For those of you not familiar with the Plaza Area of Long Beach, California. It is located on the east side of this very large city with two zip codes that cover the Plaza Area: 90808 and 90815. For those who like visuals the street parameters are south of Carson Street/east of Woodruff Avenue/north of the 405 Fwy/west of the 605 Fwy.
As of today, June 24th, 2009 there are 17 homes for sale ranging in price from $370,000 to $699,000. There is one particular home listed for $890,000 which would bring our listing total to 19 for the area.
The demand for this neighborhood has been consistent with the average day on market for a listiingrunning right around 40 days. Year to date for the month of May there was a 12.3% decline in price.
The chart below displays a 10 year track for home values for the 90815 zip code:
For zip code 90808: (The price variance between the two zip codes is right around $12,000):
Presently there is a trend out there which I as a professional REALTOR acknowledge as a hurdle. Though the consumer sees it differently, and buyers need to be aware of this miss-leading advertisement. Actually this trend which I am writing about adds more work to my day for I wish to protect all of my clients' emotional stability.
What I am writing about here is the trend of listing agents placing homes on the market for sale at $20,000, $30,000 or even $60,000 below market value. And I am not speaking about REO properties but actually making reference to short sale properties here in the Orange and Los Angeles County area.
What are these agents thinking?
I cannot tell you how often I will receive a call, text message or e-mail from one of my buyers asking about a home they had just found on the internet which they would like to see. I then cross reference it only to discover that it's priced under market, a short sale and that no recent sales have come close to the listed price.
As most of us know in a short sale transaction we not only need the approval of the home owner, but also the approval of the first position lien holder and in some cases a second position lien holder. Now let's think about this for a moment. Do these agents really believe that the bank who is already being shorted on the loan will take an even greater loss to sell the property? NO!
What makes this trend even funnier is that at times in the "Private Remarks" section of the MLS, the same listing agent will state that he/she has an approval for a short sale. But as you continue to read the remarks this dollar figure they are sharing with the reader is higher then the price the home is listed for. Um, did I miss something here?
From my perspective these agents have to take Advertising 101 or maybe a Basic Math course. Oh, actually they should consider reading up on our Code of Ethics for I am sure they are in violation of at least two articles from our Codes of Ethics.
After reviewing this information I discovered that one of my buyer's can qualify based on the criteria the city has established for this program.
So to keep it simple and direct I have decided to allow the links to the program to do all the talking.
For information on this programs information and guide lines just click on this link Anaheim (CA) $125,000 Down Payment Assistance Program.
For information on this programs Eligible Census Tracts just click on this link Maps.
My business is all based on customer service, knowledge of the market, and the willingness to share information to all who ask for it. I am your employee when you select me as your REALTOR.
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