LA Beach Buzz: Real Estate, Restaurants, & Relaxation

Home Buyers on the Move

With the passage of the economic stimulus package, many home buyers are taking advantage of the opportunity to get an FHA (Federal Home Administration) loan.

FHA loans had lost their popularity especially in our high-cost areas of California in the 1990s, as home values began inching upward, surpassing FHA mortgage limits.

South Bay up California down

South Bay home prices up 14.3%

As California and much of the nation see home prices drop, the South Bay Association of Realtors today will release local statistics that appear to buck that trend.

The South Bay's median price for a single-family home in December was $741,500, or 14.3 percent more than a year earlier, according to the group.

The statistics include new and resold homes. The median price represents the middle figure where half of all homes sold for more and half sold for less.

Source: Daily Breeze

Is now a good time to buy a home?

Here are the Top Ten reasons why this market makes is primed for purchasing

1. Selection, Selection, Selection: Regardless of the price range you are in, there are plenty of houses from which to choose. Just a few years ago the beach resale inventory was at a bare minimum. As a buyer you were forced to make compromises if you were going to purchase a home. There is now great selection of single family homes, condos, and townhouses. Lots of options means you win.

2. Peace has come to the Bidding Wars: In 2005 we saw people making offers on numerous homes at a time. They would lose the first nine to the 'feeding frenzy' that existed. Only occasionally these days do we see a home go into multiple offers...and that usually happens because the Sellers have priced the home very competitively.