5 Reasons to Buy a Southern California House Right Now

Written by on February 4, 2009

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  1. Home prices just keep falling.
    … and they’re only expected to dip even lower. In Los Angeles County, including right here in Long Beach, already historically-low prices have plummeted by 30%! That’s quite a bit steeper than the average national drop—21% in the past year.

    As of today there are 2,035 homes for sale in Long Beach alone. Of those, the average cost is $410,000. The average Long Beach foreclosure price is $338,000. Also as of today, there are 1,941 foreclosures on the Long Beach market.

    When will home prices finally hit rock bottom? No one can say for sure, but I’m keeping a close eye on the national average and the S&P/Case-Shiller 20-City Home Price Index, among other trusted indicators, to stay in the loop. I’ll keep you posted.

  2. Surprise!—Southern California home values are up.
    What?! No. I’m not kidding. Despite what you’ve heard on the news or read in the blogosphere—it’s true—median home values in Los Angeles and Orange counties haven’t fallen as steeply as you think. We now know that the situation isn’t nearly as bad as the media would have us believe, as reported in yesterday’s Los Angeles Times real estate section.

    Is it any surprise that news outlets often blow the housing slump (“Crisis!” or “meltdown!”? Take your pick.) out of proportion? It’s easy to do when quickly “analyzing” historically low median home sale prices, which supply a quick, convenient snapshot of the local market. The result? Skewed perceptions of actual home values and very misled buyers and sellers.

    I can help clear the cobwebs: Contact me and the rest of the Shandrow Group for a free, no obligation updated market analysis today.

  3. Mortgage rates and home prices are historically low.
    The average interest rate for a 30-year fixed-rate Southern California mortgage recently dipped below 5%, only slightly higher than recent estimates for the 30-year rate for the country—4.92%. California underwent a 3.5% drop, falling to a mere 4.92% … music to homebuyers’ ears.

    Plus, the median price of a Southern California home was only $278,000 in December, more good news for homebuyers and investors. That’s 47% lower than 2007’s peak price of $505,000.

    What does all this mean to you? Fewer headaches when financing your home and a  significantly smaller impact on your wallet over the next 30 years. Historically low mortgage rates + historically low home prices= huge savings. Need I say more?

    Check out my exclusive foreclosures list for an insider look at some amazing investment opportunities.

  4. Fewer buyers mean bigger savings.
    Ever-increasing inventory and far fewer buyers means better deals for you (first-time buyers and seasoned real estate investors alike). It’s a fact—the less competition on the home you’re considering, the bigger the savings. Take advantage of the housing downturn by keeping the sale price and bank loan negotiation ball in your court. The Shandrow Group will help you with both every step of the way.

  5. Desperate times call for desperate measures (get FHA help).
    The Federal Housing Administration (FHA) is responding to the market downturn by offering 3.5%-down mortgages to qualified buyers. More than 630,000 people bought homes with help from the FHA’s low-down mortgage rate last year, driving lagging real estate sales back up. Applying for an FHA loan is easy. Contact the Shandrow Group today and we’ll tell you how.

RELATED BREAKING NEWS: The Senate has just voted tonight to give homebuyers a tax break of up to $15,000 with the aim of reviving the housing sector. The proposal would allow a tax credit of 10% of the value of new or existing residences (up to a $15,000 limit). A $7,500 tax break is currently in place, but it’s exclusive to first-time homebuyers. The proposal is expected to cost the government some $19 billion.