market update: Long Beach CA Real Estate Market Update September 2020
- 09/15/20 03:57 PM
As we shift into fall and move through September 2020, we are still in a strong seller’s market. Relatively low inventory and high demand because of historically low-interest rates are fueling this seller’s market. The time it takes to sell a home is down 34.3% compared to last year at this time. Prices are up for both condos and houses. If you knew you could sell your home for top dollar – would you? Since the Long Beach real estate remains strong for sellers, if you’ve ever considered selling your home now may be the right time. To start, click HERE for a free home valuation. … (2 comments)
market update: Fall Foreclosures? Don't Count On It
- 08/05/20 10:39 AM
The coronavirus pandemic has led businesses all over the nation and locally here in Long Beach to reduce or discontinue their services altogether. Many people have been laid off or furloughed. Naturally, the economic impacts of the pandemic have some people believing we might see a rush of foreclosures like there were in 2008. However, the market today is very different from 2008 and those fall foreclosures might not be coming. There are two reasons we don’t expect to see a rush of fall foreclosures: forbearance extension options and strong homeowner equity. 1. Forebearance Extension Forbearance, according to the Consumer Financial Protection Bureau (CFPB), is “when your … (4 comments)
market update: The Future Of California Home Prices
- 07/24/20 03:28 PM
The worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that reason, forecasting home prices has become extremely difficult – especially in California. Stay at home orders have resulted in high levels of unemployment and some businesses going under. Generally, when unemployment has skyrocketed in California, the price of homes starts to go down. Right now, 3.7 million Californians are applying for unemployment benefits – a shocking number. Normally, there’s a simple formula to determine the future price of any item. You calculate the … (2 comments)
market update: The 2020 Real Estate Projections That May Surprise You
- 01/02/20 12:00 PM
This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you. Mortgage RatesProjections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and … (2 comments)
market update: The Impact of Rising Interest Rates on Housing Demand
- 07/26/18 12:48 PM
Since the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%), according to Freddie Mac. Even a small rise in interest rates can greatly impact a buyer’s monthly mortgage payment. First American recently released the results of their quarterly Real Estate Sentiment Index (RESI), in which they surveyed title and real estate agents across the country about the impact of rising rates on first-time homebuyers. Real estate professionals around the country have not noticed a slowdown in demand for housing among young buyers; nearly 93% of all first-time homebuyers last quarter were … (0 comments)
market update: Housing Market Expected To "Spring Forward" in 2018
- 03/19/18 10:05 AM
Just like our clocks earlier this month, the housing market will continue to “spring forward!” Similar to the tension in a compressed spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
That hasn’t happened this year. Demand for housing has remained strong as mortgage rates have remained near … (0 comments)
market update: How Long Will Bidding Wars Continue?
- 02/07/18 05:42 PM
Many homebuyers know the stress that comes with being embroiled in a bidding war. Just like with any product or service, the law of supply and demand impacts home prices. Any time there is less supply than the market demands, prices increase. In many areas of the country, including Southern California, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner. CoreLogic conducted an analysis on national home prices at the time of sale and found that a third of homes sold for … (0 comments)
As we shift into fall and move through September 2020, we are still in a strong seller’s market. Relatively low inventory and high demand because of historically low-interest rates are fueling this seller’s market. The time it takes to sell a home is down 34.3% compared to last year at this time. Prices are up for both condos and houses.
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