| The last few years have been tough on
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| | good shape.Interest rates are still at
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| buyers. While interest rates remained low
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| | historic lows. Even if rates rise to 8%
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| prices shot up dramatically in California
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| | that is still much lower then at any time
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| and especially in our local South Bay
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| | in the last thirty years. As interest
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| Beach Cities. Inventory was limited and
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| | rates rise prices will stabilize and may
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| 15 -20 offers on a desirable property was
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| | fall a bit as it will be harder for many
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| the rule not the exception. If you liked
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| | buyers to qualify at the higher rates.
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| a house so did twenty other buyers in
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| | The market will adapt to changes by
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| your price range! Buyers learned to be
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| | leveling prices.What should a savvy buyer
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| quick and literally gave the seller
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| | do? Smart buyers will buy a home that
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| anything demanded to get the winning bid.
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| | best fits their needs when they need a
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| Many buyers went so far as to give up
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| | home. They will balance price and
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| inspections and any contingency in order
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| | mortgage rates that fit their budget.
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| to secure a home.Now that the market has
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| | Savvy buyers know that real estate is a
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| slowed a bit many buyers see this as an
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| | long term investment and plan to hold
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| opportunity to reverse the process and
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| | their property for at least 5-7 years.
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| make sellers sweat it out. Newspapers
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| | There are too many people who want to
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| have front page articles on foreclosures,
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| | live in Southern California, especially
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| slowing sales, bursting bubbles and
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| | the beach Cities of Los Angeles, and we
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| gleefully point out that the boys at UCLA
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| | haven't built enough homes to satisfy the
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| look to a huge crash in the housing
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| | needs of our population. The South Bay is
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| market soon. But they have been
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| | built out and each time an older home is
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| predicting a crash for the last five
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| | torn down and a new one built two things
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| years and so far it just hasn't happened.
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| | happen. The supply of inexpensive rental
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|
| |
| | housing is diminished and prices on the
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| Buyers are trying to figure out how big
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| | new construction increase. Housing is a
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| a discount they are going to get on the
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| | basic need. People need shelter. People
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| list price instead of how much over they
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| | will always get married, have children,
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| will pay. So it is easy to understand why
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| | get divorced, get raises or lose their
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| many buyers are shocked that their low
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| | jobs. People will get transferred or
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| offers are not being snapped up by
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| | decide to move to a new area. Young
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| sellers. Worse yet while sales are
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| | people will want new larger homes and
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| slowing prices are rising. Welcome to a
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| | older adults may want smaller homes with
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| normal market!In a normal market, prices
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| | lots of amenities.
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| don't drop 20% in a week. In a normal
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| | Housing markets will change and the
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| market, prices will continue to rise just
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| | smart buyers will buy the best home they
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| at a significantly slower pace. In a
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| | can afford. In Southern California that
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| normal market a buyer will have a choice
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| | means they will almost always make money
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| among a number of properties instead of
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| | on their purchase. In 1952 when my family
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| one. In a normal market buyers get a
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| | came to CA homes were $5,000-$10,000. The
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| chance to breathe before making a
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| | 1,500 square foot home my Dad built in
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| purchase. They can take a day or so and
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| | 1953 for $5,500 is worth about $725,000
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| compare the features of property A as
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| | today with all the ups and down of the
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| opposed to those of property B.The smart
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| | market. He would have been amazed!Kaye
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| buyer will still get pre-qualified by a
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| | Thomas is a UCLA graduate and has been
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| lender and have the funds necessary for
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| | selling real estate in Manhattan Beach Ca
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| the down payment readily available. If
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| | since 1979. Kaye works with buyers and
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| the buyer needs to sell an existing
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| | sellers and specializes in residential
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| property they will get the property in
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| | and small residential income property in
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| market ready condition and list it with a
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| | the South Bay Beach Cities of Los Angeles
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| contingency that the sale is subject to
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| | county. For more information on buying
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| the purchase of a new home. In some
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| | or selling visit Kaye at Kaye Thomas 4
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| instances a buyer will be able to
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| | Homes You can e-mail Kaye with questions
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| purchase a new property with the
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| | at: Kaye Thomas
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| contingency of closing escrow on his
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| | Her BLOG is Beach City Real Estate
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| current home if it is priced right and in
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| | Information.
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