Postage is going up but do you even care

By now you may have heard that the price of stamps is going up to May 12th to 42 cents for a first class stamp. In care anyone was wondering the price went up to 41 cents last May 14th. Now my point is do you really care? I mean the amount of stamps that I send is next to none! So how does this all affect the Long Beach real estate market? Well it is a sign of the times that costs are rising and the costs of fuel and other necessities are driving costs up even for the post office.

So how do make sure that the price of stamps doesn't affect you or affects you so little that you won't even care? Let's look at a few ways to save the penny because after all pennies add up and you can use the difference to put into Long Beach real estate if you want to!

• Online Bill Pay - I don't know if I even use 1 stamp a month to send bills. I pay them all online and thereby I am not affected at all. Check with your bank to see what services they offer and by the way they should be free!
• E-mail - This has been taking away business from the post office for a long time. Send an e-mail and worry no more about having enough stamps at your home.
• Bloggging - Don't want to spend your time on writing tons of e-mail to family? Set-up a blog for free at wordpress.com or blogger.com and just let your family and friends know that they can check in for the latest updates.

So don't let the increase in the price of stamps get you down just find out ways to use less stamps!

Race into Long Beach by the Ocean

Have you heard that there is a race in Long Beach this weekend? If you haven't heard the famous Long Beach Grand Prix is in town this weekend and this is truly an event that you can't miss out on. So what kind of long beach real estate will you be able to see as you go to the races? The beauty of this race is not only is it fun but you get to see some of the finest real estate in Long Beach.

The race is held in downtown Long Beach and is viewable from buildings such as the International Towers, Harbor Place Towers, Villa Rivera, and Aqua. These builds have units that can see most of the entire race course which takes place on shoreline drive and is adjacent to the long beach acquarium and pine st. This event is truly a must see.

You can check out all of the details abou the Long Beach Grand Prix at the official website http://www.gplb.com/.

Long Beach Real Estate Results for October 2007

Now you might be saying that we haven't finished October yet so how could the results already bee in. Well we have compiled the data through this morning for Active, Sold, and Expired only so we will have more to report tomorrow when things are finished up today.

So what did happen in October and more importantly what has been happening this last 6 months? Well we put together a graph to make things a little easier to see.

Long Beach Results for October 2007

So what is happening. Well other than a slight drop in August more homes are coming on the market. The number of Expired homes has risen slightly. What does this mean? It may mean that some sellers cannot lower their price or they do not want to lower their price. Homes and condos are being sold and while sales are off almost 50% from last year that is the the same across Los Angeles County. So if you are looking to sell you can still do so even as more competition comes onto the market. Long Beach currently has 14.35 months of supply of properties (supply is calculated as Number of active properties\number of sold in the month) as a city although this varies by area which we will cover over the next several days.

October & The Pumpkin Patch

As we near Halloween the corner of PCH (Pacific Coast Hwy) and 2nd st is home to the Pumpkin Patch. This fantastic carnival and place to buy pumpkins appears every year on the 1st of October. It also stays around to be transformed into a Christmas tree lot. This is the southern most corner of Long Beach and on the border of Los Angeles and Orange County. We put together a brief video so you can see the edge of the carnival and how the southern california fires are affecting the Long Beach sky.

Long Beach Mid Month Report

OK we are halfway through October and the kids are getting excited about Halloween. So is the real estate market scary? Well let's take a look at what is going on and see if it is or isn't.

Mid Month Report for Long Beach CA Real Estate

• Number of Units in Escrow - 81 (39 Condos, 42 homes)
• Days on Market Year to Date Average - 72
• Days on Market for October -69
• Average Price for a Condo on the Market - $390,000
• Average Sold Price for a Condo -$376,000
• 43 of the properties that went into escrow went in under 60 days of being listed for sale.

So what does all of this means. Well here is what we thing of all of these statistics which were pulled from the realtor MLS system that covers Long Beach.

• The average condo being sold is more affordable than the average one listed. There are 330 active condos under $300,000 so there are affordable choices out there. Don't let averages fool you!
• If sellers aren't getting an offer or enough showings within the first 30 days they may want to revisit their price with their real estate professional as you want to be in escrow within the 60 day mark.
• Days on Market (the average time a property spends on the market prior to receiving an offer) is lower for October. We have the serious buyers and sellers out there wanting to make deals work.

So is the market really scary? Well we don't think so but beware trying to wait too long before responding to buyers requests or a buyer offer.

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.

Belmont Shore Real Estate Sales for August 2007

If you live near the water in Long Beach you may live in the communities of Belmont Shore, Naples, or Belmont Heights. These communities feature homes and condos of all shapes and sizes. But that isn't what this post is about. This post is all about the numbers and what has been happening in those areas. So let's take a look at sals figures for August!

All stats were taken from the SoCalMLS system which covers the Long Beach area. If a property was sold without going through the MLS it will not be reflected in these figures.

August 2007 for Belmont Heights, Belmont Shore, & Naples

1. New Listings - 59
2. Total Active Listings at the end of the Month of August - 212
3. In Escrow Properties - 15 (9 Pending, 6 Backup)
4. Closed Sales - 10

So what does this all mean? Well it means that things are still selling near the water. In fact buyers have some great choices. Now if you think you will be getting an ocean front home for $200,000 I am sorry to dissappoint but sellers have shown flexibility with buyers who want to buy their homes and aren't just fishing for an offer.

Don't Miss the Long Beach Blues Festival

If you don't live near or in the Los Altos area of Long Beach then you might have missed the fact that this weekend is the Long Beach Blues Festival. Students who are ready to go back to school at CSULB have an up close view of a wonderful event.

The campus is the center piece for this event that will be taking place all Labor Day weekend. In fact KJazz 88.1 FM has a schedule on their website so you can check out what is going on all weekend.

After you leave the festival take a look at the surrounding area homes of Los Altos or College Park Estates which are close by.

Enjoy the Labor Day weekend and let us know what you thought of the Long Beach Blues Festival.

Long Beach Sales Statistics for July 2007

Often times we aren't sure what is going on. So we have to see what is actually happening in the long beach real estate market to get an idea. With real estate being all over the news for the wrong reasons it is a good idea to make sure you have all the facts that you need in order to make an informed decision about your share of long beach real estate. If you own a home and are thinking of selling or you are looking to purchase your first piece of long beach real estate this stastics combined with advice from a local professional will help you make the decision that is best for you. So here we go!

As we do every month the stastics reported are from the SoCalMLS system which covers the city of Long Beach. Sales made outside the system will not be included and this only represents residential sales.

July 2007

• New Listings for the month - 586


• Active Properties at the end of the month - 2065


• Properties going into escrow (Pending & Backup) - 240 (Pending -159, Backup 81)


• Closed Sales - 207


• Expired 164

So the statistic that is most often quoted which is months supply of property is calculated as number of homes available divided by closed sales. Using that measure we have 9.97 months of properties available. That is stil misleading as some areas of the city are better than others. The graph below illustrates how things have been going for the last several months. We welcome the comments.

June Home Sales in Long Beach CA

Well it is important that we be able to track the history of what is happening. After all if we don't learn history we are destined to repeat it right? So let's take a look at the sales data for June. Shortly the July numbers will be available so we will have a really good idea of what is happening.

All data is taken from SoCalMLS which is the area that services the Long Beach area. Properties not listed for sale in the MLS or sold private party without going into the MLS system will not be reflected in these figures.

Sales figures are for residential sales. No commercial properties (properties above 5 units, vacant land, or other commercial property are not included in these figures).

June 2007 Sales Data

• New Listings - 466 new
• Active Listings at the End of June - 1,520
• Properties that went into Escrow (Pending and Backup) - 110 (35 Backup & 75 Pending)
• Closed Sales - 273
• Expired - 143

So if you look at the data it would look like there were very few new properties that went into escrow and many that were closed out from a fairly decent May. It appears that the sellers who want to sell are still putting there homes up. I have a feeling that July numbers will tell a different story so stay tuned for that.

Are condos selling in Long Beach CA?

You know this is a fair question as the real estate market continues to change. So if you own a condo, which many do, is there a market for the kind of property that you own? We believe the answer is still yes and that there are some great opportunities for both buyers of condos and the sellers. Now let's get into the data of what happened in May to see what is going on with long beach condos.

The statistics come from the long beach mls system that we use. So without further delay here we go!

1. Number of Sold Condos: 19
2. Number of Condos into Pending Status: 58

So what does all of this mean? Well of the 239 that sold last month only 19 were condos. That is 12.6% of the sold inventory for the month. 26.2% of the pending status properties were condos. This is a much better number. As interest rates continue to rise condos, which tend to be vastly more affordable, have appeal to them.

Condos for the short run appear to be not selling as fast as homes but their affordability is a great option for first time home buyers. So if you own a condo in Long Beach CA and you want to move up to a home it is probably a good time to do it. If you are worried about the price of your condo and want to sell just to sell make sure you get all the facts first!

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!

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!

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.