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| Villa Riviera, Long Beach, CA |
According to (PWR) PACIFIC WEST ASSOCIATION OF REALTORS® 2012 was the recovery year. Below I include two reports which both are for December 2012 done by PWR.
Lender-Mediated Report and Monthly Indicators December 2012
New Listings were down 13.7 percent for detached homes and 23.0 percent for attached properties. Pending Sales increased 37.2 percent for single-family homes and 20.3 percent for townhouse-condo properties.
The Median Sales Price was up 16.0 percent to $464,000 for detached homes 13 8 267 500 properties Homes for Sale Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround. Momentum is on our side, though it won't necessarily be fast, consistent or universal. But after five or six challenging years, it's a welcomed change of pace. Plenty of opportunity lies ahead. Here's to a healthy and prosperous year!
What all of this data translate to is low inventory pushing the home prices higher. Still interest rate is low and expected to remain low till end of 2013. If you are looking for home or you are working at this market as an agent, you know it is very difficult market. Regular home buyer competes with investor with lots of cash on hand. Usually bank prefers cash offer over FHA or even convention loan. Low inventory is a huge problem. Lending is not as smooth as before for self employed applicants.
All of this should not discourage you to buy. You needs to take advantage of this low price and low interest rate. Be ready. Be aggressive. be informed.
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