Real estate in Long Beach

March Real Estate Market Update

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The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand has remained strong so far this year. Unemployment has reached pre-recession levels, and Americans remain optimistic about finding quality employment. This matters …

mortgage rates impact on home prices

Mortgage Rates Impact on 2017 Home Values

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There is no doubt that historically low mortgage interest rates were a major impetus to housing recovery over the last several years. However, many industry experts are showing concern about the possible effect that the rising rates will have moving forward. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are all projecting that mortgage interest rates will move upward in 2017. Increasing interest rates will definitely impact purchasers and may stifle demand. In a recent study of industry experts, “rising mortgage interest rates, and their impact on mortgage affordability” was named by 56% as …

sell home

Why Sell My Home Now and Not Next Spring?

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As December rolls around, some would-be home sellers assume they’ve missed the opportunity to sell their home during the winter. “I guess I’ll have to wait to sell my home until the spring,” becomes the mantra for many. Yet does that really make sense? We know that the price of any item (including residential real estate) is determined by “supply and demand.” If many people are looking to buy an item and the supply of that item is limited, the price of that item increases. Here’s the biggest reason to sell your home now: According to the National Association of Realtors …

housing affordability index

The Housing Affordability Index: Scary or No?

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There’s been a lot of recent talk about the Housing Affordability Index as of late. After strong affordability over the course of the housing market crash, things are starting to slow down, but is it cause for concern? The answer is no. What Is The Index and Why Such Highs and Lows Historically? The Housing Affordability Index is an index of a family’s ability to afford a mortgage with the median family income. This changes from year to year as the median income falls and rises as well as mortgage rates tied with the average house price. The index of …

Selling a Home

Nearly 25% of Homeowners Consider Selling … Why The Hesitation?

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Housing Inventory Critically Low Last month, the National Association of Realtors (NAR) reported that housing inventory was down 4.7% from the same time last year and that the month’s inventory of homes for sale stood at 4.8 – far below the six months necessary for a normal housing market. In Long Beach, Lakewood, and many other Southern California communities, the inventory is even lower — below two months in some neighborhoods. Why is there such a shortage of inventory? The recently released Homeowner Sentiment Survey suggests that the American homeowner may not be fully aware of the opportunities that exist …

Are home values at record highs

Are Home Values At Record Levels?

Shannon Featured Articles , Long Beach Real Estate , Real Estate , Real Estate Market Update , Seal Beach Real Estate , Signal Hill Leave a Comment

Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report. The report announced that the median existing-home price in June was $236,400. That value surpasses the peak median sales price set in July 2006 ($230,400). This revelation created many headlines exclaiming that home prices had hit a “new record”: Wall Street Journal:   Existing-Home Prices Hit Record USA Today:   Existing home sales surge, prices hit record Though the headlines are accurate, we want to take a closer look at the story. We do not want people to believe that this information is evidence that a new “price …

housing update

Housing Update

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Housing Update: Demand Up, Supply Down, Prices Increasing In Long Beach, we’ve definitely noticed that demand is up, inventory is down and prices are on the upswing. From a national standpoint, that’s also the housing update. Earlier this week, the National Association of Realtors (NAR) released their latest quarterly report. The report covered three important aspects of the housing market: Buyer Demand Supply of Housing Inventory Single Family Residential Prices Buyer Demand Total existing-home sales (which include single family and condo) were at an annual rate of 4.97 million in the first quarter of 2015. This represents a number which is …