Long Beach Real Estate-Downtown Long Beach Condos

Long Beach Own Your Owns - OYOs

What the Heck is an OYO?

Why would I want to own one?

Long Beach has been home to many Own Your Owns over the years. They can be found throughout Downtown Long Beach, Alamitos Beach, Bluff Park and into Belmont Heights; older, usually 2 or 3 story buildings tucked between newer and sometimes taller buildings.   Recent Condo Conversions have trimmed the numbers of available OYOs considerably. OYOs used to be a really good investment, selling for considerably less than Long Beach Condos, they proved to be a very desirable purchase. When they successfully converted to condominiums owners realized large profits.  Often condo conversion was the motivation for purchasing an Own Your Own. 

Many buyers ask about OYOs.  They want to know if they are the same as a condo, or more like a stock cooperative. 

OYOs are similar in ownership to condos in that they are both fee simple ownership with individual tax bills and deeds. OYOs are a pre-condominium form of ownership, mostly built in the 50s. They generally sell for less than condos and are occasionally candidates for condo conversion, if they qualify, at which time they increase in value dramatically. Often OYOs will not have sufficient parking to qualify for condo conversion. 

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Long Beach California Real Estate Sales Update

January - April 2008

The real estate market in Long Beach has begun to shift.  We have witnessed a steady rise in homes and condos for sale in Long Beach since the beginning of the year, as is witnessed by the chart provided.  Buyers who have been waiting out the real estate market hoping to get that incredible deal are now buying those Long Beach homes and condos they have been wanting. 

Interest rates are still great, although lenders are tightening up on lending standards.  It is getting more difficult to procure a home loan unless your income and credit scores are high, your credit history is good and your debt ratio is low.  As we progress into the summer months lending standards will become even more stringent.   

• Long Beach Mortgage Rates Reports

If you are one of the consumers who has been sitting on the sidelines waiting for Long Beach real estate prices to drop before you begin your buying process, you might want to speak to a mortgage lender pretty soon.  Run your credit, find out if you qualify for a home loan sufficient to make that purchase.  You may also decide to go ahead and buy now while Long Beach prices are low, some concessions are still being granted and home loans are still available to consumers with less than pristine credit. 

• Long Beach Homes & Condos-7 Steps to Pre-Home Purchase Preparedness 
• Buying Your Long Beach Home - Getting Started 
• Long Beach Home Search-Where do I start? 
• New FHA Loan Limit For Long Beach Homes
  
• Long Beach Homes - To Buy or Not To Buy? 
• Long Beach Homes and Condos - Negotiating Your Offer 
• Long Beach Home Ownership - 1st Time Home Buyers and The American Dream 

 Real Estate Sales in Long Beach California - 2008 - Year to Date

• Long Beach Homes and Condos Market Report-Jan-Dec Home Sales 2007 
• Long Beach Income Property Market Report-January-December 2007-Including Signal Hill 
• Downtown Long Beach Stock Co-operatives 

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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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Are You thinking about Buying a Home in Long Beach?

When beginning the home buying process the best place to start is by getting pre-approved by a great lender.  Being pre-approved for your home loan not only assures you that you are shopping within your price range, it also equips you with the ability to make an offer immediately when you locate the home of your choice. 

When you speak with the lender of your choice, ask them if they will be able to provide you with a lock-in letter and a written loan commitment.  These items assure you that the loan is actually in place and that both the interest rate and the terms of the loan will be intact when you are ready to close escrow. 

There are currently less Long Beach homes on the market than prior months.  Over the winter months we had more, but less desirable inventory.  Todays Long Beach Real Estate Market is providing better and more desirable choices for home buyers causing many Long Beach properties to receive multiple offers.  It has been rare for offers to go much above asking price, however sellers are making choices based on the terms offered and the strength of the offer and the loan. 

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8 Deadly Selling Mistakes

Selling Your Long Beach Homes and Condos

1 - Overpricing Your Property

Every seller wants to get the highest possible price for their Long Beach homes. Ironically, the best way to do this is NOT to list your property at an excessively high price!  A savvy seller will understand the long term damage that chasing the market down will inflict upon them.

Read also: 

• My Long Beach Home Won't Sell-Are YOU Chasing the Market Down?
• Chasing the Market Down - Are You Guilty?
• Selling Your Long Beach Home 
• Top 5 Tips for Selling Your Home in a Down Market 
• Downtown Long Beach Condos Wont Sell... 
• Selling Your Long Beach California Home? Its A Whole New Game! 

An overpriced home or condo will cause prospective Long Beach buyers to choose to view other more reasonably priced properties.  As a result, overpriced homes are not selling, and sellers are finding themselves chasing the market down.  Never a good position to be in. 

Read also:

• The 7 Dangers of Overpricing Your Long Beach Homes and Condos

Overpricing your Long Beach home and chasing the market down will eventually cost you much of the equity in your home and could send you into a short sale or foreclosure situation.

Read also:

• Hiring YOUR Long Beach Realtor 

2 - Confusing a Re-finance Appraisal with Actual Market Value

When equity is present re-finance appraisals often reflect overly high prices.  Unfortunately quite a bit of this has gone on in recent years leading sellers to believe their Long Beach properties are more valuable than they actually are.  Lenders allowed this tragic behavior to encourage re-financing.  Naturally many sellers want to believe the re-finance appraisal is a real indication of their homes value, however nobody is better qualified to determine market value than your local Realtor®.

Working with your Long Beach Realtor®, looking at the comparables, and properly assessing the value of your home is the safest way to insure that your home is priced competitively for today's volatile real estate market. 

3 - Not Staging Your Home

With so many homes on the market in Long Beach, and so few qualified buyers shopping, it has become critical to put your best foot forward.  Staged Long Beach properties just look better than their competition.  Buyers are no longer interested in purchasing homes or condos that need much in the way of upgrading, nor do they always have the after purchase funds to do so.  Most are barely willing to paint.  They no longer have to do any of this to get a good buy in today's market, nor do they always have the after purchase funds to do so. 

Read also:

• Long Beach Homes-Issues for 1st Time Home Buyers 

A messy or dirty home is a turn off to buyers, they will either leave or make a very low offer, it will cost you a lot of money in the sale, if you sell at all. 

If you cannot afford a professional stager the many articles below will assist in placing your home in the best possible condition prior to placing it for sale. 

Read also: 

• Why Stage Your Long Beach Home or Condo?
• Curb Appeal On A Budget
• Preparing Your Long Beach Homes for Sale - Home Staging Tips
• Long Beach Home Staging-Define Your Long Beach Homes with Color!
• Redesign Home Staging for Your Long Beach Homes
• Staging Your Long Beach Homes
• Stage Your Long Beach Home to Sell
• Long Beach Home Kitchen Remodels
• Long Beach Home Bathroom Remodels
• Remodeling Your Long Beach Homes?
• Long Beach Real Estate - Seller Tips - Preparing Your Home For Sale 

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