May 02 Long Beach Mortgage Rates Report: May 2, 2008Leave a comment »Lets lock all mortgage rates at application, regardless of when its closing. I think this is about as good as it gets for a while. I still see 30 year fixed rates a tad under 6% (5.875%) but the good economic data, released today, could drive Long Beach mortgage rates up next week.
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May 01 Long Beach Real Estate - A Peek Inside the Business of Selling Long Beach Real Estate4 comments »
Here on our Long Beach Real Estate site I usually write purely real estate related articles targeted at educating and informing buyers and sellers of Long Beach Real Estate. Today I would like to give you a little peek into the business side of things and explain how they can affect the sale or purchase of your Long Beach homes. In a recently published post I disclosed the 2008 closed sales in Long Beach; 674 of them, through 4/30/08. While the chart shows the sales increasing each month, the sales figures are still very low. (Includes sales of homes, condos, lofts, co-ops, Oyos, 2-4 units and 5+ units as recorded on the MLS)
These are difficult times for those of us surviving in the real estate industry. Going into this down market there were about 2900 licensed Realtors on record, there are currently about 1600 licensees active in the Long Beach area. Every market will support a certain amount of agents based on the closed sales of that market. Each agent needs a certain amount of closed sales in order to survive. Lets assume that 8 to 10 closed sales for the year are required for a Realtor to even survive this market; 674 closed sales would produce 8 to 10 sales for the year, for between 200 and 250 Realtors. Those sales are currently spread across 1600 current licensees, which would equate to less than ½ of a sale for each Realtor for the first 4 months of 2008. In the real estate industry we have an 80/20 saying. It states that 20% of the agents do 80% of the business. 20% of 1600 agents = 320 which would equate to about 2 closed sales for the majority of the 20% still doing business. So how are 1600 Realtors surviving a market with sales that will currently only support 200 to 250?
What of the 80%? That is 1280 agents, still active, for the last 4 months. How are they surviving with little or no sales? Well, they either have spousal support a trust fund or they have accepted salaried positions. Lets take a look at that. Real estate is a more than full time job; it is a commitment which permeates every hour of every day of our lives. Real estate transactions require a lot of attention on a daily basis. Escrow, title, lenders, inspections, appraisers banks and more need to be attended to, mostly during normal business hours. Buyers need to see properties around their schedules which often means after work or weekend showings. Sellers properties often need tending, flyers run out; keys go missing from a lock box or end up in another box on the same property. A pipe may burst on a listing with an out of town owner; anything can happen. How is an agent who has accepted employment elsewhere, with a set schedule, going to be able to deal with the schedule and responsibilities of a full time Realtor? How does that affect the buyer or seller? Has the agent even disclosed to the buyer or seller that they are not fully available? Do you know if your agent is available to conduct business, full time on your behalf?
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May 01 Long Beach Condos Sales April 2008Leave a comment »Long Beach Condos - Sales April 2008 (Includes Long Beach Lofts and Loft live/work space Sales) There are currently 652 Lofts and Condos for Sale in Long Beach
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May 01 Long Beach Homes Sales April 2008Leave a comment »
Long Beach Homes Sales April 2008
There are currently 1148 Active Homes for Sale in Long Beach
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Apr 28 Long Beach Mortgage Rates Report: April 29, 20081 comment »No real change in my posture. I still believe that Long Beach mortgage rates have room to go lower in the next 30-90 days but Im advising clients who are closing in less than 17 days to lock. All others can float.
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Laurie Manny
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