While most headlines proclaim the extreme slowdown in the real estate market, most of the information given is based on the national housing situation and the reality in the South Bay is quite a bit different.  Much depends on the specific city in the South Bay.  Homes in cities such as Manhattan Beach and Hermosa Beach haven't been impacted quite as much as some areas of Torrance, Lomita, Hawthorne and others in which there are fewer first time home buyers, tougher mortgage restrictions, and a higher number of foreclosure listings.

 

 

Buying your first home can be a stressful  experience.  Having information on how to start searching, steps to getting a loan, finding out how much you can afford and all of the costs involved can make the process much easier.Click to read the first article in the series "First Time Homebuyer Tips".

 

 

Many buyers I meet and work with are interested in waiting to buy at the bottom of the market. It is certainly natural to want to purchase a home, perhaps the largest and most significant purchase in one's life, when you are confident that the price will only go up.   With the South Bay real estate market slowing down and some area housing markets getting hit on a number of fronts, including an over abundance of inventory, increasing foreclosures, higher interest rates, and more restrictive lending practices, whether to wait, and for how long, is a very important question.

 

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City	Number Sold	October 07 Median	October 06 Median	% Change
El Segundo	6	$517,500	$770,000	-32.79%
Hermosa	12	$1,262,000	$857,000	47.32%
Lawndale	9	$450,000	$472,000	-4.66%
Manhattan	17	$1,665,000	$1,512,000	10.08%
Redondo	62	$825,000	$759,000	8.70%
San Pedro	36	$496,500	$530,000	-6.32%
Torrance	84	$577,000	$552,500	-4.63%