There appear to be lots and lots of first-time buyers out looking for properties now in L.A. and the San Fernando Valley. I attribute that to the ability of buyers to obtain FHA loans -- only 3.5% down! And it can all be a gift!, low interest rates, and the new $8,000 tax credit. As we all know, prices have fallen, too.
Problem: for single family homes, inventory is very short. Once again, half-way decent properties are listing and selling in a few days. No, I haven't seen a price spike, but if everything starts selling with multiple offers, that will follow.
There is a better supply of condos, although not all of them can be approved for an FHA loan, which will be the subject of another post. Many of the condos I've seen lately are new, too, and the developers are still attempting to get top dollar for them. Or they're really old, and need mondo updating. Stay tuned for news about our ever-changing market.
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