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Alhambra Real Estate
Alhambra Homes For Sale - Investing in Real Estates of Alhambra, CA

New Year Welcome In Real Estate Market
By Lee Lieberg

December 15, 2007

In like a lion, out like a lamb. It is the old phrase about the weather in March and the change of seasons that typically takes place, but it comes to mind when thinking about the change in the Alhambra real estate market of 2007. The year began as sellers were getting their prices and often more. It ended with sellers sheepishly setting prices, then bracing for reductions and properties spending more time on the market.

The beginning of 2007 saw Alhambra continue to be in high demand while many markets in our region started to slow. The weaker markets then suffered another setback when the sub-prime mortgage loan fiasco began. Weakness continues to spread as the mortgage environment changes and no segment of the market seems unaffected.

Hardly a day has passed recently without an article about a lender in trouble or losses in a mortgage backed fund. Lending practices are tightening but the mortgage industry has yet to completely stabilize. Until the financial side of the equation settles, there will continue to be an air of uncertainty.

Now the question becomes what is in store for 2008. While many seem happy to have 2007 behind them, the market most likely hasn’t hit bottom yet. The money supply has shrunk, providing fewer qualified buyers. Fewer buyers and an increased supply should be a recipe for lower prices in 2008.

These financial factors are beyond the borders of Alhambra, and the solutions will be beyond the city limits as well. December saw a proposal by President Bush to bail out some of those with Adjustable Rate Mortgages, and a Federal Reserve rate cut to try and soften the landing. In January we will begin to see if those actions will achieve the desired results.

On a positive note, interest rates are at very attractive levels and as buyers are able to negotiate better deals, it should encourage some on the sidelines to act.

At the end of the day, there will continue to be a demand for Alhambra. Homes will still be selling and we shouldn’t suffer as much as some areas.

  # Homes Sold   Median $ # Condos Sold Median $
November 07 17 570,000 5 388,000
November 06 18 555,000 16 415,000
Listed Homes   Condos  
12/13/07 94   56  

*Data was obtained from California MLS Alliance and deemed to be reliable. Lee Lieberg can be contacted at lee.lieberg@dilbeck.com.


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