Why Buyers Should Take Advantage of Today’s Brentwood Real Estate Market
Last year, home prices were down in most of the county. According to Case-Schiller Index of 20-City Composite rating was 0.8% lower in 2010 than 2009. In some markets, like Miami or Atlanta sales were the worst and prices were at their lowest level since 2007. There are also other economic issues such as high unemployment numbers, increased number of foreclosure or shadow foreclosure inventories that everyone talk about or the fact that it’s not that easy to obtain financing to purchase or refinance a home. Some buyers may think or expect the home prices to drop even further.
But all may not be so negative for Brentwood home buyers. Besides the fact that we’ve had some good economic news such as good retail numbers for holiday shopping or rise in stock market, the true real estate value should be measured locally and even regionally. According to the same Case-Schiller Index, home prices in Los Angele real estate market was slightly higher in 2010 which is good news for home owners. But Los Angeles itself is a big city with different regions or neighborhood and home values in each of these neighborhoods are different.
Although Brentwood real estate prices have dropped since 2006, they were not as significant as Las Vegas, Miami or other part of Los Angeles. Brentwood homes have maintained their values and will go higher as the demand for these homes are still high. Just like Beverly Hills or Santa Monica real estate market, Brentwood is one of the most desirable areas in Los Angeles if not in the whole country. Brentwood residence mostly consists of affluent, high earner business owners, executives and professionals and compared to other parts of the country or Los Angeles for that matter, have not significantly suffered financially. If you’ve checked out Brentwood foreclosure properties in past few years, you would realize that not that many foreclosed homes were sold in Brentwood and most of these distressed properties were not that appealing. Most of those condos and homes belonged to people that couldn’t afford a good down payment or fixed mortgage rate and leveraged up to 100% of the value of the property. Or they bought those properties that were not desirable as far as location, size or condition and they just bought it because they just wanted to own a property and it was easy to do with no money down.
Besides the obvious reason that home prices have slightly gone up, the above reasons should be an indication that you shouldn’t count on Brentwood home prices to go down anymore. If you are considering purchasing a Brentwood home, it’s better to start now since the values are still low and mortgage rates are still at low level. If the economy continues to improve, the mortgage rate will go up and these properties will wind up costing much more at some point.
Platinum Capital Realty is a full service discount brokerage firm specializing in Brentwood homes, Brentwood condos and Brentwood multi-family apartment buildings. Our firm can assist you in selling your Brentwood real estate property and reduce your closing cost through our discount selling programs. Give us a call at 877-900-FLAT and discover how we can save you thousands of dollars in realtor fees.
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