Seal Beach is experiencing a record level in home affordability in 2011 with five times more homes for sale in the affordable category this year as there were in 2010. As prices trend down and interest rates remain near record lows, just how low it will go is up to the forces that be, but that hasn't stopped many from buying in Seal Beach. Striking a deal is easier then is has been in the past.
All told, only two homes sold for under $700,000 during 2010 in Seal Beach proper. Compare that to eight homes already sold this year and two more in escrow, and it becomes clear the bottom end of the Seal Beach market is expanding along with the opportunities. Two bank owned Condo's previously available at 1105 Ocean avenue have been scooped up as soon as their prices were reduced to near $500,000.
The nicely remodeled beach-close home at 111 Dolphin Avenue only sat on the market for 31 days before it was in escrow at $660,000. Just 4 years ago you could expect to pay $200,000 more for a similar home, and people did.
The secret to being the person who get's first crack at the most affordable homes is simple: Have access to a website that notifies you as soon as they are listed for sale, and be preapproved for your loan so you can quickly submit an offer.
If you're starting to feel like you've missed the opportunity to buy on of these Seal Beach bargains, don't fret. There are currently two homes for sale under $700,000 and undoubtedly more on the way.