The entry level market continues to be very strong with homes selling quickly and often with multiple offers. The high end is also selling and picking up some momentum. Overall the market is healthy and distressed sales make up approximately 15% of the market in the Beach Cities; Manhattan Beach, Redondo Beach, Hermosa Beach and El Segundo.

The California State tax incentive of $10,000 began as of May. Buyers that are in the market this year are taking action. This incentive is making it a great time to buy, which in turn makes it a great time to sell as well.

The biggest challenge we are facing in the real estate industry is the new, ever changing lending rules. They continue to change and very from bank to bank. Before the credit crisis, banks verified very little and now they need to verify information from 3 different sources. This can be a problem. The appraisal system continues to be difficult, but with more closed sales, this is getting better.

The number of homes on the market is more than 20% below what it was this time last year. This affects the market by pushing the value of homes in a positive direction. In my opinion, considering the number of homes coming onto the market has leveled off and with the new buyer incentive, the market will hold stong ove the summer and values will continue to increase.

 

Jerry Carew, Broker/Owner-3Leaf Realty

Lic #01374136

Direct: 310-714-1416

jerry@3leafrealty.com

 
Posted by Jerry Carew on 05/06/2010 07:43 PM   Comments (0)   residential, buying, selling, incentive, market  
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Under market condo in Playa Del Rey
04/27/2008
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I am listing a 2/1. 75 condo for $499, 000 next week. All the comparable sales are in the $500, 000 and up range. I think it will go fast. more
 
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Jerry Carew

3 Leaf Realty

Manhattan Beach, CA

More about me…

3 Leaf Realty

Address: 1716 Manhattan Beach Blvd.,, Suite A, Manhattan Beach, CA, 90266

Office Phone: (310) 546-6300

Cell Phone: (310) 714-1416

Email Me

Beach cities real estate


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