Long Beach Homes - To Buy or Not To Buy?
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LONG BEACH REAL ESTATE
Are you waiting for the bottom of the market?
A couple of years ago, while we were in the throe's of a sizzling sellers market, many would be Long Beach sellers decided to hold out for the TOP of the real estate market. Yep, you guessed it, many of them are still waiting for it. Today Long Beach buyers are decrying the same mantra, holding out for the bottom of the market.
How are you going to know what the bottom of the market is?
How are you going to handle the multiple offers on the most desirable properties when all of the buyers jump onto the Long Beach Real Estate market at the same time?
The Investors are coming.
Investors are sitting on the sidelines watching the market, prices are already at a 15 year low. When the real estate market in Long Beach hits a certain point, and it is coming soon-no matter what the media says, the investors are going to jump in and start gobbling up all of the better Long Beach homes, townhomes and condos. I know, I represent a few of them, we've done this successfully before and are very good at it. These saavy investors will hit the market with cold hard cash, waive inspections, waive appraisals, out bid you and they will beat you to ALL of the deals and better properties.
Do you think that you will be able to compete with them?
So Mr. & Mrs. Buyer, how are you going to purchase one of the more desirable properties up against this kind of competition? Sometimes I think that it's more about the game than it is about purchasing properties for many Long Beach buyers. The media sure isn't helping, but then they are not Real Estate Professionals and are NOT dialed in to the local real estate markets.
International real estate investors are decending on American markets. The real estate market here is very attractive to them right now. They GET IT! They are Coming To America to Buy Homes.
Housing is a good and sound, long term investment.
As a result of the most comprehensive research ever performed by NAR (the National Association of Realtors®) they state:
Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment. Nearly a third of foreign buyers cited both vacation and investment as reasons for their purchase. International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006.
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A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one-fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent).
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Foreign buyers purchase homes across the United States, but 52 percent of sales in 2006 were concentrated in three states Florida (26 percent), California (16 percent) and Texas (10 percent). The South attracted nearly half 49 percent of international buyers last year, while 31 percent purchased homes in the West.
Available Long Beach Homes, under $400,000 today:
- 18 - one bedroom single family homes.
- 140 - two bedroom single family homes.
- 57 - three bedroom single family homes.
- 5 - four bedroom single family homes.
- 1 - five bedroom single family home.
A year ago if a Long Beach buyer approached me looking for a single family Long Beach home under $500,000 they were pretty much out of luck. Once in a while one would come onto the real estate market, but would often be in deplorable condition, not all buyers are a good match for a property such as this. After deferred maintenance they really weren't such a great buy most often. Today there are 261 single family, Long Beach homes available under $400,000. Don't you think it is time to purchase the Long Beach home, condo or townhouse you have been waiting for? Or are you going to utilize bad judgement and be the next casualty of the Long Beach real estate market?
| Laurie MannyLong Beach Realtor (562) 212-5420 |
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Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803 |
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· http://beachcityrealestateinfo.blogspot.comLaurie- Great minds think alike.. I'm working on a similar article. I don't see the market turning next week but buyers need to start thinking about what signs will indicate a change in the market. I agree that the #1 sign will be investors taking advantage of low prices.
Today it is the sellers who clung to the notion of high prices who are paying a price by chasing the market downward.. But Buyers need to be aware that by the time many figure out the market is stable it is already too late to pick off that great deal.
There are a number of people who had an opportunity to buy in 1999-2002 at bargain prices who didn't make the move because they were waiting for prices to fall again.... many are still waiting.
Permalink October 17, 2007 10:03:33 · http://www.longbeachrealestatehome.comMany of the buyers I am working with are finding it difficult to find that 'special' property. While prices are low, there are few really turnkey and great homes and condos on the market. Many sellers who own these types of properties are trying to ride out the market. These buyers are constantly disappointed with the choices available to them and confused about what their dollar will buy.
Most of the properties that are on the market were purchased over the last few years and do not have the upgrades that todays buyer craves. The buyers are looking for move in condition with the upgrades intact.
It is a bit of a dilemma.
Permalink October 17, 2007 12:58:55 · http://sandbarstosunsets.comLaurie - You did a great job laying out the market real estate facts - now is the time to buy or I'm afraid Long Beach Condo Buyers are going to be disappointed as the tides change. - Cyndee Haydon
Permalink October 17, 2007 13:16:03 · http://www.longbeachrealestatehome.comWhen the investors jump in, and that will be very soon, only the mediocre properties and sub par properties will be left to choose from. Buyers need to be reasonable about what their money will purchase and stop listening to the media.
$350,000 will not purchase a $650,000 home or condo in any market.
Permalink October 17, 2007 14:13:32 · http://www.RealtorRodgersI love the heart and passion I am hearing for our industry...If only buyers would understand that this is THEIR time!!
All home prices will go up again and they need to take advantage now - even if they pay $X more by buying now: they will absolutely be balling if they wait too long & see prices start turning and cannot get a loan - that's the way this is going to end up. Secure that loan and great property steals NOW. I know that our Association President and CAR spokes people are working with the media so they can relay figures but also explain what those figures mean to the prospects in the real estate market. Great blogging site Laurie!!
Permalink October 18, 2007 15:47:58 · http://www.longbeachrealestatehome.comMany buyers were not able to qualify for loans toward the end of the hot sellers market. The market now will accommodate those very same buyers. If they do not buy now they may very well be locked out a second time and not able to qualify for a loan yet again. I don't think we are at quite the bottom yet, but we are getting very close to it. Investors are already contacting us and preparing to jump into the market. It is not far off. Thank you.
Permalink October 18, 2007 16:09:22This post has no comments awaiting moderation.
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