Southland Real Estate Prices Rebound

Well it's official - the housing market bottomed out in April 2009. If you've been waiting for the bottom of the market so that you can be confident that your investment will not drop in value - you needn't worry any longer. As of April 31st of this year. the median home price in the Southland was $247,000 (at levels not seen since 2002); by July 31st prices had risen by 2.6% to $275,000. Click on the link for the LA Times story published today: http://www.latimes.com/business/la-fi-home-sales16-2009sep16,0,6534055.story

In my personal experience working with buyers, there has been a mad rush of first-time home buyers and investors in areas throughout L.A. snapping up low-end real estate deals. If you are 1st-time home buyer and have been sitting on the fence, waiting longer will cost you $$$. Between the deadline for the $8000 which is looming (November 30th is not very far away), and the pressure on the Federal Reserve to begin to raise interest rates - which will likely begin to creep upwards next year, plus home prices ticking upwards; you could be looking at an increased cost for the same property 3-6 months from now.

For those of you who HAVE BOUGHT within the past 6 months and worried about losing value - you have already begun to enjoy some appreciation in your equity.

And for those of you considering selling but sitting on the fence, as prices rise you will be able to benefit too.

If you would like a market snapshot of what your home is currently worth and what your neighbor's homes have sold for in the past few months, send us an email and we will set you up immediately.