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Real Estate Tips of the Week
If you are looking to buy a home in the south bay in 2009 there are several things you should know.
1. Lenders are changing the requirements constantly.
2. Pitfalls with FHA-You can go FHA with a small down payment 3-5% as of today that could change tomorrow.So if you have a small down payment or are going FHA it will weaken your chances of being accepted in multiple offers.Many 20-50% down buyers are now bidding against you. Which can be discouraging but it is a fact that first time buyers need to know so they won't be disappointed when in multiple offers.
3.Best Homes to buy in this market-Trust or Probate Homes are the best homes. Most homes that are priced well and are in good condition and location will have multiple offers on them even in this market. I sold one probate that was below market and great condition, Trust even put on a new roof and it was not leaking but the catch-We had 13 offers against us and only 4 were picked for the counter offer. All 4 had at least 30% down and my client was picked with 40% down over a higher offer of $20,000.00 more because we had better terms.
So in this market , price is not always the object if handled by Courts and money is going to a charity etc...
4. Short Sales are not short. Lenders are not motivated for making quick decisions. If you are the first offer on a short sale that has not been sent to the bank for bank approval plan on waiting at least 2 months. Which normally causing the buyer to get cold feet and they no longer want the property by the time the bank gets back to them.Just like my bank teller asked today- "Have you ever really seen a short sale that was short"
This short sale joke could be the new line of the short sales in 2009.
5. If you are the 2nd offer on a short sale the bank will normally get back to you within a week and you have a good chance of making it work.
Stay tuned for next week when I will have 5 more real estate tips for this market...including lenders that are still making loans to self employed business owners,and lenders that are still qualifying with stated income..and what they need you to do to qualify....

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The Torrance average sales price decreased 10.1 percent in May 2009 compared to May 2008, bringing the average price to $514,395. The number of sales increased to 96 closed sales a 23% increase in volume! Meanwhile, the average market time decreased from 69 days a year ago to 68 days last month..
| Torrance | Sold Listings |
Average Sales Price |
Average DOM |
| May 2009 | 96 | $514,395 | 68 |
| May 2008 | 78 | $566,442 | 69 |
*All stats are compiled from the Multi Regional Multiple Listing Service. Information is deemed reliable but not guaranteed.
Increased sales in Torrance reflect a stabilization of the South Bay real estate market as home buyers respond to increased affordability and more moderate prices.
Although avg April '09 - $458,037, May '09 - $514,395 price in May was lower than a year ago, it is higher than last month by 12.3%. April average price was at $458,037. It's difficult to say if this is a trend because overall prices in Torrance and in the Greater South Bay area are skewed downward. This is due to the fact that the number of lower priced bank owned properties dominate high end properties. High end inventories are very low and so are sales in prime, high priced areas.
For more information on Torrance, beach cities and greater South Bay real estate, please visit http://www.ISellSouthBay.com or http://www.TorranceRealEstateOnline.com

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Yummie Combination Burrito, Westfield Shopping Center SoCal Mall Food Court. MMMmmmmmmmm
What a great treat after a day of prospecting
Lisa Marie Flenoury, Broker Associate Century 21 Union Realty Co., Inc. 23900 Hawthorne Boulevard, Suite 100, Torrance, California 90503 (310) 766-0964
Serving Southern California South Bay and Beach Citie Residential, Commercial, and Property Management

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Median sold price in Walteria in May '09 was down by 25% compared with May 2007.
The number of sold properties in Walteria was up 33% while the average month supply is drastically down by 32%. Inventory peaked in January 2008 and it is very low at this time. This is mainlyt a result of increased sales in the last few months - for details see report posted on http://www.WalteriaProperties.com
For more up-to-date information on Torrance-Walteria & Greater South Bay real estate please call me at 310.918-5027 or visit http://www.WalteriaProperties.com


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