Long Beach Real Estate-Long Beach Condos

Long Beach California Real Estate Sales - December 2008 Update

 

 

LONG BEACH HOMES FOR SALE		LONG BEACH CONDOS FOR SALE
There are currently 938 Single Family Long Beach Homes for Sale. Average Size:  2.9 Bedrooms, 2 Baths Average List Price:  $514,483 Average Price per square foot:  $310.42 Average Days on Market:  96 Lowest Price:  $93,800 - 1 bedroom, 1 bath, 690 sq ft short sale in Downtown Long Beach.  52 Days on Market.  Price not approved by bank Highest Price:  $4,490,000 - 3 Bedroom, 5 bath 6,800 sq ft home on the Peninsula.  505 Days on Market.		There are currently 549 Long Beach Condos for Sale Average Size: 1.8 bedrooms, 1.75 baths Average List Price:  $349,756 Average Price per square foot:$313.17 Average Days on Market: 101 Lowest Price:  $69,900 - 2 bedrooms, 1 bath, 730 sq ft short sale on Santa Fe.  149 Days on Market.  Price not approved by bank.  Highest Price:  $2,449,000 - 3 bedrooms, 3 baths, 3,249 sq ft Penthouse at the West Ocean Condominiums.  346 Days on Market

 

Several years from now we will look back at this time in history and reminisce.  Many people will be saying "I should have bought then". 

 

Interest rates are at their lowest in 50 years, FHA loans are attainable with small down payments, prices are at their lowest in years.  Buyers, 1st time buyers and investors are writing offers and purchasing homes. New inventory will be coming onto the market in January and the buyers are gearing up now to be out shopping as that happens.  Buyer contacts are up dramatically the last couple of weeks, they are being approved by their lenders now in anticipation of shopping the new inventory, as it hits the market, in January.  This is a golden opportunity for many to achieve home ownership. 

 

While interest rates have dipped and created yet another incredible opportunity for some 1st time buyers to become homeowners, loan terms have become more stringent.  I have witnessed the pain of several buyers who were looking for a while and decided to wait.  They are no longer able to procure a loan and will have to remain in rent.  Do you think they will have another opportunity to purchase?  Maybe!  In a few years when the market turns around lenders may lighten up on the terms and provide another opportunity, but then both prices and interest rates will likely be higher.  Waiting did not work out for 100% buyers with less than stellar credit. 

Bank owned/foreclosure/REO properties in good condition are receiving multiple offers with the best offer often all cash from an investor who can close fast.  The banks want to get these homes off of their books so they can reduce their inventory and turn it into cash, investors make that easy to do.  This makes competition for 1st time buyers tough on the more desirable Long Beach homes and condos.  1st time buyers often find themselves losing bid after bid.  There are several reasons for this. 

 

You know that saying, "If it sounds too good to be true, it's usually too good to be true"?  That is often true of the pricing in today's market.  When a listing is priced there is usually a selling strategy attached to it. While we still have our fair share of sellers who have their properties overpriced, we are seeing more homes and condos in Long Beach entering the market at very attractive prices - priced to sell - at or below current market, sometimes as low as 30% below market.  Once in a while a short sale will be priced at a ridiculously low price that has not been approved by the bank and likely will not be. Buyers and investors are competing heavily for these properties as they become available. 

 

It is becoming more common to list Long Beach Homes and Condos below the anticipated sale price.  The objective is to create buyer traffic and cause a multiple offer situation which will drive the price up to, or close to, the anticipated sale price and to shorten the days on market.  In other words - to sell it fast.  This has proven to be a very effective strategy for sellers. 

 

It has never been more important to have an experienced and seasoned Long Beach Realtor represent you through these transactions.  Your Realtor will advise you and suggest the best method of moving forward every step of the way. 

 

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Long Beach Homes For Sale

• Long Beach Homes For Sale $300000 to $400000
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• Long Beach Luxury Homes For Sale $1200000 to $2500000
• Luxury Homes For Sale in Long Beach California $2.5 Million and up

Long Beach Condos For Sale

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• Long Beach Condos For Sale $1,000,000 to $1,500,000
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Long Beach Income Properties For Sale

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