Life is No Longer a Beach in Long Beach California Real Estate by Roy Primm
Like many urban areas across the county real estate in Long Beach, Californian is not booming like it was a year ago. That is unless you're a buyer. If you're a selling your probably thinking of reducing your price if you haven't already. Why? Because most of the other homes in your neighborhood have already reduced their prices - maybe more than once.
Your forced to go way beyond what you would even imagine doing to sell your home a year ago. Your forced to consider paying the buyers closing cost, throwing in your new furniture or even paying for a 7 day Baja cruise.
Because many experts predict real estate to sputter for at least the next year, many sellers are simply taking their homes off the market ... if they can. And for those who have to sell many have written their homes off and glad to get out whatever the cost.
Banks and other mortgage lenders are feeling the pressure in the Los Angeles, Long Beach area and have started to tighten lending policies. Couples who could have easily qualified for a loan a year ago find themselves turned down swiftly. And for those who do qualify, you must make a larger down payment to close the deal.
With home For Sale signs flopping in the wind and buyers forced tow and thinner line to get a loan the experts sit scratching their heads in wonder. What do they wonder? Where and when will it all end.
The questions are starting to pile up in people's minds. Will the Government step in and do something or will they continue to wait it out to see if the market corrects itself. When will the local Long Beach real estate market start to affect other markets? After all if people stop buying homes carpenters, electricians, plumbers and other construction jobs suffer.
When people stop buying homes for long periods of time hundreds of industries could suffer, like a domino affect. Furniture retailers, flooring contractors, gardeners, even cable TV and satellite companies feel the pinch after a while.
If the government does step in with programs and new policies with they help or hurt the market in the long run? These are the questions many people in and out of the real estate industries are asking in Long Beach, California.
For the first time in recent memory many homes are declining in value as much as 8% from a year ago. But the median home in Long Beach is still $480,000 still high by national standards. It's estimated the average household needs an annual income of over $104,000 to afford an average home in Long Beach, California.
Despite the sluggish real estate market affordable homes in Long Beach is still beyond the range of the average income of most salaried people, don't even think about those people on fixed incomes.
Nevertheless you still see people hear with smiles on their faces. You see strangers waving hello to you on the street . And you can still enjoy the weather. Because even with a slumping real estate market, when you live hear Life's always a Beach!
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