Its Time to Purchase Your Own Home - Long Beach California Real Estate

The Long Beach Real Estate Home Blog is proud to welcome guest author Bruce Mulhearn.

Bruce T. Mulhearn is viewed as one of the most profound thinkers and analysts in the real estate profession.  He obtained his real estate license in 1960.  In addition, he is a recipient of numerous professional designations from the National Association of Realtors including Graduate Realtors Institute (GRI), Certified Residential Broker (CRB), and Certified Residential Salesman (CRS).

A native of Newcastle-Upon-Tyne, England, he has been a U.S. citizen since 1964.  He is recognized nationally for his contributions as one of the foremost instructors in the industry.  He is president and founder of Prudential California Realty, Mulhearn Group, which opened in 1967 and has grown to 21 offices with some 800 sales associates and is ranked as one of the top 100 real estate firms in the U.S.

"It's Now Time to Purchase Your Own Home!"

Crystal balls are in short supply.  Depending on which periodical, newspaper clipping, or sound bite you receive, speculation on the future runs rampant.  Nobody can provide an exact picture of the future with any degree of accuracy.  One thing that's for sure-the housing crisis varies dramatically depending on what part of the country you live.

On a national basis, California, Arizona, Nevada, and Florida have been hit the hardest with value reductions; however, in retrospect, these are the four states that had by far the most appreciation within a five-year period from 2000 to 2005.

When a headline screams out, "Median Price in California Drops 30% in One Year," that in itself is startling.  The median price in California has fallen to $339,000.  That's the steepest monthly decline in two decades.  But in return, it draws in a tremendous amount of first-time buyers who now see the homes as affordable.   They are no longer priced out of the market.  What we're seeing are prices in 2008 that reflect the same price in 2004.  At the height of the market in May 2007, the median price was at $484,000.

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Posted on 2008-07-08 @ 8.46:06 pm by Laurie.Manny

Chasing the Market Down - Are You Guilty?

Are you “Chasing the Market Down”?

 

Before your Long Beach home was listed you reviewed your neighborhood comparables, current market conditions and the location and condition of your home with your Long Beach REALTOR®; then determined your listing price of $750,000.   You were aware that prices in most markets nationwide have been declining and that declining prices would necessitate price reductions, if your home didnt sell in a timely manner. Your REALTOR® explained that not reducing your price could cause you to chase the market down.
 

Your home is placed on the MLS, is advertised in the local paper, is placed on many important Internet real estate listing sites, lovely fliers have been placed in your home and the sign is up in your front yard.  Several showings occur the first week, a few the second, one buyer comes through with their agent the third week.  Whats up with this?  Why are so few buyers coming to see my beautiful home?  Calling the REALTOR® to have a little chat with them and find out what is wrong.

Shortly after your home went onto the MLS the Long Beach real estate market took a steep decline.  A consultation with your REALTOR® revealed two new comparable listings in your community priced well below your current list price at $725,000 and $705,000.  At about the same time a couple of other comparable homes for sale, in your neighborhood, had reduced their listing prices to $720,000 & $710,000.  You were now priced high on the market at $750,000, on the market for 21 days and your REALTOR® says, in need of a large price reduction.

While you knew that you would likely have to reduce your price you didnt think that a $50,000 price reduction would be in order just 21 days after placing your home on the market; you resist and only agree to a $25,000 price reduction, after all that is a lot of money out of your pocket - right?  You are now sitting on the market in your area at $725,000. Your competition is priced at:

1. $705,000
2. $710,000
3. $720,000
4. $725,000

You are now one of the two highest prices in your neighborhood, congratulations!  Are you surprised when two weeks go by and only two buyers are interested in viewing your home? 


Your REALTOR® calls you and tells you just what you have been waiting to hear, an offer has been received, when can they come by to discuss it?  Excited you inquire “How Much did they Offer?”  Your blood begins to boil when you are informed that the buyer has offered $675,000 and has requested 3% in closing costs, your 2 large plasma TVs and the dining room furniture which cost you a small fortune.  Bellowing into the phone you instruct your REALTOR® not to bother coming over - just decline the offer.  You do not want to hear about a counter offer, this buyer is trying to rob you and is clearly out of their mind if they think they can buy a home in your neighborhood for that price!  The gall of that buyer!

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Posted on 2008-02-01 @ 6.58:19 pm by Laurie.Manny

Sellsius Top 12 Women Real Estate Bloggers

I am privileged and honored to have been included in such a lofty group of talented real estate bloggers.  It was an absolute pleasure first meeting the Sellsius boys, Joe and Rudy back in April, at the Laguna Beach get together, and then again during their BLOG TOURS USA travels down at the lovely Del Mar Race Track.  It seems very strange getting together with a large group of people who have never met before yet are as close as any group of co-workers, but that is how it is in the real estate blogging community.  We have all become a large, nationwide family. 

I am thrilled to have discovered blogging as a way to communicate directly with todays consumer.  Finding my voice has been one of the most liberating experiences in my life. 

I would like to thank the Active Rain Community without whom this would never have been possible.  Last but not least I would like to thank my friend and mentor Mary McKnight of Rsspieces who taught me most of what I know.  Thank you, from the bottom of my lil pink heart! 

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Posted on 2007-10-09 @ 11.44:17 am by Laurie.Manny