The Real Estate Market Today

The LA Times is fond of printing articles about how bad the real estate market is and that the end is near. The article that I hope more readers got to see was in the LA Press Telegram. The title of the Article was called “Dispelling the myth of the housing bubble” by Carlos Arvizu. While Carlos is with a competing company he brings up some very pertinent points that buyers should pay attention to.

The following should be noted:

California, the Los Angeles area in particular is expected to have 570,000 more people here next year than this year.

• Let me be very clear, people have to live somewhere. It is true that some will never buy but many will.
• There are first time home buyer programs that literally give buyers down payments, pay for closing costs, & give below market interest rates. Those who want to buy & are dedicated will be able to do so.

Unemployment is low in fact it is 4.8%

The last time real estate in southern California was hit hard in the early 1990’s the defense industry nearly disappeared from the LA area.

The overall economy is moving in a positive direction.

There is a market correction

When prices of any asset, stocks or homes, rise at that is many times the normal speed at which the asset should rise there is bound to be a correction of the price.

This does not mean that sellers are going to lose big & that buyers can make an offer they want to and the sellers will have to take it. What it does mean is that sellers who overpaid for their assets or used non conventional means of financing & have to sell today may not get what they are asking for.

Sellers will always get exactly what the asset is worth as a home or any asset is only worth what someone is willing to pay for it.

I will continue more on this article when the remainder comes out next week. For now, you You be the judge of the real estate market!

West Ocean LB - High Rise Development - Doesn't Like Free Advertising

Apparently the corporate people, Intracorp, behind the West Ocean LB High rise development do not like FREE advertising. We are big fans of helping families and individuals learn more about developments easily on the web so they don't feel pressured by sales staff. Intracorop doesn't want people learning about their development as they called us today and threatened to get their attornies involved to take down information we had about them. I guess they want people to feel the pressure and have to come down to their sales office.

Our website www.LovelyDowntownLongBeachCondos.com is designed to educate people on the activity and developments that are available so people can learn from the comfort of their own home. In order to comply with their request we have removed the information about their development. Should you want the information anyway, please call us directly at 562-989-7111 and we will be happy to share floor plans and information about them.

We always want people to learn on their pace, so please browse for more information on our sites and look for more postings so we can keep you aware of what's really going on!

Myth...the market is going down

The media is constantly reporting that the real estate market is going down. Seeing that last year was a record year, it would be inevitable that the following year would be slower in a variety of categories from volume of units as well as the time it takes to sell on the market.

The statistics from the MLS that covers the area from Compton to Irvine shows that in actuality sellers are still achieving 97.6% of their asking price. Is this the end of the world? Hardly!

The average days on market has increased from 32 days last year to 58 days this year. Is that a buyers market? Actually no! A buyers market would be when the average days on market reaches 180 days or in other words a 6 month home supply. You won't find these numbers in the main stream media though because it doesn't sell enough advertising!