Newport Beach Real Estate Update for Single Family Homes and Condos

As you can see on the chart above the median price in Newport Beach has droppped from a year ago. Althoug I try to be optimistic, I worry that we will continue to see more of a drop. I know none of us would sell right now unless we had to, but there are many reasons why people sell their homes. It's not just because they are in finacial trouble. Relocation of jobs is a big reason, expanding family, divorce, or sizing down. And with todays pricing moving up is  a  great idea!

Also if you are a first time buyer, this is an opportunity many have been waiting for. To be considered a first time buyer you must not have owned property in the past 3 years. That will qualify you for an $8,000 refund from the government, interest rates at 50 year lows and pricing we have not seen in years! Firts Time Buyers this is your time!!

Looking for a condo? The average  list price for a condo in Newport Beach is down to $899,000. You will find that 43% of the condos listed recently have reduced their price and many will continue to do so. The average days on market continues to climb which it's pointing to a continue to a declining market.

If you are consideribg buying your first home, be sure to consult with a Realtor. Only a qualified Realtor will know where your offer needs to be in this kind of market. Don't be fooled by short sales they are not always a good buy. Remember they owe more than the house is worth.

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