2007 vs 2008 Sales in Long Beach, which is better?

So what does 2007 have in common with 2008? Well sales happened in both years and in fact it looks like 2008 sales were far better than 2007.

You wouldn't know that from the way the media has portrayed this year. You would think this would be so considering how every article talks about the demise of real estate but the chart in this post is the closed sales from June until now. Per our tradition here we aren't reporting the sales for December until the month is over. Who knows we may begin a new tradition of reporting sales as they happen but for now we will report what has happened after they are all set in stone so to speak.

What does the past tell us about the future?

This is important to consider because we want to be able to get the edge whenever possible. I can tell you this, we will be having some properties being bought and sold in 2009. I know that isn't exactly shocking news but considering what some people are saying that is out on a limb although a small one.

So really what are we thinking about 2009 right now? I say the following is going to happen at least in the first quarter for sure.

• Rates will stay low or drop - the government has to keep things moving and banks are getting money through government programs so look to see things stay low.
• REO's will increase - Some say this will not be true but banks have too much to hold all of it.
• Properties in high demand areas (aka the water) will not sell for 50% on the dollar - deals in the most desirable areas will not be had. Trust me on this one.
• It will be THE year to buy investment property - this year and next will be one of the greatest years in history to buy an investment property that you will own for the next 30 years and will give you income from day 1. Don't believe me? I hope you do as properties are being sold now that generate positive income from day one with 10-15% down.

2008 looks much better now that we are near the end. Don't let that happen to you in 2009. Now is the time to take advantage of things.

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