| Date | Homes On Market | Homes In Escrow |
| May 30 | 66 | 102 |
| May 18 | 59 | 102 |
| May 10 | 78 | 88 |
Please add your comments and questions below...
Saturday, May 30, 2009
Looking At The Numbers
Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:
Please add your comments and questions below...
Please add your comments and questions below...
Thursday, May 21, 2009
The Times Are A-Changing
It seems like just yesterday that our local real estate market was in the dumps and prices were dropping like a rock. Well, a strange thing seems to be happening out there. The current market is pretty good with many sellers receiving multiple offers on their home. Prices have stopped dropping and in some cases we are seeing homes selling for a bit more than they would have a few months ago. There are a few reasons for the changes. One is the number of homes for sale locally is way down from 18 months ago -- so the buyers have fewer to chose from. Another is the home investors are coming back into the market. Plus, the "normal" many home-buyers think prices have bottomed out and want to take advantage of the historically low interest rates -- sitting at less than 5%. These and (other factors) are adding up to a surprisingly exciting real estate market. Of course, no one can accurately predict how long this will last or where things will be even six months from now. We will be watching our local market very close and reporting here what we see in the coming weeks.
Please add your comments and questions below.
Please add your comments and questions below.
Monday, May 18, 2009
Looking At The Numbers
Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:
| Date | Homes On Market | Homes In Escrow |
| May 18 | 59 | 102 |
| May 10 | 78 | 88 |
Please leave your comments and questions below...
Sunday, May 10, 2009
Looking At The Numbers
Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:
78 Homes For Sale In East Long Beach
88 Homes In Escrow
78 Homes For Sale In East Long Beach
88 Homes In Escrow
Thursday, May 7, 2009
May 7, 2009
Some real estate news from clarkhoward.com...
It's all part of the natural cycle of the housing market in bubble states that went bust, and it may hint at widespread recovery to come.
About 2 years ago, the banks were clueless in dealing with foreclosures because they had no recent experience. At first, they tried to get back out of the marketplace the value of the loans, but that was like being in denial. Eventually as more and more foreclosures piled up, the banks capitulated and dropped their prices.
Now we're starting to see some real prices out in the market.
USA TODAY reports that one area of Florida is seeing 1 in 10 homes attract multiple bids. That's the sign of a market starting to recover. Ditto in Arizona, where one house had 14 offers and sold for $40,000 more than its original asking price.
The marketplace is beginning to find a level, and it's starting in the bubble markets that fell the hardest.
It's great to buy real estate at a distress price. But what if you're the owner of a property that's worth less than what you owe on your loan?
Clark expects values to firm up and most people should no longer be underwater in the next 24-36 months. Of course, there will be some exceptions to this because all real estate is truly local.
Real estate in bubble states showing signs of firming up
California, Arizona, Florida and Nevada are all beginning to see more buyer activity in the real estate market, according to a recent USA TODAY report.It's all part of the natural cycle of the housing market in bubble states that went bust, and it may hint at widespread recovery to come.
About 2 years ago, the banks were clueless in dealing with foreclosures because they had no recent experience. At first, they tried to get back out of the marketplace the value of the loans, but that was like being in denial. Eventually as more and more foreclosures piled up, the banks capitulated and dropped their prices.
Now we're starting to see some real prices out in the market.
USA TODAY reports that one area of Florida is seeing 1 in 10 homes attract multiple bids. That's the sign of a market starting to recover. Ditto in Arizona, where one house had 14 offers and sold for $40,000 more than its original asking price.
The marketplace is beginning to find a level, and it's starting in the bubble markets that fell the hardest.
It's great to buy real estate at a distress price. But what if you're the owner of a property that's worth less than what you owe on your loan?
Clark expects values to firm up and most people should no longer be underwater in the next 24-36 months. Of course, there will be some exceptions to this because all real estate is truly local.
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