Saturday, July 30, 2011

Summer Buying Season Flops - Beach Town Home Values Continue Downward Plunge

Normally, a lot of homes sell in the summer buying season in the OC beach towns.  Not this summer.
The OC Register just reported that the number of sales and the median price in the OC beach towns is down.  The median price is down 7.8% and the number of sales is down 5.3%.

What does this mean to potential buyers?  It means that home prices are going down and, as a new owner, you will lose value on your new home, month in and month out.  The median price and lack of sales will put downward pressure on home values.  The lack of sales could be interpreted to mean that there are many overpriced home listings on the market. Buyers need to be very careful.....

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