April 28, 2021
By Saeed Ghaffari
History & Fun Facts regarding Paramount
You will love living in Lakewood as I do. I have lived in Lakewood since 1992. It is a great community to raise a family. Lot of parks, great restaurants and very family oriented. The city is ethnically diverse and has a diverse city council. Lakewood is known as “tomorrows city”. Centrally located to the 91 freeway and 405 freeways.
A historical fact: 1st city to utilize helicopters for law enforcement in 1966.
Lakewood is a city located in southeast Los Angeles County, California, in the Los Angeles metropolitan area. It was founded in 1954.Adjacent to the City of Long Beach. As of the 2010 census, the city had a total population of 79,900.
Lakewood is reported to have a population of 31,371 with a median age of 38.7 and a median annual income of $78,175, according to the 2010 U.S. census.
Lakewood is a part of Long Beach Unified School and ABC School Districts. Lakewood has 12 schools from (pre-school through high school).
Lakewood is home of the beautiful Lakewood Golf Course and the Lakewood Country Club. Lakewood has a wonderful shopping mall including Costco. Lakewood also has a recently remodeled Senior Community Center and a beautiful city facility for weddings and other large gatherings called the Sycamore Center. Lots of wonderful restaurants on restaurant row.
Climate Comfort Index of 9.3 10.
Real Estate Market
Lakewood is a great city to purchase because it’s very affordable. Median Home Purchase price is $788,000. Lakewood offers great home prices for first time homebuyers with single family and condos inventory. Senior housing is also available. Much of the original housing in Lakewood was built in the 1950’s to providing housing for families that worked at McDonald Douglas Aircraft.
Inventory is too low for a market report on condos in Lakewood.
|Single Family Residence||Condominium|
|Price Per Square Foot||$465||$?|
Here is the rental market in Lakewood:
|1 Bedroom||2 bedroom||3 bedroom||4 bedroom|
Challenges of home buying for First Time Home Buyers (FTHB) in our current market
- Low Inventory – Sellers’ Market
- Getting an offer accepted
Solutions to getting an offer accepted:
- Be sure the loan is approved subject to appraisal and title
- Clear verification of down payment funds (liquid in an account)
- Increase the earnest money deposit (EMD)
- Minimize contingencies
- Utilize an experienced FTHB (first time home buyer) Realtor with a pleasant personality, local in the community and well connected
Programs for FTHB’s
- NACA – 0 down and PMI
- FHA – 3.5% down
- CalHFA – see grants assist for specific careers ex. Law enforcement, education and health care
Call Us Today
714 469 5529
Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In
Prices falling in expensive cities
In two-thirds of major regional housing markets — 98 out of 148 — prices continue to drop, especially in more expensive locations.
We may see expensive markets fall further, which if that happens sooner than later, would make it an excellent time to buy into an expensive market. This wouldn’t have registered as a possibility even a few months back.
It’s difficult to predict if this will happen. And if so, whether falling prices become offset by the federal interest rate hikes practically certain to arrive in the coming months.
The only way to know for sure is to wait until the latest rate hike sets in.
Meanwhile, keep in mind that — as with any investment — it’s best time to buy is usually when prices are low.
With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home Do you like this Article ? Sign up HERE for your FREE M&M Account to receive more Real Estate related information and news and THIS article. M&M Membership...
The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.
At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.
Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.
“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.