The latest housing market numbers for Long Beach, CA show an increase in the median price of single family homes along with an increase in the number of closed sales. The median price for condos, however, dipped slightly as did the number of sales.
Meanwhile, the average time on the market in February fell to just 15 days, about half of what we’ve been seeing for market time, and 6.3% below what it was at the same time last year. The brisk sales pace is a result of the fact that the inventory of homes on the market continues to be low and is inadequate to meet current demand.
With the recent news of the National Association of Realtors proposed settlement agreement, there is a lot of uncertainty among buyers, sellers, agents and lenders about how changes will impact the market as well as the home buying and selling process. That could cause some buyers and sellers to hold off on their plans, creating a window of opportunity.
For buyers, one question that comes up is “Should I wait to buy a home?” and experts generally agree that doing so could eliminate a significant opportunity for wealth building as this graph illustrates:
For more information about expert market projections, see this recent post: Should I Wait to Buy A Home?..
You can also download a copy of our free Home Buyer’s Guide HERE.
If you’re thinking about selling your home, one of the first steps is to connect with an agent to discuss the market in your area, determine the price of your home, and whether there are any items you might want to complete to get top dollar when you’re ready. In the meantime, you can get an automated valuation of your home HERE or download our free home seller’s guide HERE.
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