The Marina Del Rey, CA Condominium Market Report for January 2011 & Economic Commentary by Endre Barath, Jr.
The Marina Del Rey, CA Condominium Market Report for January 2011 & Economic Commentary by Endre Barath, Jr.
The Marina Del Rey, CA Condominium Market Report for January 2011.
Before I go and give you this market report I would like to let you know, just in case you have not been keeping up with the news. Two of the nation’s largest mortgage lenders have raised their minimum required credit score by approximately 20 points.
What does this mean to you? The answer is as follows: 1. it will be harder to get a loan, 2. it will be more expensive to get a loan, and 3. most importantly it will eliminate potential buyers to step back into the market. What will the long term effect be? Unfortunately, this will delay the housing market’s ability to rebound faster. The long term effect will be that unemployment rates will be affected as well. Real Estate provides many other industries with work.
So now you understand the bad news as a potential buyer this will allow you to continue to purchase at the reasonable prices you have been accustomed to in the past two years. The key will be as long as interest rates remain low, you can take advantage of the better affordability of Condominiums as well as Single Family Residences. This of course is beneficial to the buyer as well as the seller who has owned their home for a longer period of time.
There were 151 Active Listings on the Market in Marina Del Rey, CA.
There were 24 Condominiums accepting Backup Offers, as well as 24 were Pending. Not so bad for the beginning of the year.
There were 2 properties on Hold Status generally an indication of a Short Sale.
There were 21 Properties that Sold for the month of January.
If this trend continues we will need more properties on the market to sell.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations
