Eastside Circle Area - Long Beach Homes and Condos For Sale-Long Beach Real Estate

Mar
24

Long Beach Home Buyer Update March 25, 2008

Long Beach Real Estate

Spring Real Estate season has begun in Long Beach. The clocks have been changed, it is light out into the evening hours, making it easier to show properties after the work day, and buyers are liking this springs Long Beach housing prices.

Long Beach Real Estate For Sale Prices are way down, foreclosed properties (bank owned) are being placed for sale on the MLS daily and investors are buying. Sellers are realizing they have to compete with short sales and forclosures on price. There are some very nice homes for sale on the market here in Long Beach at the moment, and buyers are shopping.

Many real estate sales in Long Beach are being made to out of area buyers. After searching in areas that remain unaffordable to them, Long Beach has proven to be a great option in its ability to provide great housing at affordable prices.

Until recently buyers had the luxury of time when they found a home or condo they were interested in, this is no longer always true. We are currently working with many Long Beach buyers. In just the last 3 weeks 6 of our buyers decided to think on it for too long and lost the homes they wanted to write offers on - to buyers who were quicker than they were to write the actual offers. Many buyers have been looking on and off for quite some time and have been conditioned to the slower winter market, it is different now. Strategy is important.

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/0027D3

Posted on March 24, 2008 17:00:01 by Laurie.Manny

Mar
23

The Effects of Home Staging Your Long Beach Homes

Long Beach Real Estate Sales-Foreclosures-Bank Owned Properties-Market Statistics

6 comments »

Long Beach Real Estate Market Statistics

Long Beach Real Estate

Sales 2001 - 2007

January 1, 2008 - March 21, 2008

Year	Long Beach HOMES SOLD	Long Beach CONDOS SOLD	Long Beach 2-4 UNITS SOLD	Total Sales

2008	227	90	35	352
2007	1663	892	306	2861
2006	2372	1161	575	4108
2005	2988	1483	811	5282
2004	3061	1368	780	5209
2003	3465	1492	848	5199
2002	3489	1502	854	5844
2001	3285	1320	650	5255

There are currently approximately 133 Long Beach properties selling per month (closing escrow)

352 ÷ 2.66 = 133

2245 ÷ 133 = 16.8

ACTIVE LONG BEACH LISTINGS

HOMES

FOR SALE

CONDOS

FOR SALE

2-4 UNITS

FOR SALE

TOTAL PROPERTIES

FOR SALE

3/21/2008

1204

629

412

2245

352 Long Beach Properties have closed escrow 'SOLD' in 2008.

133 Average sales per month.

There are currently 2245 Long Beach Properties for sale.

It will take almost 17 months with no new properties entering the Long Beach Real Estate market to sell the existing inventory of properties for sale. Homes, condos and income properties in Long Beach are being placed onto the market daily adding to our existing inventory and increasing the length of time it will take for the current real estate market to absorb these new properties for sale.

The numbers tell an interesting story, one that I recall all too clearly. As single family homes became financially unattainable to first time home buyers in 2005 and 2006, many purchased Long Beach Condos instead, it was better than remaining in rent and gave them badly needed tax write offs. The above chart shows a significant decrease in single family home sales in 2006 and again in 2007, as condo sales remained strong into the latter portion of 2007 when they too began to taper off.

You will notice the sharp decline in closed sales in the first quarter of 2008, its not that the buyers have not been out shopping, many have been. Many just have not been able to wrap themselves around exactly what it means to get a deal. I dont know if it is the media or a misguided idea of what a deal is in todays real estate market. Others are realizing that the after purchase costs of badly needed upgrades on many of the homes are beyond their reach.

Long Beach Homes-Issues for 1st Time Home Buyers

Prices on real estate for sale in Long Beach are currently all over the place, it is a bit messy, which indicates a good hard look at the comparables before deciding what to offer on any given property. Some homes are priced to sell at the price offered, some sellers have priced their homes based on fantasy and wishful thinking. While it cant hurt to place a reasonable offer on one of these homes, the sellers are often not very responsive. Many buyers have decided to offer low, whether the listing price is fair or not. This is a sure way to not get your offer accepted. There are many good buys on the real estate market in Long Beach right now and the smart buyers and cash heavy investors are picking them up.

Long Beach Investors are making all cash offers Real Estate Investors with a lot of cash have entered the market. Prices are finally dropping to the price range they have been waiting for. This is making it more difficult for buyers who intend to purchase with loans and occupy the homes to get their offers accepted. We placed an all cash offer for a bank owned Alamitos Beach Condo about a week ago, there were multiple offers, one was higher than ours. We opened escrow on that condo on Monday. The bank knew they would not have any problems with a lender that might not be able to perform, may disappear or may discontinue their current loan programs.

Bank owned properties are beginning to appear in larger numbers and a better selection of homes is now available. Buyers have started getting a little excited now that homes they actually want to buy are finally starting to become available, they are writing offers and are often being rejected because the investors are liking these homes too, are placing all cash offers and are walking away with the prize. Multiple offers are occuring on the better properties that are being made available which is making that potential purchase more competitive now, and less incentives are available on these purchases. Some of these properties sell quickly for around asking price, with no incentives.

I had a conversation with a selling agent from one of the asset management companies handling foreclosures yesterday and inquired about their criteria when considering multiple offers on their bank owned or foreclosed properties. He went on to explain that while they are in counter with early offers, the offers are coming in steadily and are lined up in the que. Often the early offers are being accepted without even looking at the offers in the que, even though there are often better offers sitting there. When I questioned why, he simply stated that they have so many properties to deal with they just dont have the time, they are being pressured to get the offers accepted and get them off the table to deal with others. He also said that sometimes they go through all of the offers and counter a good portion of them, that it doesnt always make sense - even to him. Its looking like the early bird gets the worm - sometimes.

If you are a serious buyer, are looking for a foreclosed home to occupy as your primary residence and are interested in the better properties coming onto the market you will need to move quickly, make swift decisions and make your best offer right out of the gate. While even this will not guarantee that your offer will be accepted, it certainly will put you in the best position possible.

If you are interested in purchasing bank owned or foreclosed properties, call Laurie at (562) 212-5420 to begin your search.

Long Beach Homes and Condos For Sale

(Direct feeds from the Southern California MLS)

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/00267D

Posted on March 22, 2008 12:59:32 by Laurie.Manny

Mar
21

Long Beach Mortgage Rates Report: March 21, 2008

3 comments »

Long Beach mortgage markets are taking pause today, in honor of Good Friday. It was another dramatic week with Ben Bernanke playing John Wayne. Last weekend, Bernanke brokered a deal that handed Bear Stearns over to Jamie Dimon and JP Morgan Chase. Last week, a share of Bear Stearns traded for the price of a tankful of gasoline, this week, it trades around the price of a Starbucks cup of coffee. Fannie Mae and Freddie Mac agreed to buy a lot of mortgages, $200 billion worth to be precise. This buoyed up the mortgage bonds market and had a positive effect on Long Beach mortgage rates.

Let's lock those rates, now. I don't see a whole lot more reward on the horizon and the risk of higher rates will increase next week.

ARM rates are out of whack, again, and the fixed-rate mortgages are the best priced. Today, the wholesale rate for a 30-year fixed-rate loan is 5.625%. If you called me, you would get that 30-year fixed rate loan for 1% of the loan amount plus $499 for an APR of 5.89%. A 15-year fixed rate mortgage can be locked for 4.875% for an APR of 5.15%. That's about .75% less than what rates were on March 10. My advice to stay calm, in the face of panic, and float rates, panned out.

If you need specific advice, about a mortgage, contact me here.

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/00273D

Posted on March 21, 2008 07:20:16 by Brian.Brady

Mar
18

Long Beach Mortgage Rates Report: March 18, 2008

1 comment »

The Federal Reserve Bank Cut both the discount rate and federal funds rate .75% today in an effort to stimulate this slowing economy. While commodities' prices accelerate, the housing market and subsequent liquidity crisis is dragging the economy into a recession.

We call this phenomenon stagflation and it's REALLY bad for the economy. The Fed has been aggressively cutting interest rates and the declining housing market is closing down mortgage companies, investment banking firms, and real estate brokerages. What more can the Fed do to help?

The Fed can (and will) buy mortgage-backed securities.

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/00266B

Posted on March 18, 2008 07:00:52 by Brian.Brady

Long Beach California is Best Neighborhood for Walking

One of the most appealing draws to living in Long Beach California is the walkability of many of our local neighborhoods.

Long Beach California has been ranked as the 8th Most Walkable Neighborhood!

Read More>>>

Relocating to Long Beach California?

If you are relocating to Long Beach California you will need lots of information. You will be curious to know about Long Beach communities, neighborhoods and resources. We have tried to include as many area resources as possible here to make your transition a smooth one.

Read More>>>>

Need A Bigger Home?

Need a larger home?