Buy Before Really Seeing?

The photos are good, and they do tell a story, but is it the same one you would get after you moved in? The internet is such a useful tool in previewing, but would you actually buy it based on photo previews? That's where this article claims many people are headed are in the future, but in a high priced market that demands the utmost in buyer financial resources, this is just a wait-and-see. California is the most disclosure-oriented of most of the states, but that still hasn't prevented buyer remorse. Hmmm ...

February's Southern California Median Home Price

February's prices set a new record, however the number of homes sold in 6 counties was the lowest number in 5 years. The median price according to Dataquick was $480,000, much lower than the statewide median price, but up from the So Cal median price of $469,000 one year ago. The real estate bubble forecasts are not alive and well at this point, according to this article: foreclosure activity is low, down payment sizes are stable as are property flipping rates.

Inflation Concerns Give Rise to Rate Increase

Gains in manufacturing and service industries and higher labor costs are the reason for the increase in the 30-year fixed rate, up to an average of 6.37 percent. This is the highest rate since 2003. The Los Angeles region average according to Bankrate.com was 6.48 percent at about a half point.

More Real Estate Information - Higher Demand

Back when the internet came on strong, many agents feared that consumers would end up making them an obsolete item as consumers would now use their direct market knowledge to cut out agents as unnecessary to their property transaction. But the opposite has really happened over the years. Instead, as consumers are given more information and more technology to review that information, they have required more specialized professionals to meet their demand for knowledge about properties. Will visits to properties become obsolete because consumers can access more photos and virtual tours online? In spite of what this article suggests, I doubt it. A picture may be worth a thousand words, but it's not the same as being there. But there are "second level effects" stemming from all this new transparent factual information found on the internet, and one of them is that more professionals with higher expertise seem to be required by the consumer. Rather than more answers, there seem to be more questions as consumers gain more knowledge which leads to a higher demand for better service.

Housing Cost Calculator

Here is an buy vs. rent wizard based on 2005 indexes, but still fun to try. Put your area in and how much you think you could invest towards a down payment, and calculate the results between owning vs. renting. Click on the links for further explanations on costs included, but the buyer or renter will see basic comparisons in buying vs. renting in today's market.

Affordability in "The O.C."

If the search is on for a home under $600,000, consider a condo, or a smaller single family residence, in Cypress, La Habra, parts of Fullerton and Garden Grove, Anaheim, Westminster and Buena Park, or even Foothill Ranch. Most are within a short drive time from Long Beach, 20-40 minutes, and well worth considering.

Another Queen Mary in Long Beach

It was a sunny day in Long Beach yesterday for the Queen Mary 2 and its historic visit to the original Queen Mary anchored off downtown Long Beach. Long Beach's long shoreline allowed onlookers, including me, a great view from the bluffs between downtown and Belmont Shore. Click here for more photos and photo credit.

Lofts Hit Their Stride

Dubbed the McLoft in this article, the loft is being built from scratch in the suburbs. For the displaced New Yorker or Chicagoan who doesn't want to step out onto a busy street, a new type of condo is coming of age in Scottsdale, AZ and other unlikely places. Buyers are paying as much as 50% more per square foot for a loft over a single-family home. For builders this is a great return on a projects where they don't have to meet such strict codes as in other multifamily dwellings, and some buyers want raw, unfinished space. If you're looking for lofts, try Long Beach where you can have real converted space in a not too urban city area.

So Cal Median Home Price Lower in January

DataQuick's 2/15 release puts the Southern California January median home price for 6 counties at $469,000, down 2.1 percent from November and December. January is usually a slower month for sales, but was still up from $415,000 in January of 2005, an increase of 13% overall. January 2006 had the lowest number of homes sold since January 2001. Whether or not this means an overall slowing in the market is not known just yet.

Interest Rates Back Down

The 30-year rate average went to 5.81 percent on Friday, according to Bankrate.com's averages based on its survey of 4,000 banks in 40 states.