Many industries have been devastated by COVID-19, but real estate is not one of them. On average, Long Beach homes are selling for 8.9% more than they were last year at this time. Even more shocking, they are currently selling at about 101% more than the listing price! To hear an expert explain it, Mark Fleming, Chief Economist for First American recently said:
“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”
So if you’re wondering if you should sell you Long Beach home right now, the answer is YES! Here are three reasons why Long Beach homes are great to sell right now!
Why Sell Your Long Beach Home?
- Many people worry that fall isn’t the right time to sell homes, this isn’t the case – especially this year. Buyer showings are actually up 61.9% this year compared to the same time last year. Since the real estate market didn’t peak until July and August (thanks to the Coronavirus shutdowns) this fall could end up being the best time to sell your home!
- Two words: home equity. We may be in the middle of a pandemic, but home equity is soaring. Your home could be worth much more than you think! To find out how much equity you have, fill out this form. Or you can get a fast, free instant valuation of your Long Beach home here. We’re happy to help!
- Inventory is LOW. The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. This means even more people are going to want your home. You could find yourself (and your Long Beach home) in the middle of a bidding war which results in a higher selling price!
What this Means for You
Anyone thinking of putting their home on the market should not wait. Long Beach homes in general are extremely sought after, and right now inventory is down 7.5% compared to this time last year. Sellers always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.
Next year, the pandemic will hopefully behind us! And while that will be amazing for so many reasons, there will be many more properties coming to the market. Don’t wait for that increase in competition – strike while the iron is hot! The Shannon Jones Team is well versed in Long Beach and its real estate market. We can help you determine your current home’s value and sell it when you’re ready. If you’d like to set up a complimentary consultation to discuss your real estate needs, please fill out the form below or give us a call at 562.896.2456. We look forward to helping you navigate this hot seller’s market!