August Sales in Long Beach

Long Beach had 457 sales in single family homes and condominiums during August with a median price of $387,364. This is up from the August 2003 median price of $319,250, an increase of 21.34%. Click here to see Dataquick's statewide chart for California cities for August.

Higher Property Tax Revenue - How Much? A Lot

I don't think we've been seeing this printed in the media, but counties are getting a boost in revenues from increased property tax revenues. Ventura County's tax bills are up 9.2 percent from 2002. In Ventura County, 17,000 homes changed ownership in 2003. Read Daily News for more.

Calif. Assoc. of Realtors: August Median Home Price Over $474,000

Year-to-date sales are up compared to 2003, but so is the median home price. Unsold index for August was 4.3 months, compared to two months for August, 2003. The areas seeing the most activity are those that are more affordable. That median price is statewide and does not take into account specific areas or seasonal slowings. See this report from California Association of Realtors. Dataquick, which does not draw from the MLS but from county statistics, reports the median price of Los Angeles County homes as $407,000: "Mixed August for Southland Home Market".

Money Magazine: Bubble trouble - Sep. 18, 2004

Californians have witnessed a real estate market boom, but how much longer can we expect gains of 40% annually?

CNN/Money's current article Money Magazine: Bubble trouble - Sep. 18, 2004 : says, "At the current rate of sales in Orange Country, there are now five months' worth of homes on the market, compared with just one month's worth earlier this year." The hot market of early 2004 when each listing created a new frontier in pricing is cooling off. In Southern California there are some multi-thousand dollar reductions, and even those priced at market are waiting 30 days or longer with fewer showings.

July Affordability at 18% of Home Buyers in California

The good news is that this week's 30-year interest rate went down a little more: 5.625% at no points, and also the affordability index was unchanged from June. This is a statewide index, the one for Los Angeles County is a little higher because the median priced home here is lower than the statewide median of $463,000. Read this article on July 04 Housing Affordability Index at CAR's website.

Rise in Apartment Rents?

Substantial rent increases may lie ahead according to Anderson School of Management at UCLA. The demand for urban housing will remain strong, even though new apartment construction is in the Inland Empire. Rents may well be 2-3 percent above inflation as interest rates rise and only 18 percent of Californians can afford to buy. Clickhere for the CAR article.

More Home Sales than Last Year Predicted

The national home price is predicted to be slightly higher than last year as the housing supply begins to meet the demand. Low interest rates have also fueled the demand, but here in Long Beach we are seeing somewhat of a slowing as shell-shocked buyers get used to the idea that they might actually have a choice. See CAR's article here.

Rates drop dramatically

Just when we've been hearing they've gone up, they're down. While local rates don't match Bankrate's report exactly, the dip is there. Check with your financial officer for local information. And did you every wonder why internet-based companies seem to offer such a good deal? Look further, loans involve more than a rate, they involve service, experience and knowledge, fees (no, they aren't all the same), and closing on time on that date you negotiated and contracted with the seller. Perhaps you had a successful experience with a refinance with such a company, but keep in mind that a new purchase loan requires far more extensive ability, teamwork and know-how. You may get your best loan with a full-service independant broker who discloses all fees up front. It's a good idea to compare loan scenarios. See this for the article on Rates dropping dramatically.

Brad Inman's Comments on A Realtor's Everyday Risks

Not pleasant but true: Realtors DO work hard and risk much in the ordinary course of their business. Click here http://inman.com/blogger/bradinman.aspx for his comments of August 20, 2004:

"Murder and Realtors
This summer, Garland Taylor in New Mexico and Deede Keller in Southern California were both murdered. It is ridiculous to come to any conclusions or connections between the industry and these two senseless acts.
However, it has always been intriguing to me how the average Realtor is fearless compared to other types of professionals. They put their home phones and their pictures on their business cards. They stand watch alone at well-advertised open houses, often in expensive homes with costly stuff lying around.
Why?
They are independent contractors who must fight for their money. No one supports them.
Plus, homebuyers expect Realtors to be 24/7 servants in the home buying process, always accessible and ready to respond.
The every-day agent is not murdered but they take their share of abuse, just doing their job.
-- Bradley Inman"

See My Site For Open House This Weekend

Julia's website.