Ann Huang California Real Estate

Newly renovated and now leasing in prime location in !

Live minutes from the ocean and conveniently in the center of everything Hermosa Beach has to offer! Located off of Pier Ave, you are just a stone's throw away from the beach, the green belt, bars, restaurants, retail shops, Trader Joe's, and Vons. Be the first to enjoy the luxury of living in a newly remodeled unit. This 2 bed 1 bath unit features recessed lighting, new windows, new luxury vinyl floors throughout, brand new plumbing, and an upgraded electrical panel. The new modern kitchen has soft close cabinets, calacatta quartz countertop, and is equipped with stainless steel appliances for the gourmet chef in you. Step inside the posh bathroom and you'll find porcelain tiles and quartz countertop. Laundry is shared with the top unit in the common area. Water is included. Tenant pays for gas and electrical utilities.

The average FICO score in the U.S. hit a record high of 703 in 2019, according to the 2019 Experian Consumer Credit Review. That’s a two-point increase from 2018 and up 14 points since 2010.

A 703 FICO score falls within the range of good credit (670 to 739). The fact that many Americans have good credit scores is promising, since having a high score is key to qualifying for the best credit cards, mortgages and competitive loan rates.

Fifty-nine percent of Americans have a FICO score of 700 or higher — the biggest percentage ever seen at that level

If you have a credit score lower than the average 703, consider following these simple tips to improve your credit. And even if you have a 703 or higher credit score, it’s important to stick to these actions:

Make on time payments - Payment history is the most important factor of your credit score, so it’s key to always pay on time. Set up autopay or reminders to ensure you don’t miss a bill.
Pay in full - While you should always make at least your minimum payment, we recommend paying your bill in full every month to reduce your utilization rate (your total credit card balance divided by your total available credit) and avoid paying high interest charges.
Don’t open too many accounts at once - Each time you apply for credit, whether it’s a credit card or loan, an inquiry appears on your credit report. This temporarily dings your credit score about five points, though it will bounce back within a few months. Try to limit applications as needed and shop around with prequalification tools that don’t hurt your credit score.

A time to relax and cherish moments with loves ones... Merry Christmas!

There are many things to look out for when purchasing a home. That's why we are here to help you along the way.

Ready to start looking for your home? Contact me today for a friendly, no-obligation consultation.

The Down Payment Hurdle: May be Easier to Overcome
Than You Think

The California housing market continues to be invigorated by low mortgage rates, which has led to a year- over-year increase in home sales for the second month in a row. At just over 400,000 sales in the month of September, the 5.8 percent year-over-year increase is the highest growth rate seen since March 2017. Lower interest rates caused the monthly payment on the median-priced home to drop 7.4 percent from last September, continuing the declining trend that started in March 2019. The dip in mortgage payment, which enables home buyers to save hundreds of dollars, is an important variable that could help sustain the sales momentum through the remaining part of 2019.

But housing affordability is not just about mortgage payments. Down payments also play a huge role in holding buyers back from buying sooner. According to the California Association of REALTORS® 2019 Consumer Survey, over a quarter of buyers say they would have purchased sooner, but they needed to save for their down payment first. And this is felt to an even higher degree by younger generations, with two out of every three millennials reporting the need to save for a down payment. With the median price remaining near the record high, and a typical buyer still putting 20 percent down, the median down payment for a single-family home in California in September was $121,136- a number nearly $20,000 higher than the median household income reported by California buyers and nearly $25,000 higher than the median income of younger buyers, resulting in millennials saving for a median of four years with 24 percent saving for eight years or more.
That said, a whopping 2/3 of potential buyers say they would start looking for a house now if they knew they could qualify for a mortgage with a much lower down payment. Eighty-one percent do not know how much they would qualify for a home loan and only 21 percent are aware of first-time buyer programs in their area. This little bit of knowledge could be the push they need as two in five potential buyers have already started to save for a down payment, and yet 61 percent of them think they will need to put down 20 percent or more, with 17 percent of that group think 50 percent or more is needed.

There are a number of low down payment alternatives available to help buyers get into a home sooner. Down payment assistance programs offer loans, typically with a low interest rate. Some of them aimed specifically at helping both first-time buyers and low- to moderate-income buyers get into a home. Mortgage credit certificates allow an increase in income by obtaining a tax credit for a specified percentage of mortgage interest. Grants and gifts may be offered by state and federal governments, non-profit organizations, or the local community. For more information, visit downpayment.car.org.

Stay safe this holiday season with these helpful electrical tips for your home.