2007 Long Beach Real Estate Market...what did happen?

2007 was an event filled year with the Long Beach real estate market changing dramatically from previous years (as well as real estate markets throughout the country). Realistically it turned to a more "normal" real estate market but due to the difference from the previous strong years it was a shock to many. Here are some of the realities that occured in the past 12 months:

• Homes, condos, multi-units, and land still DID sell! - Sounds crazy but if you listened to the media you would think that inventory just sat around. Buyer and sellers were still active throughout many different cities.
• Home Loans are still available - Although the sub-prime market withered away a great deal, there are still loans that can help individuals and families purchase. Long standing programs like FHA and CalHFA have continued to support 100% loan programs and down payment assistance programs.
• No Crystal Ball - No matter what month we are in, or what year we are in, not the media or your local real estate broker can tell you exactly what will happen. Take the time to be informed and if you purchase get a loan that has a payment that is fixed for 5, 10 years, or more so you can be protected no matter what the changes occur.
• Foreclosures exist...but.. - Foreclosures are available, but not in the record numbers the media portrays. I have yet to see panoramic ocean view properties for 50 cents on the dollar.
• Limited Properties - Yes I did say limited properties available. What I mean is that there are limited properties that have appeal to buyers. Although we have a little over 2,000 available properties listed throughout the city, many are over priced, in poor condition, or not in the areas that many able buyers today desire. Finding just that 1 property (as most people are purchasing just 1 at a time) is a fun process but means focusing on requirements to find it.

2008 looks to be a year that buyers will continue to be able to have choices and sellers will need to have patience. We look forward to keeping you up to date on the latest Long Beach real estate information throughout the coming year!