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May Real Estate Report - "Bottomed Out"

by Southern Californias Top Producing Mother & Son Te
google map to real pro systemsMay Real Estate Report

We are excited to finally be able to see a full 2 year home value trend on the graph below.  The home sales values came out early this month and they are not disappointing.  The average sales price in April for South East Los Angeles and North Orange Counties, according to SoCal MLS reports is $325,087.  That is a $3,000 gain in value compared to the previous month.    

So far in 2010 home values have been higher every single month compared to any month in 2009, so we can say for certain that the real estate market has improved.  Granted, the rise in home values is extremely minimal but at the same time values are not decreasing any longer like they were in the past.  It seems that the real estate market, at least in our market area has bottomed out and is now on a very slow incline. 

Many analyst believe that the tax credit incentives that were given to those who purchased a home before April 30th of 2010 was what stabalized the market preventing further declines in home values.  Although the Federal tax credit ended on April 30th, the state of California is now giving a state wide tax credit to all those who buy a home between the months of May 1st and Dec 31st.  To read more on that click here.



 

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Photo of The Mother & Son Team - Maria Palacios & Chris Gon Real Estate
The Mother & Son Team - Maria Palacios & Chris Gon
Berkshire Hathaway HomeServices, California Properties
16911 Bellflower Blvd
Bellflower CA 90706
(877) 883-1003
Fax: 562-381-9113