Long Beach California Real Estate Sales Update

May
03

January - April 2008

The real estate market in Long Beach has begun to shift. We have witnessed a steady rise in homes and condos for sale in Long Beach since the beginning of the year, as is witnessed by the chart provided. Buyers who have been waiting out the real estate market hoping to get that incredible deal are now buying those Long Beach homes and condos they have been wanting.

Interest rates are still great, although lenders are tightening up on lending standards. It is getting more difficult to procure a home loan unless your income and credit scores are high, your credit history is good and your debt ratio is low. As we progress into the summer months lending standards will become even more stringent.

Long Beach Mortgage Rates Reports

Long Beach Home Buyers If you are one of the consumers who has been sitting on the sidelines waiting for Long Beach real estate prices to drop before you begin your buying process, you might want to speak to a mortgage lender pretty soon. Run your credit, find out if you qualify for a home loan sufficient to make that purchase. You may also decide to go ahead and buy now while Long Beach prices are low, some concessions are still being granted and home loans are still available to consumers with less than pristine credit.

Real Estate Sales in Long Beach California - 2008 - Year to Date

2008	HOMES	CONDOS	LOFTS	CO-OPs	OYOs	2-4 UNITS	5+ UNITS	TOTAL
JAN	72	40	2	1	0	9	6	130
FEB	94	32	2	1	1	17	6	153
MAR	107	48	2	1	0	17	4	179

1/4	273	120	6	3	1	43	16	462

APR	134	51	1	3	0	17	6	212
MAY
JUN

2/4
subttl	407	171	7	6	1	60	22	674

JUL
AUG
SEP

3/4
subttl

OCT
NOV
DEC

TOTAL

There are many REO (Real Estate Owned) or bank owned homes and condos on the market in Long Beach. There is a huge demand for these homes, especially the nicer ones, and many are receiving multiple offers and selling quickly. When a bank, or a seller, receives multiple offers, they generally are not willing to grant much, if anything, in the way of concessions, which means the buyer is paying a higher NET price.

Sunday Morning in Your New Long Beach Home Recently many home sales have been at or near full price with minimal contribution, if any, toward closing costs. Some bank owned properties, which have sat on the market, have been successfully negotiated at considerably lower prices. Most of these have been purchased by contractors or other professionals who know how to make the necessary repairs and upgrades at minimal cost. First Time Buyers do not have the after purchase cash to bring these homes up to standard.

Who is Negotiating YOUR Long Beach Home Purchase or Sale

All cash buyers are shopping and closing deals, and thier money is making waves here in Long Beach. A seller of a Long Beach home or a bank will gladly accept a cash offer. For them a cash offer means they dont have to worry about a loan program disappearing or a lender closing its doors in the middle of their transaction. They dont have to worry about a buyers credit position changing during the course of the transaction or the lenders guidlines changing and precluding the buyer from the loan program midstream. They know that an all cash purchase has an excellent chance of actually closing escrow. Many escrows have not been successfully closing here in Long Beach, especially those with 100% financing programs involved, which makes the all cash buyer - or the buyer with a large down payment very attractive to a seller. Sometimes a seller will accept a slightly lesser offer for the assurances an all cash deal can provide. Money talks¦

Home sales in Long Beach are on the incline, prices are down, interest rates are still great; now is a good time to buy.

Learn About Long Beach California:

Relocating to Long Beach California-Resource Guide

Call Laurie today to begin your home buying process.

Long Beach Homes For Sale

Long Beach Condos For Sale

Long Beach Income Properties For Sale

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

http://www.lauriemanny.com/0031E2

Posted on May 03, 2008 15:37:51 by Laurie.Manny

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