Over the past few months we have seen and heard nothing but doom and gloom concerning the housing market. What concerns me is the amount of misinformation that abounds... It abounds in our own area...
When you go to any real estate site and do a search you are starting to see some unbelievable prices out there... and that is just what they are. I ran up the information this morning on a home here in Long Beach that is for sale for 695K, but the people owe more than a million? Now what will happen is the bank more than likely will not take an offer under 950K. These type of homes are listed as "Short Sales"
What this type of pricing is doing is give people a wrong sense of what their property is worth. The only real selling prices are on those homes that have already closed escrow.
Now today I read some good news on real estate... to see how Long Beach is doing visit Happy Real Estate News
Sales are down and so are prices... but we are holding our own and there are deals out there... ask me about some. Jeff
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