This is the kind of Realty market TODAY when people become wealthy TOMORROW

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Its important for buyers to realize that we are currently enjoying a perfect opportunity in the real estate market as usually there is an inverse relationship between home prices and mortgage rates (high prices accompanying low rates, or low prices with high rates). Usually a buyer has only two options, either paying too much for their home in a seller’s market or paying too high a mortgage rate in a buyer’s market. This relationship between price and interest rate determines affordability. 2009 is an anomaly, with both home prices and their interest rates are low at the same time. As a result, housing is very affordable right now, making 2009 the best buying opportunity we’ve seen since the ’70s and the best we’ll see until rates creep up. Nearly two-thirds of current sales are first-time home buyers. For anyone looking to get into the market for the first time, right now is your chance while housing is affordable. Which is why for example, never before has one man’s trash been another man’s greatest treasure in the form of a foreclosure.

 

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WeHo Real Estate Good News ( #weho )

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Thursday, July 31, 2008 – Real Estate By Sandy Arison, West Hollywood

This may come as a surprise, but the WeHo real estate news isn’t all bad. There is more housing inventory on the market now then there has been in a long time.

The good news for buyers is that prices continue to decline allowing for the purchase of some amazing properties that previously may have been unaffordable.

It is also interesting to see multiple bids on properties that are listed below their perceived values for the location.

I went to a few new developments this week at 1351 Havenhurst and at 1248 Laurel in West Hollywood.

The model units in both developments were beautifully done with open floor plans, state of the art appliances, top of the line fixtures, outside space and amazing architecture.

The development on Havenhurst features a landscaped public park by Katie Spitz, a nationally recognized landscape architect.

The asking price in both developments has been reduced making these new Condo/Townhouses a great deal for someone who wants to live in the lap of luxury with a great investment for the future.

There are more developments still under construction in West Hollywood. In the current housing market the buyer will have lots of choice and the opportunity to negotiate on the purchase price.

In spite of the fact that there is currently a moratorium on building in West Hollywood, developers are continuing to seek permits to build.

Carlo Capomazza, an agent at my KW office has developed a website, www.wehowego.com, which shows the locations and development status updates.

West Hollywood is a great place to live and work and continues to attract affluent buyers.

At the same time, the city must continue to be proactive in building much needed affordable housing and also consider the financial costs for residents that are being uprooted.

In the news, Congress has passed an extensive plan to relieve the devastation of the housing market by enacting legislation to help homeowners avoid foreclosure and stay in their homes.

The President has signed the bill which provides for Government backed mortgages to be made available to homeowners at risk of foreclosure at a lower cost.

The creation of a new agency will oversee Fannie Mae and Freddie Mac.

This legislation will also increase in government lending to Fannie Mae and Freddie Mac for 18 months.

In the long-term the bill provides $4 billion in block grants to communities to buy and fix up foreclosed properties.

The cap on mortgages eligible for backing by Fannie Mae and Freddie Mac will be raised to $625,500.

Read this article on the WeHO News website

 

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