Long Beach Housing Market

Goodbye 2010, Hello 2011
January 2nd, 2011 9:24 AM
Another year gone! When I think about the craziness of the past year I want to say good riddance to you 2010 and I can't wait to start 2011. I have to admit I have some fear about doing that since I'm not sure the Real Estate Market will be better in 2011, in fact I worry that it may be worse. I am in the process of getting a designation that will help me specialize in short sale and foreclosure properties. Not that I want to do that - in fact I'd prefer not to, but many of my clients and friends have found themselves in short sale situations so I thought it would be a good use my educational time and I'll be able to help people who currently find themselves in a difficult situation. I was reading an article the other day that said there is so much property on the market right now that if we sold every listing that is out there it would take 7.5 years to clear all the inventory. We call that market saturation and that's the highest we've seen in a very long time. That may make it pleasant for buyers who have so much to choose from, but it doesn't make it good news for Seller's. And, buyers still have to be cautious that the property they are considering purchasing may not be in great shape and they may not have any recourse after the sale closes. Interst rates are still very low, but there are lots of other economic concerns still looming and that isn't a big motivator when it comes to buying a house. So, good riddance 2010, well maybe. There are still many wonderful things to remember in 2010. First time buyers finally buying homes, friends and family starting new lives with bright futures. Kids finishing college with exceptional performance (who knew) and new babies coming into the world. Lots to celebrate. So get ready for all the surprises that will be 2011. And let's hope it's full of positive surprises for everyone. Happy New Year to you all. Thanks for a great 2010.

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Posted by Heather Burke & Sarah Ireland on January 2nd, 2011 9:24 AMPost a Comment

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