Housing Inventory Low
– The housing inventory in Long Beach CA and surrounding areas is extremely low right now, making this a strong seller’s market and an ideal time to place a home on the market.
Though the real estate market has improved, the one thing holding it back from a full recovery is a robust supply of homes for sale. Continued low interest rates have helped to increase demand dramatically, yet inventory has continued to decline, particularly at entry level price ranges.
Take a look, for example at the difference in inventory of Long Beach homes for sale when you compare all homes, those below $500K, and those above $1 million:
Inventory of Homes for Sale in Long Beach, CA
Inventory of Long Beach Homes for Sale Under $500K
Inventory of Long Beach Homes for Sale Above $1 million
The National Association of Realtors (NAR) recently revealed that there is a pent-up seller demand caused by the uncertainty created by the housing crisis of the last decade.
What does that mean to you?
Houses listed today sell quickly. With prices still below peak values of 2007 in many parts of the country and mortgage interest rates at historic lows, this may be the perfect time for your family to make the move to the dream house you always wanted – whether that’s a larger home or that vacation/retirement home you have been looking at.
What does that mean to the economy?
Housing has always been an essential part of the U.S. economy. Real estate not only provides housing for families. It is often the greatest source of wealth and savings for many. The recent increase in real estate sales has led to an increase in real estate prices. This has increased the value of everyone’s’ home, whether they are selling or not. This leads to an increase in consumer confidence which in turn leads to an increase in consumer spending. Plus, each home sale automatically puts money into the economy.
NAR compiled data from research conducted by the Bureau of Economic Analysis & Macroeconomic Advisors on the economic impact of a home purchase.
After reviewing the data, they concluded that the total economic impact of a typical home sale in the United States is an astonishing $52,205.
The more homes that sell, the better the economy.
In order for the U.S. economy to get better, we need to sell more homes. Perhaps, it makes sense for one of those homes to be yours.
If you have considered selling but are still a little nervous, now might be the time to sit down with a real estate professional familiar with your market and see what your options truly are.