We’re in a seller’s market here in Long Beach.
As we make our way through the summer of 2020, our low interest rates and a lack of available homes are driving our Long Beach market.
In the Long Beach area, the average home price is approximately $675,000, which is a 5.6% increase compared to last year. We’re in a seller’s market, which means there aren’t enough homes to meet the buyer demand. It’s not uncommon for homes coming on the market to receive multiple offers. This competition allows sellers to accept offers over list price, often within the first week or two.
Even with the high demand and lack of inventory causing prices to rise, I’m still asked quite often whether the coronavirus will cause prices to eventually drop like they did during the 2008 housing crash. As you can see in the graph at 1:23 in the video above, most major economists predict price appreciation over the next two years. Furthermore, they expect the strength of the housing market to lead us out of the economic slowdown.
The bottom line: if you’re a seller looking to get top dollar for your home, now’s a great time to list. If you’re a buyer, now’s also a great time to buy due to our low interest rates.
If you have more questions about our Long Beach market or there’s anything else I can help you with, don’t hesitate to reach out to me. I look forward to speaking with you.