On behalf of Anthony F. Geraci of Geraci Law Firm posted in Real Estate
Transactions on Thursday, June 25, 2015.
Despite a small rise in residential prices, home sales in Southern California
rose roughly five percent in May. The median price for which homes sold
for across the six counties that make up Southern California was about
$426,000, which is more than two percent of what it was last year at this
time. Compared with data from one year ago of area
residential real estate, more homes were sold in more affordable areas.
The year of 2014 may not have been a great one for the real estate market,
but things are improving. In fact, in May, over 21,000 new and resale
condominiums and houses were purchased. May was the third month in a row
that this boost was seen.
With more residential sales occurring, buyers and sellers need to be on
top of their game. Sellers need not get too confident with the improved
economy and increase in home sales without ensuring they have their contracts
in order. Buyers who are interested in residential real estate need to
ensure that their own rights are protected within the sellers' contracts
and that they clearly understand what they are signing.
California real estate deals can be particularly complex. There is always
the risk of something going awry. While everyone involved wants to see
the residential real estate deal go through, it does not keep a dispute
from occurring. It is for this reason that buyers and sellers both need
to take the necessary precautions and preventative measures to ensure
that their rights are protected. Even if the issue does not wind up in
court, an invaluable asset could be specialized professional knowledge
from an experienced real estate attorney to ensure that the right decisions
are made along the way.
Source: Los Angeles Times, "Southern California home sales, prices up in May", Andrew Khouri, June 17, 2015