Century City, CA Condominium Market Report for January 2011. Before I go and give you this market report I would like to let you know, just in case you have not been keeping up with the news. Two of the nation's largest mortgage lenders have raised their minimum required credit score by approximately 20 points.
What does this mean to you? The answer is: 1. it will be harder to get a loan, 2. it will be more expensive to get a loan, and 3. most importantly it will eliminate potential buyers to step back into the market. The long term effect: this will delay the housing market's ability to rebound faster. The long term effect will be that unemployment rates will be affected as well. Real Estate provides many other industries with work.
So now you understand the bad news as a potential buyer this will allow you to continue to purchase at the reasonable prices you have been accustomed to in the past two years. The key will be as long as interest rates remain low, you can take advantage of the better affordability of Condominiums as well as Single Family Residences.
There are 257 Active Listings on the Market in Century City, CA.
There were 31Condominiums accepting Backup Offers, as well as 38 were Pending. Not so bad for the beginning of the year.
Two properties were on Hold Status generally an indication of a Short Sale.
There were 16 Properties that Sold for the month of January.
All in all this looks like a good start for the year. In spite of the concerns I mentioned in the beginning of my report. Real Estate Sales will improve provided the economy keeps improving and the government limits their desire to want to eliminate the mortgage interest deduction.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations