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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Downey. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 949-357-6117
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| Average Home Price | $450,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 0-5% |
| Average Time on Market | 60-90 days |
| Best Selling Price Range | $350,000 - $399,000 |
| Worst Selling Price Range | $1,000,000+ |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | Increasing |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Buyer Activity for the past 90 days in Downey is | Increasing |
| Seller Activity for the past 90 days in Downey is? | Increasing |
| Multiple Offers? | Yes |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 40-45% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Financing is THE first step to homeownership. Most buyers think that when they find the right house they will be able to qualify for the home and purchase it. The lending guidelines have changed dramatically from times past. Getting pre-qualified is a MUST BEFORE viewing homes not when you have found the right house and then trying to close. |
| Housing Inventory | Very tight market |
| Inventory Comments | Right now, short sales are clogging the system giving a sense that there are more available homes than there really are. An equity seller is receiving multiple offers because of the limited supply of homes for the amount of pent-up demand. Buyers need to be prepared to pay asking price or above in order to get the contract. |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Population Growth |
| Nearest Metro Area | Los Angeles |
| Housing Hot Spots | Bellflower, Lakewood, Norwalk, La Mirada |
| Average Sold Price | $450,000 - View Graph Trend |
Downey Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
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