If you want to buy a home in San Pedro, it starts with a partnership! A partnership between you and your Realtor. Today's market in Los Angeles County and San Pedro is a highly competitive one! That may surprise you to know especially since you've been hearing so much negative press for the last 3 years about the bubble and the bubble bursting! Depending on who you talk to it might be a while before the market makes a come back! Well, here are a few facts for you to consider; (This information comes from the California Association of Realtors)
Existing, single-family home sales increased 2.1 percent in September to a seasonally adjusted rate
of 530,520 units on an annualized basis.
· The statewide median price of an existing single-family home increased 1.1 percent in September to
$296,090, compared with August 2009.
· C.A.R.’s Unsold Inventory Index fell to 4.2 months in September, compared with 6.5 months in
September 2008.
LOS ANGELES (Oct. 26) – Home sales increased 2.1 percent in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“The market’s momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers,” said C.A.R. President James Liptak. “The success of the federal tax credit is clear. Nearly 70 percent of first-time home buyers report that the tax credit was ‘the most important’ or a ‘very important’ factor in their decision to buy a home.
“C.A.R. is calling for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend the federal tax credit through June 30, 2010, remove the first-time buyer requirement and extend the credit to all home buyers, and increase the qualifying income limits so more families are eligible for the credit.”
Closed escrow sales of existing, single-family detached homes in California totaled 530,520 in September at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 2.1 percent from the revised 519,530 sales pace recorded in September 2008. Sales in September 2009 increased 0.6 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during September 2009 was $296,090, a 7.3 percent decrease from the revised $319,310 median for September 2008, C.A.R. reported. The September 2009 median price rose 1.1 percent compared with August’s $292,960 median price.
“A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young. “September also marked the seventh consecutive month of month-to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.
“Efforts by the government to stimulate housing and the economy clearly are impacting the market. Sales have exceeded 500,000 homes for 13 consecutive months, and now are 33.1 percent higher on a year-to-date basis compared with 2008,” added Appleton-Young.
Our market is changing almost daily. It is highly competitive and especially for first time buyers obtaining an FHA loan. If you do not have a partnership with a Realtor who will be working diligently to help you locate a home that meets your needs, negotiate a contract that will secure the home for you and work with you and your lender through out the escrow period to get that escrow to close successfully, you may as well not even try to purchase.
You need someone on your side and you should remember that a sign with a number on it for a home that is for sale has the number of the listing agent. A listing agent is in a contract with the seller. Their job is to protect the sellers interests. You need a Realtor who is going to be looking out for your interests. That Realtor is going to be your partner and be loyal to you! In order for that partnership to work you need to be loyal too! Sometimes when you are making a purchase like this it is hard to know who to trust. Interview your Realtor. Make sure that you feel comfortable with that person and that you can have a level of trust with them. You want to have peace of mind as you go through the process so the right Realtor is critical to having a good home buying experience. Choose wisely!
Wendy Rich-Soto, Realtor
Buyer Specialist
(562)606-4040
wendyrichsoto@gmail.com
http://www.WendySellsSoCal.com