tag:blogger.com,1999:blog-32145830968199709102011-04-21T14:48:59.004-07:00The latest in real estate and mortgage news. Insider information about what's really going on in the Southern California real estate market.Woodyhttp://www.blogger.com/profile/08541929485796023702noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-3214583096819970910.post-54726308736562816202009-04-08T16:01:00.000-07:002009-04-08T16:39:10.487-07:00This is my initial post to this blog. As some may know, this blog was previously attached to my mortgage website. I've since discontinued the website but will continue to blog here at Woody's Western Blog. You can still visit my real estate website at <a href="http://www.woodyharper.com/">http://www.woodyharper.com/</a> .<br /><br />I've seen many different markets in my 30 plus years in real estate and mortgage. <span style="font-size:130%;"><strong>The current <span id="SPELLING_ERROR_0" class="blsp-spelling-error">SoCal</span> real estate market can be compared to none previous.</strong> </span>Yes, we've had foreclosure markets where values decreased and the only real inventory were <span id="SPELLING_ERROR_1" class="blsp-spelling-error">REOs</span>. Yes, we've seen mortgage rates historically low before. <em><strong><span style="font-size:130%;">What we've never seen are real estate sales prices decreasing so much, so quickly. We've never seen mortgage rates as low as they are at the same time.</span></strong></em><br /><br /><span style="font-size:130%;"><strong>This market has created the most <span id="SPELLING_ERROR_2" class="blsp-spelling-corrected">opportune</span> time to buy residential real estate, in <span id="SPELLING_ERROR_3" class="blsp-spelling-error">SoCal</span>, ever!</strong></span> At this moment, there are not enough properties on the market to satisfy buyer demand. We wrote an offer last week on a property that had been on the market for 1 day. By the time our offer was submitted, at the end of the day, there were 24 other <span id="SPELLING_ERROR_4" class="blsp-spelling-error">qualified</span> offers! We offered $35K over asking price and were not close enough to the best offers to be countered. Now, our client and 23 others just like her are back in the market searching for homes that are comparatively rare.<br /><br />This is not unique. Most of our clients must submit an average of 6 or 7 offers to finally get into escrow. The buyers that are winning in this market must be <span id="SPELLING_ERROR_5" class="blsp-spelling-corrected">diligent</span> and tough. Once an offer is rejected.... on to the next.<br /><br />Why is this market like this? The answer is clear. Combining low prices and low interest rates, that exist at this moment, creates a payment that rivals a rent payment for a similar property! This is also accomplished with a minimum (3.5%) down payment! We see first time buyers competing with investors to buy these properties. Both parties know that <strong><span style="font-size:130%;">NOW is the time to move to secure the best possible home to live in or the income property that provides positive cash flow with minimum investment!</span></strong><br /><br />I've got to get back to work, now. We're truly enjoying helping buyers take avantage of this incredible market. As always, feel free to contact me with any questions or just to say hi.<br /><br />Woody Harper<br />Prudential California Realty<br /><a href="mailto:woodyharper@gmail.com">woodyharper@gmail.com</a><br /><a href="http://www.woodyharper.com/">http://www.woodyharper.com/</a><br />(714) 221-1325 Direct Office Line<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/3214583096819970910-5472630873656281620?l=woodysrealestate.blogspot.com' alt='' /></div>Woodyhttp://www.blogger.com/profile/08541929485796023702noreply@blogger.com0