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MIKE NORTONMIKE NORTON

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mike@mikenorton.com
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Neighborhood Spotlight: 5 Historic Districts That Make Long Beach

Long Beach is unique in that it has many historic neighborhoods, throughout the city, residents can bask in the rich history that makes up Long Beach. Not only do residents live among these historic districts, but in them. Out of the many different neighborhoods, here are just a few of the ones we love:

Belmont Heights

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With 100-year-old homes, BELMONT HEIGHTS is one of Long Beach’s oldest and most iconic neighborhoods. Originally, Belmont Heights was incorporated as a city for one year before it was annexed with Long Beach in 1909. Belmont heights is most recognizable thanks to its predominantly architectural style of over 200 Craftsman bungalow homes. Clipper’s president, Andy Roeser; former Los Angeles Rams player, Marlin KcKeever; and screenwriter, Obie Scott Wade, are among the many residents that live in this historic district of Long Beach.

Bluff park

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Donated to the city of Long Beach in 1919, BLUFF PARK is one of the smaller, but quaint neighborhoods in the city. Many of the homes that were built between 1903 and 1949 have kept their original design and structure. Located along Ocean Blvd, BLUFF PARK is home to many historical sites, including the Long Beach Museum of Art, built in 1912 and the Heartwell/Lowe House in 1919. Positioned above the beach, BLUFF PARK is frequented by runners, cyclists, and dog walkers, enjoying views of the Queen Mary, Catalina, and the Pacific Ocean.

CALIFORNIA HEIGHTS

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One of Long Beach’s larger historical neighborhoods, CALIFORNIA HEIGHTS is nestled between Bixby Knolls and Signal Hill. This district consists of about 1500 properties of Spanish Colonial Revival homes, constructed in the late 1920s. The neighborhood also contains iconic Long Beach Craftsman Bungalow style homes. The land where CALIFORNIA HEIGHTS is located was once used primarily as grazing land. After discovering oil in close by Signal Hill, the Jotham Bixby Company began to subdivide and sell off lots in CALIFORNIA HEIGHTS. Families began moving to the area in 1927 and by 1939, the majority of the homes were built. Today, the large mature street trees and vintage street lights enhance the neighborhood’s iconic ambiance.

VILLA RIVIERA

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After its completion in 1929 until 1950, the VILLA RIVIERA was the second-tallest building in all of Southern California. The 16 story, French Gothic building is one of LONG BEACH’s most iconic landmarks. The landmark building became known as the “Home of Admirals” in the late 40s and early 50s because many senior officers of the U.S. Navy’s Pacific Fleet lived there. For many years, the VILLA RIVIERA was a hotel/apartment building, until 1991 when it was converted into condominiums. In 1996, the iconic building was added to National Register of Historic Places and in 2003, the LA Times called it LONG BEACH’s “most elegant landmark.” In 2008, the building went under a $4 million facelift that included restoration of historical elements, which included the replacement of six gargoyles.

DRAKE PARK / WILLMORE CITY

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DRAKE PARK/WILLMORE CITY is the product of two districts united together. DRAKE PARK was named after Colonel Charles Drake, one of the original Long Beach developers who built the city’s Pike and beachfront resort. WILLMORE CITY was named after William Willmore, another developer who first built homes in Willmore city, which later became Long Beach. This historical district was part of Long Beach’s original city plans in 1881 and currently boasts the highest concentration of early 1900 homes. Unlike other neighborhoods in the city, DRAKE PARK/WILLMORE CITY has a variety of home styles with Victorian Craftsman, Mission, Prairie, Italian Renaissance, and Spanish Colonial styles.

Posted in: Blog

Upcoming Open House In Historic Long Beach

Come meet Mike Norton this Saturday and Sunday from 1pm to 4pm at 2310 Carroll Park South! Get Directions
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For More info on 2310 Caroll Park South click here or view all featured properties.
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Posted in: Blog

5 Secrets for Selling Your Home This Spring

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Spring has officially sprung and the housing market is continuing to take off. Each year the market takes a different tone. One year it’ll be a sellers market with inflated prices and bidding wars, while other years will have an influx of inventory, driving prices down. There’s no doubt that spring 2016 will have some of the most activity seen in years. If you’re planning to sell your home, here are 5 insights that will give you a head start.

  1. Right now is a great time to sell

The inventory of homes that are for sale has declined meaning there are more buyers than there are sellers. Also, millennials are becoming one of the biggest groups of buyers, surpassing baby-boomers, the second largest group. Despite the Fed’s interest rate hike last December, rates have remained low. This is driving buyers to act now while rates remain low.

2. Homes sell the fastest in the summer

In 2014, 60 percent of homes were bought and sold from May to August. By putting your house on the market now, you’ll be getting a head start on the other sellers and help snag a winning offer.

3. Price it right

Prices have been increasing over the past couple of years, but recently have plateaued. Pricing your home right it crucial to selling your home in a timely manner. With a fluctuating market, the best way to price your home is to research recently sold homes in your area. When researching recently sold homes, don’t look past more than 60 days. The more recent a home is sold a better picture will be painted for pricing your home.

4. It pays to be ahead

By listing your home now you’ll be jump starting the competition. Before listings become filled by May and June, your home will have a chance to be in the spotlight. Also, buyers who are looking now are typically more serious than ones who begin searching in the summer.

5. Make your home pop off the screen

In this highly visual and technological era, your home has to grab the attention of buyer through their screens. This means creating a home that not only looks great in person, but through a computer or smartphone. Today, almost all home searches begin online. If your home listing has mediocre photos, potential buyers will quickly be on to the next. Your photos should be of the highest quality, with the right angles and lighting. Within 60 seconds of looking at your home online, prospective buyers know if they are interested or not.

 

Posted in: Blog

Tips to Prepare Your Home for the Spring Selling Season

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As the spring quickly approaches us you may feel like the time is right to sell your home. There’s something about the warmer weather and blooming flowers that compel people to sell or buy a home. Traditionally, the spring buying and selling season starts in mid-January, but this year the season never began because last season never ended. This last January and February have seen some of the highest levels of activity in years. If you plan to sell your home, it’s time to get a jump start on the process. Here are a few tips to prepare your home if you want to successfully sell it this spring.

Fix the small stuff. You want to create a home that is perfect for the next residents of your home. Today, a majority of buyers are younger and younger buyers experience the “HGTV effect.” This effect means that buyers want a home that is perfect and TV/magazine ready upon their purchase. Also, your potential buyers may be turned off if they find out there are further issues with your home after their inspection.

Get rid of unnecessary furniture. The less furniture your home has the bigger it will appear. If you have excess or oversized furniture, consider donating it or putting them in storage. You don’t want your home to look crowded or small to your prospective buyers. Be careful that you don’t rid yourself of too much furniture or your home will come off as bare and less homey.

Give your home a deep clean. You’re going to have to clean your home anyway if you plan on moving, why not start now. Giving your home a full, deep clean will really help attract and keep prospective buyers. Start with cleaning all the windows, inside and out, power wash all carpets, and clean out your closets. Also, cleaner closets will give the impression of more storage space, which everyone is looking for in a home.

Get professional photos of your home. Many buyers begin their house hunting mission online. With the right photos, you can attract buyers to come check out your home in person. It can be hard to capture your home the way it really looks in photos. With all the lighting, angles, and editing, it’s best to leave it up to a professional.

Clear out the clutter. There is nothing worse than a cluttered home, even if it’s nicely organized. Today, the trending aesthetic is clean, simple, and minimal. Non-essential kitchen items should be put away and magazines or mail should be out of site. Be careful that you don’t throw everything in the closets because potential buyers will be looking there too.

Posted in: Blog

The City vs. The Suburbs

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Ever since the rise of the suburbs in the mid 20th century, families have flocked to the security and serenity that suburban life offers. But in recent years, the rate of growth in all major U.S. cities has increased dramatically. Families, for the first time in nearly 50 years, are opting for city life. So why are people starting to gravitate toward living in the city versus the suburbs? Here we’ll help you decide if living in the city or the suburbs is better for you.

Homes appreciate faster in cities. As we all know, city home prices can be a bit more than homes in the suburbs. It was found that city homes increased in value by an average of 11.3 percent while suburban homes’ value grew by 6.7 percent. These appreciation spikes are due to new development and refinement of major cities’ downtown and historic districts. For example, here in Long Beach, the downtown area has gone through some major reconditioning within the last couple of years.

Your dog will be happier in the suburb. As we all know, apartments, condos, or townhomes are usually smaller than a single-family suburban home. Every room, from bedrooms, kitchens, and living rooms, are more spacious in the suburbs. On average, suburban homes are 300 square feet bigger than homes found in the city, making them a great option when raising kids and dogs.

Museums and mojitos vs. trails and teachers. For city dwellers, there’s nothing better than being able to fill a craving for Indian food at 11 pm on a Wednesday. In the city, you can find an array of ethnic cuisines, museums, and shopping, all within walking distance of your front door. On the other hand, suburban residents skip out on the fumes of city buses and garbage trucks. While city home listings may boast of the fun going on in the neighborhood, suburban homes boast of nearby trails and parks. Suburban homes also tend to be located to better public schools.

Cities are not as dangerous as one might think. We all know that cities usually have higher crime rates than suburban towns. This may be true, but the United States as a whole has seen crime drop significantly in all major cities. While crime may be a real concern for some people, a study by the University of Pennsylvania found that unintentional injuries, like car accidents, firearms, or poisoning, are 15 times more likely to happen to someone than a homicide.

The route to a healthier lifestyle differs. While there is no research showing disparities in terms of access to health services, city dwellers are exposed to other health concerns. Exposure to dirty air leads to respiratory problems, a dense population can lead to the spread of viruses, and fast-paced life can lead to higher levels of stress. That’s not saying suburbia is not without health concerns. Suburban residents tend to drive more while city residents walk or bike more often, decreasing their levels of obesity, diabetes, high blood pressure, and heart disease.

Whether you decide to live in the suburb or the city, Long Beach has it all. This city has all the fun and diversity of an urban setting while still having the security and space of the suburbs.

Posted in: Blog

How Mortgage Rates Work

When it comes to buying a home, one of your top priorities will be to find a mortgage and a competitive rate. Last December, The Fed raised interest rates after a historical low. Many people said this would cause mortgage rates to rise as well, even though mortgage and interest rates are not directly related. Depending on the circumstances, you’ll be paying off your mortgage for the next 15 to 30 years, so it is probably best to understand how mortgage rates work.

There are two different types of interest rates for mortgages used by the loan company. The first is the traditional “interest rate” and the other is APR (annual percentage rate). The APR shows you your interest rate after the initial loan fees, application fees, and prepaid interest, that’s why the APR is usually more than the original interest rate stated. You can use the APR to compare loans and find the best possible interest rates.

When you begin calculating your monthly housing payments you have to remember all the fees, because they’ll add up and throw off your budgeting. Many mortgage companies nowadays, won’t even consider you for a loan if you do not have homeowner’s insurance already lined up. The cost of your insurance plus real estate taxes will be put into the same account and added to your monthly payments. To begin calculating your monthly payments, you need to know your interest rate. Interest rates are computed monthly on most mortgages, so once you find your interest rate, divide it by 12 to get your monthly interest rate. There are many tools online that can help you calculate your monthly payments, including your principal, interest, taxes, and insurance.

When it comes to fixed interest versus adjustable-rate mortgage, there are a few things you should know. Every time interest rates go up or down, your lender will recalculate your payments accordingly. So that means when interest rates go up, so do your payments, but when they go down, your payments will follow. Fixed interest, on the other hand, stays the same regardless if interest rates go up or down. Adjustable-rate mortgages are a bit riskier, so take caution and do some research.

A few factors that determine your interest rate will be your credit history, your down payment, and the current housing market. The better your credit score and credit history are, the better your interest rate will be. That is why it is important to build a solid credit score before you begin the home buying process. As for your down payment, 20 percent is the standard, but many lenders nowadays are accepting as low as 3 percent. This is helpful for those who may not be able to afford 20 percent of the principal, but the bigger your down payment the better your interest rate will be.

Posted in: Blog

5 Tips for First Time Home Buyers

11415768965_bd233dbb3fBuying your first home can be one of the most exciting times in your life. It’s the moment in which you have finally reached your full independence. You’re no longer spending your money on rent payments that in the end, will give you nothing. Buying a home means you’re making payments towards something tangible. Buying your first home can be a bit overwhelming if you’re not prepared, so here are a few tips that will hopefully make this a smoother process.

  1. Check your credit

Your credit is one of the most important factors when trying to secure a home loan. If you don’t know your credit score, it is best to use one of the many free credit score tools that can be found online. Just because you make your payments each month does not mean your credit is stellar, credit scores factor in the amount of credit you use versus your credit limit. It’s best to find out your credit score now than when you are shopping for a home loan. Fixing a credit score does take time, so if your credit is low, start working on it six months before you begin house hunting.

2. Evaluate assets and liabilities

You should start tracking your spending and figure out where your monthly income is going. Even if you don’t have too many liabilities each month, cutting costs anywhere will be beneficial in the long run. Also, it’s best to look at your assets versus liabilities the same way lenders will be. If you’re a private contractor or straight-commission sales person, be prepared to have proof of income from the last two years for lenders.

3. Organize yourself

Throughout the home buying process, staying organized will help keep your sanity. There is a lot of paperwork that has to be processed and it can easily be lumped into one pile. Lenders are going to want to see two recent pay stubs, the previous two years’ W-2s, tax returns, and the last two months’ bank statements. Collecting and organizing all this paperwork will help keep the lending process smooth.

4. Qualify yourself

At this point, you should already have an idea of what you can afford. Before you meet with any lenders, you should use one the of the online calculators to figure out your debt to income ratio. Although many lenders don’t have a specific ratio, old standards say no more than 28% of your monthly income should be spent on housing costs. This ratio is called the front-end ratio. Your back-end ratio shows what percentage of your monthly income covers your debt. Many lenders like to see 36% or less, but some even accept 45% or higher.

5. Figure out your down payment

In years past, 20% down was the standard, but recently, many lenders are accepting payments as low as 3% down. Find a lender you can trust and work with them to figure out what is best for you to put down. There are even programs that can assist buyers with certain incomes or situations. Check out the HOME Investment Partnership Program to see if you qualify.

Posted in: Blog

5 Things to Check before Buying a Flipped House

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Flipping homes has now become famous thanks to shows like “Flip or Flop” or “Flipping Vegas,” but is buying a flipped home the best idea? Buying a flipped home saves you all the work of renovation that would have had to be done. Many times flippers give the home a cosmetic renovation that involves new appliances, updated cabinets and countertops, and fresh paint. Most of the time these houses are great to buy, but buyers should be more careful when purchasing a home that has had renovations that involve structural changes. Here are 5 things to check before you buy a flipped house.

 

  1. Ask for the home’s history

This is probably the most important detail to find out before buying the home. A flipped home can look brand new, but you should know how old the home is. Find out if there have been any add-ons, like an extra bedroom, a second floor, or a breakfast nook. Also, look into the selling history of the home. If the home was purchased and then resold six months later at a higher market value, this most likely indicates a flip. Look into the seller’s previously flipped and sold homes, they should have a track record if they do this regularly. Don’t be afraid to ask for the previous buyers and contact them to find out if they are satisfied with their home.

 

  1. Check out all the appliances and faucets

Most of the work that is done on a flipped home is done in the bathrooms and kitchen. New faucets and appliances are added to enhance the appearance. Simply flipping on the sink or flushing the toilet will give you an idea if there are any other problems, such as plumbing issues. Turning on the water will let you know if there are water pressure or heating issues, or if they are hooked up to a water source at all.

 

  1. Ask what changes have been made

Some states have a full-disclosure policy where the seller is required to share all of the changes made to the home with the buyer. Along with all the changes made, the seller has to share all the known details about the home. If you do not live in a full-disclosure state it is best to ask the seller for a full, detailed report of all the changes made and to sign it.

 

  1. Ask for Permits

In addition to a detailed report of the changes, ask for permits where they are needed. Check with the city to make sure permits were not only pulled, but were inspected and approved. If changes were done and they did not acquire permits, that should be a major red flag right there. Some improvements don’t require permits, though.

 

  1. Hire an inspector

Hire an inspector that has experience and that is accredited, licensed, and insured. Since you have researched where the improvements that involved permits are, hand that over to your inspector. Experts say buyers should hire an inspector before the closing process so if there are any issues they can be resolved before. If you do find problems and they are not major, you can negotiate with the seller to either have them fixed or have them lower the price.

Posted in: Blog

Can the U.S. Housing Market Withstand the Rate Hike?

11415768915_83a98098aaLast Wednesday The Federal Reserve increased interest rates by a quarter of a percent. This is a big move as interest rates have not been increased in seven years, before the housing market crash. Although rates were increased by only 0.25 percent, home buyers across the nation are concerned. Understandably so, mortgage rates have been at an all time historical low, so what does this mean for buyers? Can the housing market withstand the increase?

The economy has seen growth in the last few years thanks to low interest rates, steady job gains, and improving household finances. The first half of 2015 was strong, it was a matter of time before The Fed increased interest rates. The Fed has stressed that they are planning to increase rates gradually and in small increments. Over the next year, they plan to increase rates by 1 percent, which will boost the economy by 0.15 percentage points and 30,000 monthly job gains.

As for the housing market, the last few years we have seen a recovery and 2015 being the best year so far. The recovery has been partly due to low mortgage rates, but mainly from job security and economic growth. 30-year mortgages are priced off 10-year Treasury note yields, which do rise as short-term rates climb, but not as steeply. Economist don’t believe the quarter of a percent hike will immediately impact mortgages. The market has been anticipating the hike for months and have priced with the move.

Economist also believe the hike won’t have much of an impact on the housing market over the next year. If rates do go up one percent, mortgage rates can be expected to rise to 4.1 percent from 3.9. A $225,000 mortgage monthly payment would raise $26 to $1,454, this is not enough to deter buyers. Adjustable-rate mortgages, which are usually modified annually, could see an increase about twice as rapidly, by about a half a percent. But, economists are saying if steady jobs and incomes increase, the rate impacts should be modest.

Although we have not seen an increase in interest rates in nearly 10 years, buyers should not be concerned. The impact this will have on the housing market will be modest and with a strong economy, the housing market will strive this coming year. 

Posted in: Blog

5 Questions You Ask Your Potential Agent

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When it comes time to sell a home, many people choose a realtor within an hour and don’t spend the time researching what they really need and want. If you were going to buy a car you wouldn’t just choose the first car you see on the lot. You spend weeks or months researching which car suits you best. So when deciding, here are 5 questions you should ask your potential agent.

1) How many sellers are you currently representing?

A realtor with many sellers is a great sign that they are a good realtor and trusted, but too many sellers can result in the division of their attention.There is no set number that is too many, it really depends on the individual realtor.

2) How many homes have you sold in my target neighborhood?

This is an important question because you want someone who is experienced in your area. When you ask a good realtor should have a comparative market analysis or a list of homes recently sold or for sale on hand. Luckily, many agents focus their work on specific cities or neighborhoods, making them the best candidates for selling your home.

3) What price do you think my house will sell for in the current market?

This question will give you an idea of your agent’s knowledge and thought process. An experienced realtor will take data from the current market, data from a pool of comparable homes, and your home’s condition and amenities. Don’t be too concerned if the number they give you is lower than expected. Many times sellers believe their home to be worth more than it actually is. But if you really feel the price given is way too low, don’t be afraid to cross check with other home valuation sources.

3) Who else will be working with me?

Agents usually work with a team of people, but most of the time spent should be with them personally. It is good though to find out who the others are on the team.

4) What are your marketing and advertising plans for my house?

This is important in understanding the expertise of your agent. Marketing and advertising methods should go beyond just listing your home on multiple listing services. There should be a mix of online and offline methods. And don’t be afraid to ask for previous examples of their sales material from previous sellers.

We specialize in helping our clients find or sell historic home in beautiful Long Beach. For more information visit us 244 Redondo Ave, Long Beach, CA 90803 or call at  1(562)577-5021.

Posted in: Blog

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mike@mikenorton.com
5625775021

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Long Beach, Ca 90815

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