Is your real estate agent lying to you?

Getting the correct information from your real estate agent is of paramount importance as you are entrusting him/her with one of the largest financial decisions you will ever complete. So, how do you know if your real estate agent is actually telling you the truth? Here is an example of a conversation that was over heard and then we can discuss how you can find out what the real truth is:

Client: Is offering on a short sale a good idea?

Agent: Well you know when you make an offer on a short sale, you have to wait a long time and they always counter back at more. Did you really want to wait that long and still not get a great discount?

Client: Oh, I didn't realize that, I guess I won't offer on a short sale.

Unfortunately in this conversation the client was not given enough information to make an informed decision. Is it possible to receive a counter offer back that is more than you offered; yes. Does it always happen? Absolutely not! This agent didn't have enough experience on short sales to tell the client that sometimes the offer is accepted at what you offer!

So, how do you find out the truth in this situation?

Ask the agent additional questions. Ask them how many short sales they have completed so you can find out what basis their information is coming from. Ask them what parameters the bank is making their decision on. Ask them if they have helped both sellers and buyers complete short sales.

Getting as much information as possible, especially when it relates to relatively new procedures is essential to understanding what the pros and cons really are.

5 Questions to Ask your Long Beach Real Estate Agent

Finding a Long Beach real estate agent by doing online research is a great way to find someone who can help you with your goals. People who sell their homes usually interview 2-3 listing agents, however most people looking to purchase a property interview just 1. Interviewing 1 may be ok, if you find the right one, but we thought we would share some questions you might want to ask to ensure you have the right Long Beach Realtor working hard for you.

1. How many people do you help each year to purchase property? - This is better than asking how long someone has been in the business because many agents are in the business a long time but don't have the experience of helping that many people. The average agent helps 6 people a year.
2. Do you specialize in buyers? - Most agents help both buyers and sellers. Some agents specialize in just helping buyers and that can mean they are more up to date on their inventory and they can be more aggressive on offers because they aren't looking for sellers.
3. How long have you operated in the area that we are looking? - Closely related to question 1, but a bit different. Many agents help people across many different cities. If you want an expert in Long Beach, make sure the majority of their business is in Long Beach so you can get specialized attention.
4. Do you do a buyer's consultation? - This is a great question if you are on the phone. If an agent just asks you the number of bedrooms, number of bathrooms, and price then you might want to move-on. Experienced agents will take the time to meet with you and understand as much as they can about your goals before taking you to see a single property.
5. How will I be updated on properties that meet my needs? - Here you want to look for a process that the agent has defined. Do they call you weekly? Do they customize a website for you that is updated constantly?

We hope these help you to choose the right Long Beach real estate agent for you. Besides the questions here, find someone that you like to work with, it should be a fun process!

Downtown Long Beach Real Estate Activity For September 2007

As we look at statistics it is important to know that even numbers for an entire city may not give a clear picture of what is happening. Long Beach is a city of just about 500,000 people. Now within this fine city there are different neighborhoods, different homes, different communities. So we of course have different results in each are of the city. Today we are going to cover Downtown Long Beach.

Downtown Sales Activity for September 2007

• Total Active Properties as of October 1st - 517
• Total In Escrow Properties - 38 ( 15 Backup, 23 Pending)
• New Listings - 102

So what does all of this mean?

• Downtown is 22.8% of all active properties that are available in the city of Long Beach
• Downtown Long Beach is only 20.4% of all properties that are being sold - this may now sound like a big different but it can become one extremely fast.
• Downtown Long Beach has a 13.6 months supply of homes - this is well into a buyers market for time frame.
• So if you are a buyer make sure you look at what you really want if you are in downtown. Look at properties online with your real estate professional and pick the ones you want to see. There are quite a few properties out there to choose from but only a few that probably meet the majority of your requirements.
• If you are a seller in downtown make sure your property is priced appropriately and make sure that it is clean and presentable at all times.

North Long Beach Real Estate Results for September

The northern part of Long Beach is referred to as North Long Beach. This is an area of town that borders the cities of Compton, Carson, and Lakewood. This area can be easily reached by the 91 or 710 freeways. So what is happening in this area of town? Well let's take a look at the numbers to see. The chart to the left shows the activity level. The largest bar represents the number of active properties and the second largest bar is the number of new listings that have been taken in the area since the first of September and ending at the end of the month.

North Long Beach Real Estate Statistics for September 2007

• New Listings - 96


• Properties in Escrow - 31 ( 28 Pending, 3 Backup)


• Expired Properties - 57


• Total Active Listings at the end of Setpember - 426

Ok so what does this all mean. Well it means that North Long Beach has over 13 months supply of homes. This would mean that the market is Long Beach is a buyers market. There is certainly plenty of properties to choose from. Some properties are in turnkey condition but many are in need of repair. This represents ample opportunity for first time home buyers looking to buy a property that needs some work or investors who are looking to provide quality housing on a flip. Many properties have lots that could allow expansion of properties creating additional value as well.

4 Tips on How to Purchase a Short Sale

Short Sales or Quick Sales are a part of the Long Beach, Ca Real Estate market. A short sale occurs when the property is trying to be sold for less than the trust deed that the bank has on the property.

Purchasing a short sale is different than purchasing an REO (Foreclosure). Here are 4 tips on how to have a successful purchase of a short sale:

1. Be Patient! - The bank has to approve the short sale. Unlike an REO where the bank already owns the property, in a short sale the bank has to decide if they are comfortable losing a certain sum of money. The bank must determine if it would be cheaper to go to foreclosure than accept the offer. For this reason, it can take many weeks (sometimes 6 weeks or more) just to get an approval of the short sale. The total process of purchase can take 3 months.
2. Deposit Amount - You will need to have a deposit that is at least 1% of the purchase price of the property. The bank wants to see that you can complete the purchase.
3. Complete Package - Have as much documentation as possible. In other words, include FICO scores, bank statements, and a pre-approval letter to show you are prepared.
4. Closing Costs - You can still get closing costs from the bank, but you will be limited at 3%. Be prepared that the bank may come back and knock that amount down as they are reviewing your offer.

As you are working with your Long Beach realtor, realize that they may be hesitant to submit an offer on a short sale because often the realtor commission gets cut. Be persistent and be open that you may need to look for other properties in case your short sale does not get approved.

August Sales for Long Beach - The Cold Hard Facts

Ok August came and went and the last days of summer are just about behind us. All those who are going to school are just about in their classes. So where does that leave the Long Beach real estate market? Well let's see the numbers for August to see what happened.

As usual all sales data is taken from the realtor MLS system that serves the Long Beach area. So let's take a look and see what happened in August.

Long Beach Statistics for August 2007

• Sold - 210
• Expired - 153
• In Escrow - 161 (Pending - 102, Backup 59)
• New Listings - 591
• Total Active as of September 1st - 2,167
• Total Active as of Today - 2,227 - (60 new listings so far this month)

Ok so what does this all mean. Well it means we have a 10.8 months supply of inventory. The number of sales that are occuring in Long Beach continue to decrease. This means as a seller one will have to be more and more competitive.

For the buyers there are choices out there but not as many as you would think. In some areas there are not many properties. In areas of Alamitos Beach there are less than 3 condos that are under $300,000 that have parking associated with them. So while there are properties available it depends on the requirements that you have and the amount of money you are willing to spend. Make sure you take a look at what you absolutely have to have and go from there with your real estate professional.

Sales Statistics for July 2007 for Eastside & Circle Area

As we mentioned in our last post we are going to continue to post the stats for the different areas of Long Beach. Today we thought we would cover the East Side and Circle Area of Long Beach. We have actually identified the area that real estate professionals and the MLS define the East Side and Circle area. You can visit it over at www.LovelyLongBeachHomes.com.

So what did July look like for this area? Well here we go.

• Active Properties - 151
• In Escrow (Pending & Backup) - 41 (31 pending & 10 backup)
• Closed - 3
• Expired 16

So when you look at it this area did better than many areas of Long Beach for the month of July. Long Beach California real estate is moving well in certain areas of the city. While other areas only had 10% of their properties go into escrow this area of the city had nearly 30% of the properties into escrow and only about 10% of the market expired. More posts to follow on what is happening on long beach California real estate.

How did May finish in Long Beach, CA for Real Estate?

You know the old saying "It doesn't matter where you start it matters where you finish."? Well that is what hopefully everyone will think by the time 2007 ends in regards to real estate in Long Beach CA. So where did things finish? Well let's take a look at the numbers and see!

All data below comes from the realtor multiple listing service that covers the Long Beach area which is the SoCalMLS. The numbers below will not include any owners that sold their homes without going onto the MLS system.

Activity for May 2007

• Number of Properties that went into a Sold status - 239
• Number of Sold last May - 374
• Number of Properties that went into a Pending status - 221
• Number of Properties that entered into a Backup Status - 90
• Number of Active Properties at the endof the Month - 1,769
• Active as of today is 1,939
• Number of Active Properties at the begining of May - 1,231

So what does this all mean? Well if you take number of properties that are currently available in means Long Beach has a 7.4 months supply of inventory. This is a great thing! Now I am not recommending all sellers in long beach ca increase the prices of their homes but it is certainly not as bad as some media outlets would lead us to believe. Now some might say well 36% fewer properties were sold in May this year as compared to last. I would say you are right! Now last year was a record year. This year isn't necessarily a bad year just not a record year. So we can read into it there are less homes being sold so make sure to price accordingly. Let's here what everyone else has to say!

Belmont Shore Real Estate - Any buyers available?

You know right now if you own belmont shore real estate and you need to sell you are in for an interesting ride. Now let me be very clear. One can always sell real estate it just depends on what price you are willing to take for your property that decides on how many days your property is going to stay on the market. So what is happening in Belmont Shore in Long Beach, CA. Well let's look at the numbers and see what they say! All of the numbers below come from the realtor MLS that serves the area which is SoCalMLS.

As of Today 05/30/2007

• Total Active properties in Long Beach: 1,894
• Total Active in Belmont Shore: 91 - 4.8% of the properties available in Long Beach
• Total New Listings in May in Belmont Shore: 30
• Total New Listings that went into Escrow (Pending or Backup) -2
• Months Supply (Active in area\Amount into escrow) - 45.5 months!

Now I can see what is going to happen. I am going to get some hate e-mail on saying that there is 45 months of inventory in Belmont Shore. Now the area I am using in the MLS also includes Belmont Park and Naples. So in fairness these numbers come from these three areas that are very close to each other. These areas also have many high end properties in excess of 1 million dollars. These homes tend to average longer days on market. So I don't think that there is really 45 months worth of inventory. I would tell the high end buyer that they have a few choices out there. 1 million doesn't buy what it used to but it buys quite a bit.

So what does this all mean. It means that as interest rates continue to increase it is not as easy as it used to be to afford that executive home. So take caution with your pricing high end luxury seller. And to the buyers of these homes we say enjoy the selection but don't expect to get a 1 million dollar home with the ocean view for 50 cents on the dollar!

Where are the buyers in Long Beach?

Now I don't want people to freak out when they read this. In fact there are buyers in Long Beach CA. In fact there are buyers in all areas of this country. The trick is are they are the price that you need them to be at if you are a seller? So today I thought I would cover Downtown Long Beach and the activity we have seen there in May so far. I will break down the other areas of Long Beach as we go on until we get to the end of the month.

All of the numbers below are what has happened since May 1st and are taken from the realtor MLS. So here is what happened so far.

• Total Active in Long Beach as of today: 1,876
• Total Pending in Downtown: 28
• Total Backup in Downtown: 14
• Total Closed in Downtown: 6
• Total New Listings in Downtown: 95
• Total Active in Downtown: 411
• Downtown Percentage of Long Beach Market as of Actives: 21.9%

So what does this all mean for the downtown long beach market? Well it means we have 10.2 months supply of property available. Now this is getting close to that 12 month mark where people consider it a buyers market but not there yet. It does mean, in my eyes, that sellers want to be agressive in price. Especially since new properties are being built in downtown.

The percentage of the Long Beach market may seem high, only time will tell. This will play out as we report on what is happening in other areas. We will say that there are some nice choices available for buyers in the downtown area. Some areas in Long Beach do not have as many choices. I would say if you were a buyer right now who wanted to be in downtown you will have a few choices. Be warned though as the best deals still go quickly!

Let us know what you think!

Who should home owners pick for insurance?

You know normally we wouldn't write an article about home insurance. It doesn't tend to be a topic that people really want to know about or think about that much. However we thought it would be important to know that Allstate will no longer be offering new home owners in california insurance policies for their homes. Allstate press release.

So why would we write on this? Well first of all you apparently aren't in good hands with Allstate. According to www.inman.com Allstate requested a 12% increase on rates in California. I don't know about you but when was the last time you got a 12% for doing exactly the same job. The new insurance commissioner of the state of California is really coming down on companies for doing this and hurting the consumer.

What I can recommend is that you make sure you you have adequate insurance and that you use someone you can trust. I don't normally do this but I can recommend a company that is reliable. Their information is below.

Landmark Insurance Agency
5406 Lincoln AveCypress, CA 90630
800-696-4285

Ask for Jason McKelvey. I get nothing out of referring Jason other than knowing he takes care of people He insures my assets as well as many friends and family. He has not asked for this endorsement because he is that kind of guy. Trust me he won't leave you like Allstate is apparently doing.

Please feel free to weigh in on your thoughts.

How many homes were sold in April in Long Beach?

You know often it helps to know what is going on in the local real estate market before you decide you want to buy or you want to sell. We thought we would let everyone know what is going on in the Long Beach Real Estate market so you can make the decision that works best for you!

So what did happen in April in Long Beach. Let's take a look at the numbers.

• Active properties at the Beginning of the Month: 1,102
• Active properties at the End of the Month: 1,661
• New properties that came on the market: 571
• Number of properties sold in the month: 204

All of the above numbers were taken from the MLS system that covers the Long Beach area which is SOCALMLS. All of the above numbers are for residential properties only and do not include income properties which are properties classified as 2 or more units.

So what does all of this mean for the Long Beach Real Estate Market? I think it means that we currently have 8.14 months supply of properties available. Remember that under 6 months is considered a sellers market and between 6-12 months supply it is considered a balanced real estate market. So we are doing pretty well. Each area is different in Long Beach but we will break that down in future posts. For now let us know what you think.

5 Things to Ask a Buyers Agent

Last post we covered the 5 best things to ask a listing agent. Today we wanted to cover the 5 questions you should ask when interviewing a buying agent. We are defining a buyers agent as a real estate agent who focuses their time on helping clients purchase homes. They should focus over 90% of their time on this task and preferrably not help sellers at all. This will help ensure that you get someone who focuses their craft on negotiating for the best interest of buyers and not sellers.

1. Are you specialized in an area? - A buyers agent with experience will focus on 1-2 areas that they are experts in. This will help you to get as maximum value from their experience within an area. If they say they cover many areas then you may not get the detailed area information that you would need to focus on the best neighborhoods that meet your criteria.
   
2. How many families have you helped each year? - The average real estate agent helps only 4-6 people each year. Purchasing a property is a detailed process so you will want to have someone who has experience negotiating tough issues so you can get the best deals. Top agents in an area will generaly help 12-24 familes each year. You will want to ask questions to see what different types of properties they have helped people purchase (condos, homes, multi-units) to ensure their expertise matches up to your goals.
   
3. Will you refer me a lender? Do you get any compensation for that? - Getting a referral from you buyer agent can be very helpful because the process can run smoothly if they work together often. Be careful that compensation is not happening though as this can sometimes mean you are not being steered in a direction that is best for you. You can also ask them for more than one referral. If the buyer agent objects to that be warned.
   
4. How will you will help me pick properties to view? - An experienced buyers agent should help you decide what best meets your needs through a consultation. A consultation can generally take 30-60 minutes and will include much more detail than just how many bedrooms and bathrooms you would like. This is your time to explain your vision of what you would like to find. You will also want to get access to the MLS so you can have a view of all of the properties that are out there. Ask to make sure that you will see listings from every brokerage, not just theirs.
   
5. What do you do during escrow? -Escrow can be a time where many agents don't give you guidance and expect you to figure out what is going on. Ask if they will have a dedicated transaction coordinator and what inspections will be scheduled. You will also want to find out if they are going to help you with paperwork. Make sure that you are going to get regular updates on the escrow process. The minimum update you should expect from your agent is once a week and preferrable twice a week. Also ask what form the updates will come in whether that be e-mail, fax, mail, or phone. It is preferred that you get an update in writing. You should also get an update from the lender have you chosen in writing a minimum of once a week during escrow.

We hope that these questions help you select the long beach realtor that is best for you. Please remember to ask these questions as it is one of the biggest purchases of your life!

5 things to ask your Long Beach Real Estate Agent

You know often we are asked what people should ask a real estate agent before they hire them. People often choose a real estate agent because they are a friend, a referral, or they say someone they saw on a park bench. This is one of the biggest decisions in ones life so we recommend when choosing a Long Beach Real Estate you should ask a few questions to make sure you are trusting the right person. For today we will cover how to select the right listing agent. A listing agent is an agent who sells your home and may not be the best person to help you buy. For questions to ask a buying agent we will write a separate blog on that.

1. What kind of Guarantees do you have? - This is an important one. Agents should put something in that guarantees a level of service or a level of communication so that you know they will be held responsible. Remember you are paying them quite a bit of money. Remember if they Guarantee isn't in writing it doesn't exist.
2. What is the average Days on Market the homes you sell stay & how is that compared to the average agent? - Be wary if an agent can't answer this. You want an agent who is above average. If they are below average you could possibly get far less for your home than you might with someone else.
3. What is your marketing plan? - Make sure the agent has more than a 5 point marketing plan. You want to know the dollars you are paying are toward selling your home so make sure they give you a marketing plan that has some length to it.
4. Can I fire you at any time & will that be in writing? - Any agent who doesn't want to work under a little pressure shouldn't be your agent. DO NOT get stuck in a 6 month contract without a way out. Make sure it is in writing that you can fire them for any reason.
5. How many homes have you sold? - Make sure an agent has experience in selling homes. In fact if you are choosing an agent to sell your home it is preferred that they only work with sellers as in general that means they have help to find buyers. Find someone who is specialized.

Next time we will give you the questions to ask your buying agent so you get the home at the right price!

How many condos are available in Long Beach, CA?

You know when you have a property and you are either getting ready to sell your condo or you just want to know the value of your property it always helps to know the competition. In fact we believe nothing helps like know how many people are competing with the type of property that you own. Today we thought we would let everyone know a little bit about how many long beach condos are available for sale and in particular how many condos are available in the downtown area of Long Beach.

Downtown Long Beach currently has 48% of the condos that are available in Long Beach. So what does this mean and 48% means what and how does it affect me? All of these are important questions so here we go!

1. There are currently 579 condos available in the city of Long Beach. This number was taken from the MLS as of 05/03/2007 and represents all properties that are currently in an Active status which means they are looking for offers on their condos.
2. 268 of these condos are available in the downtown area of Long Beach. This is a large number of condos and in downtown this represents 10 months of inventory.
3. What does this mean to me? What this means is if you are in downtown and you would like to sell study your competition carefully!

This isn't necessarily a bad thing. Just make sure that you know what properties are available that are similar to yours and especially in your building. Make sure your realtor is local and knows the dynamic of your area!

Want to Stop Foreclosure? Read this now

Unfortunately there are times when people get behind in their mortgage and they are facing foreclosure by the bank. We really want to make sure to let everyone know that banks do not want to own real estate. They really love lending money for people to purchase real estate but they have no desire themselves to actually own it. So we came up with some steps that we have helped people with in the past to make sure they can avoid foreclosure.

1. If you get behind on your payments and you are having trouble with catching up then call your bank immediately and speak with them. Make sure you speak to someone in loss mitigation and make sure they have you on record that you called them.Explain your situation.
2. Banks are run by people to and they understand that things happen. In fact they can be more understanding then you think. The bank may give you multiple options such as a payment plan, or a loan modification, and if you have to sell and you do not have enough equity then they may consider a short sell.
3. Short Sale - this is when you have to sell your home but do not have equity in your home in order to pay all associated fees that are incurred during a sale.
4. Contact your local realtor immediately! - Get opinions of the value of your home from such websites as http://www.globaltrusthomes.com/home_value.shtml. This website gives you an instant value of your home.

Remember that banks don't want to own your home. They really do understand and want to help you out. Please remember that even though things seem bad they will be worse if you don't call and speak with your bank. They want to work things out so give them a call and see what kind of options they can give you.

What happened in March in Long Beach?

It is always important to take a look back every month and see what happened in the market space. When buyers and sellers are looking out a property it would help to know how all real estate in Long Beach is performing. Performance of real estate in long beach can be looked at many different ways. We like to look at how many new properties came on the market in Long Beach and how many properties were sold during the month.

If a market has inventory growing at a pace that is too rapid for the market could absorb there may be an economic issue in the market place. For the month March we had a 27% increase in the number of properties that came on the market. This is not terrible considering we are entering spring time.

• We still had a very healthy 265 properties close during the month and 189 properties going into escrow.
• Number of properties that went into a Pending Status - 189
• Number of Properties that Closed: 265
• Number of Properties that Expired 135
• Total Active as of today: 1589
• Total Active at the start of March 1252
  

As a whole things in Long Beach are moving in a positive direction. One might want to think otherwise as a result of the data above but the market continues to have sellers selling and buyers buying.

3 Things to do before you sell your home!

These three things will help you prepare your home for sale and will end up making you more money on your sale of your long beach home or long beach condo.

1. Price your long beach home or long beach condo correctly - This is truly the #1 mistake that we see from sellers. Make sure that before you decide on a price of your property you consult your realtor to see what is on the market. Right now in long beach real estate it doesn't matter what things sold for last year it matters what they are selling for now. Don't price your home based on the neighbor who has had his or her long beach home listed for 98 days. You want it based on what is in escrow now or what has sold within the last 90 to 120 days maximum.
2. Make sure your house is clean - This may sound obvious but you need to have your long beach home or long beach condo clean like a very important person is coming over. Make sure you have all items put away, candles or other items to make it smell better, and make sure there is fresh paint if at all possible.
3. Don't be present when people are viewing your property - let your realtor have a lock box or let people in. People do not feel as comfortable talking about a property if the owner is there. Whatever you do try and not be present or at the very least don't comment or hover while prospective buyers are viewing your home. It will help you sell your long beach home or long beach condo much better.

These 3 tips cost sellers the most money and it is about netting the most at the end. We wish you the best of luck.

5 Things to do before you sell your Investment Property!

Often we get asked what should we do to prepare our property for sale? When people are preparing their primary home for sale there usually isn't much that people don't know about doing. We know we have to have a clean yard, clean up the clutter, make sure the paint looks good, and make sure things smell good. So since everyone knows about those we thought it would be good if we spoke about how to get your investment property ready for sale. Let us know what you think. There is an investing section on the following website that is helpful as well at investing in Long Beach.

Investment Property Prepareness list

1. Make sure you have all of your repair records in order - This is critical to your escrow going smoothly and no surprises being found. Make sure that any and all repairs that you have done you have a record for it. After all you should be taking repairs as a deduction against your income. Even if you have purchased small items don't hide anything.
2. Make sure that you are in compliance with all local mandatory city ordinances - We never like to see transactions blow up because someone didn't check to see that the city requires wired smoke detectors instead of just the battery ones. Check with your city website they will let you know. An great example at: http://www.ci.la.ca.us/ or http://www.ci.long-beach.ca.us/. Both cities give plenty of information and phone numbers.
3. Make sure you have signed lease agreements and copies of them for prospective buyers - If you aren't using a lease of any sort we recommend that you do. You can purchase sample ones at Staples and other office stores. Please make sure everything is accurate and never misrepresent anything!
4. Get a preinspection of the property completed by a certified inspector - We recommend knowing your problems ahead of time. An inspection of $500 and repairs ahead of time could save you thousands in a transaction. Make sure they are certified by an organization like http://www.nachi.org/ or one endorsed by your state.
5. Make sure you know what you are going to do with your proceeds - We always advise clients to plan ahead of time. If you are going to be doing a tax deferred exchange (Commonly referred to as a 1031) plan ahead for where you are going to go and don't wait till the last minute. Make sure your realtor presents you all of your options.

There are more things one can do but these top 5 things to do before you sell your investment property will save you lots of headaches! Let us know what you think!

What's happening in Downtown Long Beach?

Long Beach, CA is a large city. I mean to us it is. The total population is just over 500,000 and as a result has many different areas located within this fine city. The 2000 census reported 461,000 so I am adding an increase in the population. As a result we want to make sure that everyone is aware of what is happening in the different areas of this city. So today we thought we would discuss what is happening in downtown long beach. Hopefully everyone had a chance to read the last blog on the monthly statistics for February. If you didn't please do and let us know what you think. More information on downtown can be found at www.LovelyDowntownLongBeachCondos.com in case you wanted to know more about the area. We will discuss today the statistics and what that means for the market. Another great website to find out what is happening in Long Beach as a whole is http://www.longbeach2030.org/. This website is run by the city and will definitely keep you up to date on the future of Long Beach.

Please note that all statistics are pulled from the MLS and that in the MLS system downtown is also associated with nearby Alamitos beach. For our purposes we will use the MLS defined area so if you ever run into other statistics they will more than likely be the same.

Statistics in downtown long beach for February

Closed Sales - 40 - This means that the property actually changed from 1 owner to the next
Number of condos - 24 of the closed sales in downtown long beach were condos
Number of homes - 16 of the closed sales in downtown long beach were homes
New listings - 52 - This means that 52 sellers chose to put their home on the market in downtown long beach in February
Total amount of properties going into escrow - Both Backup & Pending Status - 30
Total properties Expired - 32 - Where contracts expired on the property
Total Active Listings - 291 total properties available in downtown long beach

So now that we have our data out there what does this mean. One of the numbers that is used to judge the health of a market is the number of homes available on market in comparison to the time it would take to sell those properties. Now that is referred to as days on market. For more explanation on this please see the post on February statistics.

The number that we use is the number of properties that went into escrow in the month in both a backup or pending status. Using closed would mean a property would have to be bought and sold in the same month which is usually not the case as escrows are traditionally 30 days.

What this means is that in downtown long beach we have a 9.7 month supply of homes and condos. A sellers market is 6 months or less and a buyers market where the supply is over 12. What this means is we are just fine in downtown right now. We are an even market. As long as sellers price appropriately they should average the 62 day average stay on market prior to receiving an offer. I would recommend pricing more aggresively to attract more buyers.

In all things are not as bad as the media would like us to believe. I do believe both buyers and sellers must be realistic. I don't think that is such a bad thing. Let's here what you have to say.

As usual, you decide the truth!

You be the judge of the real estate market!