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HOMEBUYING: Busy real estate market in Compton

Many think homeownership is a pipe dream; in a real estate market like Compton, owning a home is a real possibility; now’s the time to buy COMPTON — It is probably safe to say that most

Many think homeownership is a pipe dream; in a real estate market like Compton, owning a home is a real possibility; now’s the time to buy

spotlight-e1448075540609COMPTON — It is probably safe to say that most people probably are not aware that Compton is a very busy real estate market. According to realtor Kevin Myvett of Coldwell Banker, during the month of August this year, 52 standard home sales were consummated in the City and all closed escrow within 30 days. A majority of these homes were three bedrooms and two bathrooms.

“The median time it takes to sell a home in 2016 is 39 days,” Myvett said.     “Nearing the end of September, 33 sales have been made so far. More than half of the homes purchased used an FHA loan for financing.

“And although 52 home sales in August may seem like a high number comparable to previous months, this a few homes less than earlier this summer,” he said.

The market is competitive due to low inventory but buyers and Investors are active in the area, Myvett explained. “Some holds are sold directly from sellers and then you have the investor who rehabs and resells these homes to end retail buyers. Almost one-third of the homes sold were rehabbed homes,” he said.

“FHA loans enable more families to purchase homes with a 3.5 percent down payment which gives more American families access to home ownership,” Myvett said.

While homeownership may be a pipe dream for many, Myvett says it is an achievable goal with preparation and knowledge. According to a recent study, saving for a down payment was the biggest barrier to becoming a homeowner. In addition, housing supply, access to credit, and personal debt were contributing factors as well.

A few weeks ago Coldwell Banker Gene Armstrong Inc., which specializes in buying and selling hosted a seminar about financing options. Agents were reminded about the CALHFA loan and assistance loan programs that afford many potential buyers the ability to purchase a home with little to no money down.

Kevin Myvett urges those who are ready to buy a home within four months, need financing, and a real estate agent to call him at (310) 220-1614.

“If you are ready for homeownership, then call us. We are ready to make your dream come true.”

Homeowners needing to sell their home due to special circumstances pertaining to divorce, probate, cash need, home repairs, short-sale , or behind on payments should call (310) 220-1614 or email at kevin.myvett@coldwellbanker.com

 

Jarrette Fellows, Jr. is Publisher and Editor of Compton Herald. He attended junior and senior high school in Compton, and is an alumnus of California State University, Los Angeles.

1 COMMENT
  • Tomas Carlos September 26, 2016

    Low buy in is part of the system….More specific, bad system.
    I call it the GOOD, The BAD and the UGLY..
    The GOOD…
    You have a low down payment that gives you the advantage of getting into the home.
    The BAD…Once you are in the home, you “REALIZE” that your property taxes are much higher than your surrounding cities with better schools, low crime. less property taxes, less car insurance, less home owner’s insurance and LESS SALES TAX. DO THE MATH, in the long run, it will cost you more to live in Compton.
    THE UGLY…Your home will not have enough equity so that you can sell and make a reasonable profit that may help you for the down payment and move out. You no longer qualify for any advantageous home loans. Even if you were able to may your payments and keep your good credit, near impossible to move out.
    The “SYSTEM” is set up to keep you moving forward. The government will not give you a business loan to
    set up a business so that you can better yourself, but it will give you a home load, student loan or car loan so that you can be in debt???
    (rhetorical question)

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