainy weather. Also, they actually work better in colder temperatures, not worse. This is because their efficiency is determined by a difference in energy between the photon particles in sunlight and electron particles in the panel — which have lower energy at colder temperatures — not the total amount of energy received. This means a hot, sunny day may result in the same efficiency as a cold, overcast day.Photo by&nbsp;<a href="https://unsplash.com/@mrgeecee?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Gary Cole</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Debunking Solar Energy Myths

You might think lenders would need to do a bunch of fancy calculations to determine how much money you can borrow. There are certainly several factors that go into the final calculation, but if you want a rough estimate, it’s actually relatively simple. Lenders tend to use one of two formulas, either mortgage payment as a percentage of gross monthly income, or debt to income ratio. Both of these factors involve your gross monthly income — that is, the amount you were paid before deductions from social security and taxes and before making any payments or contributing to savings. Where they differ is what your gross monthly income is compared against. The first method calculates what your monthly mortgage payment would be based on actual interest rate and ensures that it doesn’t exceed 28% of your gross monthly income. The debt to income ratio method compares your gross monthly income against your debts, such as credit card debt and other loans. These existing debts plus your new loan payments should not exceed 36% of your gross monthly income. Both these methods do require knowing the interest rate, which is determined by several factors, but if you know about where interest rates are, you can make an educated guess.Photo by&nbsp;<a href="https://unsplash.com/@jeswinthomas?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Jeswin Thomas</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Factors In Determining Your Maximum Loan Amount

With all the stresses of of buying a new home and moving in, hosting a party may be the last thing on your mind, even if you really want to celebrate your move. You may instead want to simply book a reservation at a restaurant, especially if you don’t feel like cooking. But parties should be a way to de-stress, not a stressful experience, and the same goes for housewarming parties. Besides, you’ll want to send the invitations far enough in advance that you’ll probably have had some time to accommodate to your new home by the time the date comes around. Remember not to make things harder on yourself or your guests. Instead of planning a full sit-down meal, provide snacks and beverages that people can pick and choose from at their own leisure. Decor can be relatively simple. You don’t need to have already finished unpacking your Christmas decorations — even if you did buy in December.Even though there’s no need to be overly nervous, you should still put some thought into it. Pay attention to how you set up the space for your celebration. The areas where you want people to mingle or pick up snacks and drinks should be easily accessible. You can also make less work for yourself later by checking out local grocery stores when deciding what you want to serve. That way you get to know the area better, and your new neighbors might also appreciate something familiar to them.Photo by&nbsp;<a href="https://unsplash.com/@learninglittles?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Jenna Stensland</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Tips For A Stress-Free Housewarming Party

Many people believe they don’t have the capital to initiate a real estate investment. While it does require some capital, the requirement may be lower than you think. This is especially true if you can find a group of people that want to pool money with you for an investment. You don’t need to demonstrate that you could afford it on your own in order to convince investors to pool money. But even if you aren’t crowdfunding the investment, with enough good research you can find something that works on your budget. The first thing you need to do is figure out what that budget actually is. While there is always some risk in investing money, real estate is not supposed to be a high-risk investment — don’t try to push the boundaries of your financial stability. Research the market and connect with real estate professionals, or more experienced investors, even if you don’t plan to pool with them. You should also research loan options, and don’t be afraid to take a loan out on investment property, since the rent should ideally pay for the loan over the course of its lifetime. You can also save on costs with some DIY work.There are a couple different ways to start off. One option if to find cheaper, smaller investments — including off-market properties, which are often at discounted prices — and work your way up after you’ve build up some equity. Another is to purchase a multifamily residence and live in one of the units, termed “house hacking.” This allows you to simultaneously only have one property’s payments to deal with, earn rental income, and accrue equity, with the tradeoff that multifamily properties have a higher upfront cost.Photo by&nbsp;<a href="https://unsplash.com/@acton_crawford?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Acton Crawford</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Real Estate Investment On A Budget

DIY projects can save a lot of money. You may also be tempted to save even more money, or time, by skipping over important steps. It’s not worth it — if you make a major mistake, you’ll be out a lot more than if you simply got a professional to do it. You will still save money even if you make sure you’ve done everything right. Also, these are things the professionals would do anyway, so it won’t take any longer, though it may take more of your own time. “Measure twice, cut once” isn’t just a figure of speech. It’s something professionals actually do, and you should as well. In fact, it doesn’t hurt to measure more than twice, especially if it’s not something you do frequently. But even before you measure and cut anything, you’ll want to know the exact layout of your home. That doesn’t just mean which rooms connect to which. Figure out where your pipes, electrical wiring, and supports are. You don’t want to accidentally damage the structure of your home by cutting or nailing into the wrong thing. When it comes time to figure out what you’re replacing parts of your home with, don’t skimp on the materials, and use proper tools. For many DIY projects, labor is the most expensive part, not the materials. Even for those projects with expensive materials, the higher price of quality materials is worth it, particularly since you can use the money you’re saving on labor to pay those additional costs. Finally, if you do end up making a mistake, don’t fall prey to the sunk cost fallacy. Just call a professional before you make things worse.Photo by&nbsp;<a href="https://unsplash.com/@finnmund?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Finn Mund</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Don’t Cut Corners On Your DIY Projects

Every month we compare the level of home sales from the preceding month to the same month of the preceding year. For example, November of 2023 is compared to November of 2022 to determine whether the number of homes being sold is growing or shrinking. The year over year number of homes sold across the South Bay has been shrinking every month since October of 2021–until now. November of 2023 marked the first time since October of 2021 where the number of homes sold increased over the same month in the prior year.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231218075759.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202311_monthly_revenue_chart.png" data-file-size="44702" data-origin="," style=""></figure></div>Lest we become overly enthusiastic, we need to remember that at this time last year successful sales figures were plummeting, Closed escrows were shrinking at up to 50% below the prior year in fall of 2022. So a positive value could only mean we’re bouncing along the bottom.Also on the positive side, there is some improvement in median price which has been shrinking most of this year. At least as of November, it’s looking like “scattered improvement” in the South Bay real estate market.<h2>Beach: Home Sales Pull Out of Dive</h2>After two successive months of declining sales volume and falling median prices November real estate activity brought positive news to the Beach Cities. Last month saw a 9% jump in sales volume over October, and a 4% increase in the median price. The number of homes sold climbed from 79 last month to 86 in November. Concurrently, the median price gained nearly $70K.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231218075908.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202311_sales_vol_chart.png" data-file-size="42521" data-origin="," style=""></figure></div>The downside was a 3% drop of the median price versus November of 2022. The sold median for last November was $1.700M compared to $1.656M this year. The year over year sales volume gained 8% with 86 sales versus last years 80 transactions.Year to date remains in red ink with sales down 14% January through November. For the same time period, the median price has fallen by 2%.<h2>Harbor: Volume and Prices Turn Upward</h2>Compared to November of 2022, both sales volume and median price climbed by 7% last month. This is the second month of solid upward figures for residential home sales in the Harbor area. Sales figures for the area have been in red ink since the beginning of the year, so these are welcome statistics for home owners wishing to sell.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231218080246.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202311_med_price_chart.png" data-file-size="35025" data-origin="," style=""></figure></div>On a monthly basis, the number of homes sold in the Harbor area fell by 6%, dropping from 267 in October to 252 in November. despite a median price increase of 1%.Looking at the longer term, median price for the first 11 months of the year has fallen from $756K in 2022 to $740K, for a decline of 2% in the year to date median price. Sales volume for the same 11 months went from 3,770 in 2022 to 3,076 this year, a decrease of 18%.<h2>Hill: Sales Volume Down, Prices Up</h2>Comparing November of 2023 to November from last year shows a 10% drop in sales from 51 units in 2022 to 46 units this year. Despite the decline in number of sales, the median price for November climbed 19%, going from $1.77M in 2022 to $1.94M this year.Monthly changes to the median price are much smaller and have been getting smaller as the year progresses. The November decrease was 1%, having dropped from $1.96M to $1.94M. The median price has varied monthly throughout the year. It ranged from a high of $2.3M in May of this year and fell as low as $1.6M in February. Year to date the median for the Hill is up 1% from 2022.After having risen in September by 14% and in October by 13%, the number of homes sold on the Hill fell by 27% in November. Of course, part of the decline is seasonal. However, month to month sales volume for the first 11 months of 2023 was off by 19% in Palos Verdes with a similar drop of 16% overall for the South Bay. <h2>Inland: Median Price Up from 2022</h2>November 2023 was a good month for the Inland area compared to the same month last year. The number of homes sold climbed 11%, from 96 sold last year to 107 this year. Median price turned upward by 6%, ending the month at $851K, changed from $800K in 2022.Compared to October of this year, Inland homes sales fell 8%, dropping from 116 homes to 107. That rate of change was slightly higher than the 6% drop across the South Bay. Median prices fell 7% for the month.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231218080205.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202311_market_snapshot.png" data-file-size="36375" data-origin="," style=""></figure></div>Year to date, the Inland area sales volume is off by 12% while the median price is up 1% from the same period in 2022.Beach=Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo Harbor=Carson, Long Beach, San Pedro, Wilmington, Harbor City PV Hill=Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates Inland=Torrance, Lomita, GardenaPhoto by <a href="https://unsplash.com/@ajster412?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Andrew Sterling</a> on <a href="https://unsplash.com/photos/white-lighthouse-on-sea-cliff-during-daytime-Gtkh7JRjrng?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Unsplash</a><div class="se-component se-image-container __se__float-none"> </div>

South Bay Home Sales Improve!

A mortgage buydown is an option to pay an extra upfront fee to reduce your mortgage interest rate. They come in two types: permanent or temporary. Permanent mortgage buydowns last for the entire length of the loan, resulting in decreased interest expenses at the cost of an upfront fee. Temporary buydowns last for a specified length of time, and typically are gradually phased out over the course of the buydown period. However, it’s possible for the upfront fee of a temporary buydown to exceed the interest reduction. The decision of whether to take a permanent buydown or no buydown is relatively simple and only depends on whether you think you can afford the upfront payment. The decision of whether to take a temporary buydown or not is more complex. At first glance, those with a higher upfront fee than interest reduction can seem like a scam — paying more now in order to pay more over the course of the loan? Seems like a terrible idea. And it would be, if it were you as the buyer paying the upfront payment. However, with temporary buydowns, unlike with permanent buydowns, it’s most often something that the buyer requests that the seller pay for as part of the negotiation process. This way, the buyer gets to pay less in mortgage interest for a short time, and the seller pays extra to guarantee that the sale goes through. And if the upfront fee is less than the interest reduction, the buyer also has the option to pay for a temporary buydown themselves if the seller doesn’t want to.Photo by&nbsp;<a href="https://unsplash.com/@igalness?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Igal Ness</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Permanent Versus Temporary Mortgage Buydowns

It can be very attractive to pay off your mortgage early. The reason for this is both financial and psychological. Paying down the principle means you’ll be paying less total over the duration of the loan than if you simply made the minimum payments, since interest is based on the principle, not the original loan amount. It will also give you some peace of mind to know that you no longer have any mortgage payments. But those aren’t the only factors at play, and depending on your financial situation, it may actually be better to keep making steady minimum payments. Of course, if you can barely afford the minimum payments in your budget as-is, the decision is made for you. However, there could be reasons for someone who can afford to put a bit more towards payments to instead hold onto it. One reason is that mortgage interest payments are tax deductible. You may be paying more in mortgage payments, but paying less in taxes. Whether or not this is in your favor in your specific situation is a question for a tax professional. Another is the effects of inflation: as prices and therefore the cost of living continue to increase over time, as long as you make only minimum payments, the total amount you will have owed by the end of your mortgage doesn’t change at all. That means the amounts for payments made towards the end of the loan’s life tend to have lower value in terms of purchasing power, and may be less of an economic burden than other payments you may need to make.The latter reason doesn’t mean much if you aren’t spending the money on something else, but there’s a good chance you should be. Savings funds, such as retirement funds, and investments both require money to be put into them to gain a profit later. If you don’t have money to invest, you won’t get any in return. Even holding onto the money can be useful, in case it’s needed for emergencies, or a very good investment opportunity crops up.Photo by&nbsp;<a href="https://unsplash.com/@omilaev?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Igor Omilaev</a>&nbsp;on <a href="https://unsplash.com/">Unsplash</a>

Paying Off Your Mortgage Early Isn’t Always The Best Idea

Every city in California is required to present a general plan for housing development, which is to be updated each year. The general plan must take into account housing needs based on the population and expected population growth. However, what the general plan doesn’t account for is zoning laws, which currently take precedence over the general plan. This means cities can feign considerations in their general plan while implementing zoning laws that combat their own plan. Even cities that mean well may not be able to get sufficient votes to modify their zoning laws in accordance with the general plan. That will change beginning January 1, 2024. Under AB 821, development plans that don’t meet zoning ordinances may still pass if the ordinance they fail to meet is inconsistent with the general plan. AB 821 allows for two possible outcomes in this scenario. The local agency controlling development applications has 180 days to either amend the zoning law that is inconsistent with the general plan, or simply process the development application regardless of failure to meet zoning laws. Note that this law doesn’t actually force changes in zoning ordinances. Nothing happens to zoning ordinances that aren’t challenged by a development application designed to further the general plan, and a very stubborn local agency could simply delay processing by up to 180 days, and then possibly a further 90 days in court.Photo by&nbsp;<a href="https://unsplash.com/@mirandanef?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Pedro Miranda</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>More:&nbsp;<a href="https://journal.firsttuesday.us/new-law-prioritizes-local-general-plan-over-zoning-ordinances/92901/">https://journal.firsttuesday.us/new-law-prioritizes-local-general-plan-over-zoning-ordinances/92901/</a>

Local General Plan To Gain Priority Over Zoning Laws

​A kitchen remodel can be extremely effective at increasing both the value and the utility of your home. But it’s also costly, and if done improperly, can be a huge money sink. Too many homeowners neglect to plan their kitchen remodel adequately and end up regretting some of their choices.Most plans to remodel the kitchen begin with the idea that something is missing or wrong with the current kitchen setup. This could be various things, such as insufficient counter space, odd direction of workflow, or not enough storage, or perhaps you just want an island and don’t have one. However, it’s important to recognize that space is finite. Whatever changes you make, you’re probably sacrificing something else to make it happen. Plan out where you are going to place appliances — both large and small — and how much storage you will need. Consider how you intend to navigate the kitchen while using it, and ensure that the path is both clear of obstacles and sensible. For example, if you fry up some eggs for breakfast every day, you’ll probably want the stove to be relatively close to the refrigerator, and if you make coffee at home, your coffee maker should be near where the coffee is stored.Another common error is choosing the trendiest materials and colors for your kitchen. It may garner the most interest now, but if you aren’t selling immediately, it’s a mistake. Whatever’s in fashion now will probably be more expensive than other options and isn’t any more likely to stand the test of time than any past trend. Timeless designs and neutral or classic colors will always be at least serviceable.Photo by&nbsp;<a href="https://unsplash.com/@jsnbrsc?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Jason Briscoe</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Common Mistakes In Kitchen Remodels

Home sales on the Palos Verdes Peninsula chalked up an impressive set of statistics in October. Comparing the October 2023 sales to October of last year showed a stunning 26% increase in sales volume beside an equally impressive 11% increase in median price. At the opposite end of the spectrum the Beach Cities October sales volume fell 19% from 2022, while the median price dropped 14%.Elsewhere across the Los Angeles South Bay volume and prices were mixed with the general trend leaning toward decreased number of homes sold and prices struggling to stay level with last month while often slipping below.<h2>Year To Date Sales Continue to Drop</h2>In between the highs and the lows real estate activity in the South Bay has been mixed for the months of August through October. While many commentators are cautiously hopeful, it must be noted that year to date comparisons continue to show significant declines in the number of homes sold, with an average drop of 18% from 2022 for the first 10 months of the year. Likewise, median prices are falling for the January through October time frame. For example, median prices on the Hill were up in October, but have fallen 4% year to date compared to last year. Similarly the Beach area median is down 3% and the Harbor area is off 2%.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231121092108.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202310_med_price_chart.png" data-file-size="34394" data-origin="," style=""></figure></div>Sales volume is clearly down. By this time in 2022 sales were at 6700 units versus 5500 this year. Many buyers have been “priced out of the market” and many sellers are resisting the idea of “prices going backward.” The result has been a lot of deals not being made.Year to date, the deals that have been consummated are still generally at median prices above last year, however the most recent three months have shown at least half of sold homes required price reductions to make the sale. With winter setting in, we expect continued reductions in both the volume of sales and in the prices of sold homes.<h2>Home Sales at the Beach Hit a Wall</h2>Throughout the year real estate in the Beach Cities has maintained spotty growth. Sometimes median prices improved, sometimes sales volume. But, October brought a wall of red ink for the Beach. Month over month sales volume plummeted by 27%, while the median price dropped 5% from September when it was flat at $1.7M.Year over year transaction volume dropped 19% from September of 2022. The median price fell 14% for the same period.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231121092206.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202310_sales_vol_chart.png" data-file-size="41385" data-origin="," style=""></figure></div>Looking at the year to date statistics showed more declines with sales volume for the first 10 months of 2023 coming in 16% below that of 2022. At the same time, the median price was off by 3%.In prior downturns the Beach area has been among the last to respond to market negativity and one of the first to recover. If the pattern repeats, sales at the Beach will continue to show predominately negative numbers for the late fall and winter months. Most chroniclers project a return to positive market conditions in late 2025 or early 2026 in general.<h2>Harbor Volume and Prices Turn Upward</h2>Home sales in the Harbor area moved from all negative last month to mostly positive this month. Sales volume on a monthly basis jumped from 24% down in September to a 7% increase in October. Similarly, the month to month median price went from -1% to +1% in October.Annually, the number of homes sold in the Harbor area increased by 6%, a significant change from having fallen 26% in September. The median price came in at $750K, up by 7%.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231121092307.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202310_market_snapshot.png" data-file-size="36654" data-origin="," style=""></figure></div>That’s only the second time this year the Harbor area median price has come up into the positive range when compared to 2022. Overall, the year to date median sits at $739K, 2% below last year’s number of $756K. Sales volume for the Harbor is off 20% year to date. The number of homes sold for the first 10 months is 2824, compared to 3535 in 2022.<h2>Palos Verdes Homes Star in October Sales</h2>Home sales on the Hill came in at 63 homes sold with a median price of just under $2M. Month over month that represented a 13% growth in sales volume and no measurable change in the median price.On an annual basis October sales were up 26% over the same month in 2022. This year’s median price was up by 11% over last October.<div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20231121092335.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="202310_monthly_revenue_chart.png" data-file-size="43224" data-origin="," style=""></figure></div>While these numbers reflect impressive growth it’s important to remember that the number of transactions on the Palos Verdes peninsula is quite small, which results in some dramatic percentile shifts. For example, the annual percentage of change in the median price so far this year has ranged from a low of -29% to a high of 17%. By comparison, the Harbor area where monthly transactions number in the hundreds, has an annual range from a low of -11% to a high of 7%.On a year to date basis, the Hill showed a more common face with the January through October sales volume down by 20% from 2022. During the same time frame median prices fell by 4%.<h2>Inland Area Sales Volume Down, Prices Up</h2>In a surprising turn of events, the Inland area has shown an increased median price for both the monthly and for the annual sales figures. The median price came in at $917K this October, which was 2% above the September median. On an annual basis, the median was up by 7% over the $860K of October 2022.With 116 units sold for the month of October this year, the sales volume was 11% lower than it was this September. The monthly decline was even greater than the drop of 9% for the year over year comparison to last October.Year to date, the Inland area has outperformed the balance of the South Bay on median price and on sales volume. For January through October there is no discernible change to the median price from 2022 to 2023. In the same time frame the sales dropped by 14%, the smallest decline of the local areas.Beach=Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo Harbor=Carson, Long Beach, San Pedro, Wilmington, Harbor City PV Hill=Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates Inland=Torrance, Lomita, GardenaPhoto by <a href="https://unsplash.com/@juliannetakesphotos?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Julianne Takes Photos</a> on <a href="https://unsplash.com/photos/person-at-the-ocean-ykbfi9CcAUw?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Unsplash</a>

Palos Verdes Homes Top the South Bay Market

In September, the share of homebuyers paying all cash was 34.1%. This is the highest it has been since the beginning of 2014, and an increase of 4.6% from September 2022. However, this doesn’t mean homes are more affordable; in fact, it’s the opposite. While it’s true that a significantly higher share of buyers are paying all cash, there are much fewer sales overall. Total sales decreased by 23% over the past year. Compare this to a decrease of only 11% for all cash sales. Cash sales aren’t going up, rather sales overall are going down, and cash buyers are less affected.The reason for this is high interest rates, since cash buyers don’t care what the interest rate is for a mortgage loan they aren’t getting. Interest rates fluctuate up and down on a daily basis, but rarely change by much at a time. But in this case, they hit a two decade high in September at 7.2 and then continued an upward trend into October, almost reaching 8%. As of last week, they had started to drop back down. Despite this decrease, with how erratic rates can be, that isn’t a sure sign that rates are now trending downward.Photo by&nbsp;<a href="https://unsplash.com/@johnmcclane?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Andres Siimon</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>More:&nbsp;<a href="https://www.redfin.com/news/all-cash-homebuyers-september-2023/">https://www.redfin.com/news/all-cash-homebuyers-september-2023/</a>

Over A Third Of Homebuyers Paying Cash

Certainly, one of the benefits of a home inspection is peace of mind that the property you’re buying or selling doesn’t have any major issues. However, some issues can be hidden even after an inspection. Home inspections are typically visual assessments by a single individual. Some things could be missed, particularly if the home is large, and problems that are difficult to see visually can easily escape notice. If a mold, mildew, or pest problem is easily seen by a home inspector, it means the damage is already done. You’ll need specialists to detect these issues before they arise. The same is true of faults in the foundation or structure as well as environmental hazards such as lead and asbestos. There are also some things that records may show but that an inspector wouldn’t have any knowledge of without access to these records, such as outdated plumbing and wiring and unpermitted home renovations.Photo by&nbsp;<a href="https://unsplash.com/@usinglight?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Stefan Steinbauer</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Inspections Alone Won’t Uncover All The Potential Problems

Halloween is upon us. If you’re expecting trick-or-treaters, you’ve probably already done all your preparations. But just in case you’re doing things last minute, or just want to check to make sure everything is okay, here are some tips to ensure trick-or-treaters’ safety so that their Halloween scares don’t become an actual danger. While low lighting can produce the type of ambiance you may want for Halloween, it’s not a good idea. Kids can easily trip and fall, especially if your decorations require cords. Don’t use candles, either, since they are potential fire hazards. Of course, you should also make sure to keep hazards away from where kids are likely to be walking — which does include your lawn, even if you have a walkway. The risk is greater if your decorations can potentially cause jump scares, so try to avoid that type of decoration.Tripping isn’t the only danger to kids’ health. Strobe lights and fog machines can cause seizures or asthma attacks. Pets can be a threat if not properly secured, and can cause scares if they can see the kids even if they can’t reach them. Even if you love baking homemade treats, don’t give them to kids — you don’t know what allergies they may have.Photo by&nbsp;<a href="https://unsplash.com/@behrouzsasani?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">behrouz sasani</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>More:&nbsp;<a href="https://www.realtor.com/advice/home-improvement/are-homeowners-liable-injury-trick-or-treater/">https://www.realtor.com/advice/home-improvement/are-homeowners-liable-injury-trick-or-treater/</a>

How To Give Kids A Happy And Safe Halloween

The Tenant Protection Act (TPA) was originally passed in 2019, and outlines the conditions under which a landlord can legally evict a tenant. The TPA has been revised and updated in the past, and is receiving a new update with the passage of bill SB 567. The new law goes into effect April 2024, and adjusts the requirements for no-fault evictions, as well as setting the fine for a landlord’s violation of the laws at three times the cost to the tenant plus additional fines. Under current regulations, a landlord can perform a no-fault just cause eviction if the landlord or their immediate family intends to occupy the residence, or the landlord intends to demolish or substantially renovate the residence. Under SB 567, mere intent isn’t enough. Rather than only planning to occupy the residence, the landlord or relative must have already occupied it for at least 12 continuous months as their primary residence. Demolition or renovation plans require a written notice including permits, a description of the plans, and an expected duration, as well as the opportunity for the tenant to re-rent the property at the same price if the plans don’t go through. There are other conditions under which a landlord can perform a no-fault just cause eviction, but they aren’t affected by SB 567.<a href="https://www.freepik.com/">Image by kjpargeter</a>&nbsp;on FreepikMore:&nbsp;<a href="https://journal.firsttuesday.us/updates-to-the-tenant-protection-act-tpa-tighten-loopholes-and-up-enforcement/92495/">https://journal.firsttuesday.us/updates-to-the-tenant-protection-act-tpa-tighten-loopholes-and-up-enforcement/92495/</a>

Tenants To Get More Protections In April 2024

It’s very common to submit late payments, for any of various types of bills or loans, including mortgage loans. Sometimes people just forget to pay. Sometimes they’re waiting for their next paycheck. Maybe some bills are more lenient on late payments than others, so they’re prioritized lower in the budget. Whatever the reason, most people assume the only downside to a late payment is an extra fee. That’s not the case. The occasional late payment won’t have any impact, but repeated late payments do show up on your credit report. This will reduce your credit score and make it more difficult to qualify for a loan. If possible, you should make sure to pay bills on time, even for small things like phone bills.Photo by&nbsp;<a href="https://unsplash.com/@rdiazcaris?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Ricardo Díaz</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Late Payments Can Be Worse Than You May Think

Have a bit of extra space in your house, and wish you could use it for something, but aren’t in a position to downsize? You can rent out single rooms, even if your home is a single family residence. It can even be a basement, if it’s large enough to serve as a bedroom. That way, the extra space doesn’t go to waste, and you even earn a bit of extra income. Of course, not everyone wants strangers living in their home, so this idea may not be for everyone. But if you don’t mind or even would prefer another occupant, it’s a win-win for you. Keep in mind that renting out a room is still renting something out, and you must still follow regulations. Read up on the Fair Housing Rules if you don’t already know them, and talk to an expert, particularly if there’s something you’re unsure about. And of course, the same guidelines apply for finding a tenant. That means being very specific with what’s being offered and what sort of tenant you’re looking for, making sure to request background and credit checks as well as references, and meeting the prospective tenant in person before signing the deal. If you don’t want them in your home before you’re sure you want them as a tenant, your first meeting can be in a public space, like a coffee shop — though keep in mind your tenant will want to see the property before they sign.Photo by&nbsp;<a href="https://unsplash.com/@allthestories?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Storiès</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Can’t Rent Out Your Whole House? Rent Out A Room

Fall may not be the single most common season to buy or sell a home, but it’s certainly one of the most common. It’s a good idea to get your home staging right for the season, because it’s not a time that you want to miss out on opportunities.Fall makes it more difficult to set the stage, but that makes it all the more important. You’ll want to rake leaves in front of your house, because leaving them makes the area look less cared for and therefore less appealing. Shorter days in autumn mean it will get dark earlier. Make sure to amp up the lighting so people can actually see the home they’re attempting to buy. Also note that prospective buyers are likely to spend more time inside the home, as autumn weather tends to be unpredictable. Maintain a comfortable temperature in your home and highlight appealing aspects of the home’s interior. If you really want to go all out, fresh baked cookies are sure to feel cozy to your buyers.Photo by&nbsp;<a href="https://unsplash.com/@priscilladupreez?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Priscilla Du Preez</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

How To Tailor Your Home Staging For The Fall Season

Many people may consider hardwood floors to be the fancy, expensive option. But there’s a reason hardwood is more expensive than other types of flooring. It has several benefits that make it an excellent choice if you are planning to update your flooring. Hardwood is one of the most durable flooring options. Vinyl and laminate floors scratch and dent easily, and the damage can be permanent. Carpet needs to be replaced frequently, and you may also need to remove it if it causes allergy issues. Even if your hardwood floor is damaged, in many cases, it can be solved with sanding or refinishing. Chances are, if the damage is severe enough to warrant replacing hardwood flooring, the same would be true if you had that sort of damage to any other type of flooring. Because of how long hardwood can last, it’s potentially a money saver despite the higher upfront cost — not to mention it also improves your home’s value when you eventually go to sell it.With all the color and pattern options available for vinyl and carpet flooring, it may seem like hardwood is the boring option. It doesn’t have to be. Hardwood is also available in several colors, textures, and grain patterns. Granted, the available colors are mainly various shades of brown. But the neutral tone makes it easy to accent with rugs and decor that can be exchanged at low cost whenever you want a change.Photo by&nbsp;<a href="https://unsplash.com/@jolene?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Jolene Hardy</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Advantages Of Hardwood Flooring

The average time it takes to sell a home from listing with an agent to closing the sale is about 90 days. Many factors affect how long it takes to sell a home. These elements can include market conditions, buyer financing, the time of year, and the prep time to get a home ready for marketing. A home that is in good condition, has good curb appeal, and is in a good location will attract buyers more quickly. Competitively pricing a home is key to having a reasonable time on the market. A cash buyer and one who is willing to buy a home in as-is condition can expedite the closing time.Once an offer is accepted, the average closing time will be 30 to 45 days. The buyer’s loan is processed during this time along with the lender obtaining an appraisal. Property inspections also occur during the closing process. The title and escrow companies will then coordinate the signing of all the final documents, collect the buyer’s closing funds and finalize the settlement statements so the transaction can close.Photo by&nbsp;<a href="https://unsplash.com/@gainingvisuals?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Gaining Visuals</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

How Long Does The Home-Selling Process Take?

With many of us feeling the squeeze of a higher cost of living, you may be looking for a few ways to lower your utility bills that won’t involve a complete change of lifestyle. Here are just a few simple ideas to reduce your utility costs. -Switch your switches to dimmers. We don’t always need our lights on full brightness, so using a dimmer switch instead can help save on electricity by only using as much light as you need.-Fill your freezer. You may not expect this, but having a full freezer actually helps to insulate it, keeping your food cool while using less energy to do so.-Let food cool before refrigerating. If you’re saving leftovers from your dinner, putting them in the refrigerator while they’re still warm actually causes the fridge to have to work harder to cool them down. Let them cool first.-Unplug unused chargers. Did you know that many phone and laptop chargers continue to suck electricity even when your phone isn’t connected? Make sure to unplug any that you aren’t using.-Use solar night lights outdoors. Solar night lights spend the day soaking up the sun’s energy then turn on in the evening when it’s dark. It saves the need for any electricity or batteries and is totally green, helping the environment and your wallet.-Lower your hot water heater temperature. Do you really need the hot water to be totally boiling? You can turn the temperature down so that your water is only as warm as you need it to be.-Cold wash your laundry. Most laundry washes are just as thorough when washed cold. Switch your machine settings to cold washes rather than hot to save unnecessary extra spending on heating the water.Photo by&nbsp;<a href="https://unsplash.com/@yingzge?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Ying Ge</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

How To Lower Utility Bills Without Overhauling Your Lifestyle

When applying for a mortgage loan, your lender may ask you for an insurance binder. In that event, you’re going to need to know what it is, and how to acquire it. An insurance binder is a temporary proof of insurance. If your loan is being insured, you’ll need to ask the company insuring it to provide an insurance binder before the loan can be approved. This temporary proof of insurance exists because the official proof of insurance probably won’t come until after the deadline for loan approval has passed. Mortgage loans aren’t the only situation in which you may need an insurance binder. You may also need proof of insurance to buy a car, start a business, or rent property. Some of these may involve loans as well, but even if they don’t, it’s still possible you need to be insured for other reasons. The insurance binder in these situations is exactly the same thing — temporary proof of insurance before the official proof of insurance arrives.Photo by&nbsp;<a href="https://unsplash.com/@linkedinsalesnavigator?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">LinkedIn Sales Solutions</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

What Is An Insurance Binder?

Most people don’t purchase their retirement home until after they retire. There are certainly valid reasons for this. You may not know where you’ll want to be living, especially if you move frequently. After retirement, you’ll have more time to go house hunting and think about your options. But just as there are justifications for waiting, there are also advantages to buying your retirement home early, primarily financial. An important one is mortgage approval. It’s significantly easier to get approved for a mortgage while you still have an income. Unless you plan to pay cash for your retirement home, you’ll want to consider whether or not you can qualify once your income is gone. Not to mention this income is probably also what you’ll be using to pay the mortgage. By purchasing while you still have an income, you’ll have a better understanding of how much your payments are and how much you can save.If you have the money to purchase a retirement home without selling, that can be an excellent boon for you, especially in the long term. It prevents the need to deal with moving while you are still working. You can turn it into income property, allowing you to use the rental income to pay the mortgage, or just for extra income. You’ll also be building equity in two homes at once, while home values continue to inflate naturally, as they do over time. If you start early enough, by the time you retire you may be able to use the sale of your old home to pay off the mortgage on your retirement home.Photo by&nbsp;<a href="https://unsplash.com/@zacharykadolph?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Zachary Kadolph</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Prepare For Retirement Before You Retire

As of August 2023, interest rates are somewhere around 7%, possibly higher. While this isn’t astronomically high — they have historically been over 10% — it’s too high for current homeowners to want to exchange their homes. This is because 92% of current homeowners with a mortgage have an interest rate below 6%. Almost a quarter even have locked in an interest rate below 3%. High home prices are actually somewhat helping current homeowners, since the price boost increases their equity. Prices have increased 14% in the past two years, which results in approximately $86,000 in equity over that time period. However, this may not be enough to offset the increased mortgage costs, especially for those with very low interest rates. Assuming a mortgage of $500,000 and a current interest rate of 3%, a new purchase with the same loan amount would result in a $1,200 increase in mortgage payments per month.Normally, when demand is low like this, supply is high. This isn’t the case right now. Previously, we would have been able to blame declining construction due to increased construction costs. That’s no longer the case, though, as construction has largely, though not completely, recovered. It may even be simple lack of demand that is the final obstacle to a full recovery for construction. To see the real problem, remember which group we’re talking about — current homeowners. These are the same people who would be selling to buy a new home. If they’re not willing to buy in the current mortgage climate, they’re not selling either.Photo by&nbsp;<a href="https://unsplash.com/@anewevisual?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Adrian N</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>More:&nbsp;<a href="https://journal.firsttuesday.us/todays-homeowners-are-stuck-on-yesterdays-rates/91951/">https://journal.firsttuesday.us/todays-homeowners-are-stuck-on-yesterdays-rates/91951/</a>

Market Stalled By High Interest Rates

The share of teachers able to afford homes near where they teach is dwindling rapidly. This year, teachers can afford only 12% of homes within 20 miles of their schools. This is a decrease from 17% last year. In 2019, before the pandemic, they could afford 30% of homes in their school’s area. Fortunately, there are options to help teachers. The Department of Housing and Urban Development (HUD) is sponsoring a program called Good Neighbor Next Door, which sells homes in revitalized areas to certain government workers at half the listing price. This program is available to pre-K through 12 teachers as well as law enforcement officers and firefighters. Some of Fannie Mae’s programs, while not specifically aimed at teachers, have qualifications that teachers frequently are able to meet.In addition to federal programs, there are also state and private programs to help teachers. California created the School Teacher and Employee program back in 2018. This specific program is discontinued, but is now folded into their MyHome program, opening it up to more people. The private program Homes for Heroes provides a 0.7% rebate on home purchases made through the organization’s specialists. It is available to firefighters, EMS, law enforcement, military, healthcare professionals, and teachers.Photo by&nbsp;<a href="https://unsplash.com/@neonbrand?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Kenny Eliason</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>More:&nbsp;<a href="https://finance.yahoo.com/news/teachers-are-struggling-to-buy-homes--heres-where-to-turn-for-help-202043847.html">https://finance.yahoo.com/news/teachers-are-struggling-to-buy-homes–heres-where-to-turn-for-help-202043847.html</a>

Home Financing Options For Struggling Teachers

Want to keep the exterior of your home looking nice, but don’t want to spend time or money on landscaping? That becomes significantly easier if you know what types of landscaping require the least maintenance. Obviously, you could just replace your lawn with artificial grass — and of course, that’s still an option — but there are much more ecologically friendly options as well. Knowing what to plant where and how can save you a lot of time. Native plants will usually require less maintenance than non-native plants because they’re naturally adapted to the local climate. This is particularly true in arid or semi-arid regions where there are native succulents. Planting using mulch is effective for both water retention in the soil and suppressing weed growth. Organizing your garden for efficiency can also help. Place plants with similar needs in the same area to streamline your watering schedule, or plant them in containers that can be easily moved if necessary or just to mix up your home’s appearance.Other options don’t have anything to do with plants. Part of landscaping is the concept of hardscape versus softscape. Softscape is the plants, as you’re used to. Hardscape is any non-plant element of the landscape. This can include things that simply exist in the environment, like your home’s walls or the driveway, but it can also include intentionally placed features. Use stone paths, fountains, or even retaining walls as elements of the landscape. You can also acquire purposefully decorative concrete, which is concrete with added color, texture, or patterns.Photo by&nbsp;<a href="https://unsplash.com/@danielebuso?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Daniele Buso</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

How To Keep Your Landscaping Low-Maintenance

Moving can be a challenging experience filled with mixed emotions. It involves leaving behind familiar surroundings, friends, and routines, which can create a sense of loss and instability. However, it also presents opportunities for personal growth and new experiences. If you’re moving soon, check out these three tips for dealing with the emotions it may bring. Talk openly about how you feel with your household. Bottling up emotions can create barriers to contend with inside the household alongside the already charged feelings of saying goodbye to your old home. This can be especially true if you have children. Being open to discussing the impact of the move on you all can help to create a sense of togetherness, give each other emotional support, and alleviate any feelings of grief or anxiety.Seek out community events in your new neighborhood. Activities such as volunteering or joining classes or local groups can help speed you on the road to meeting new people with similar interests in your new neighborhood. Finding people with similar interests in your new community can help give you a sense of belonging.Stay connected to old friends. In the age of social media, it is easier than ever to stay connected with your old friendship group, no matter how far away they are. Don’t just rely on liking and commenting, though. Have video calls with your pals when you can, and perhaps carve out time to go visit them when you’re able to, ensuring those relationships are not broken by distance.Photo by&nbsp;<a href="https://unsplash.com/@hiveboxx?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">HiveBoxx</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

Moving Home? Here’s How To Deal With The Emotions

Real estate agents make their income from commissions when they represent buyers or sellers on the sales of homes. By law, the amount of commission charged must be negotiable. The industry average is 5% to 6% of the home sale price. Although the percentages of the split may vary, traditionally, a 6% commission would be divided between the listing broker’s office and the selling broker’s office. The listing agent represents the seller, and despite the name, the selling agent is the one who represents the buyer. Three percent would go to the listing broker’s office, which would be split between the broker of record and the listing agent, per their office agreement. Likewise, the other 3% would be split between the selling agent’s broker of record and the selling agent.For example, if a seller agrees to pay a 6% commission on a $1,000,000 sale price for their home, the total commission paid at closing would be $50,000. Of that, $25,000 would be disbursed to the listing office, where the agent would be paid $12,500 or more, depending on the agent’s commission agreement with the broker. The other half would be shared between the buyer’s brokerage and agent. Agents also generally pay Errors and Omissions insurance premiums as well as other transaction fees.Photo by&nbsp;<a href="https://unsplash.com/@linkedinsalesnavigator?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">LinkedIn Sales Solutions</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>

How Much Do Real Estate Agents Charge?

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Major Finance Changes Could Disrupt Closing Process | Carl and Arda Clark

You might think that once you’ve qualified for a mortgage loan, it’s locked in and you’re free to take on debt without affecting the home purchase. This is not the case. Lenders continue to look at your debt until the purchase is finalized, and taking on additional debt could increase your interest rate, or potentially even disqualify you from the loan. You certainly don’t want to take additional loans during this process. This includes personal loans and lines of credit. Both can affect your credit score as well as your debt-to-income ratio, both of which lenders look at. Large purchases are also not advisable, especially if they’re paid in installments. This includes vehicles such as cars or boats, and may also include furniture or large appliances. Lenders also look for consistent employment. Even if you’re getting a pay increase by switching jobs, you probably shouldn’t do it just before finalizing a mortgage. At best, it delays the process, and getting paperwork in on time is very important, even if you’ve already locked in the rate.Photo by&nbsp;<a href="https://unsplash.com/@koopfilms?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">John Middelkoop</a>&nbsp;on&nbsp;<a href="https://unsplash.com/">Unsplash</a>More:&nbsp;<a href="https://finance.yahoo.com/news/not-closing-house-131044960.html">https://finance.yahoo.com/news/not-closing-house-131044960.html</a>

Major Finance Changes Could Disrupt Closing Process

Published 08/14/2023 | Posted by Arda Clark

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