If you've been watching the market from the sidelines, you've probably heard that nobody is buying. That isn't what our team is seeing. Here's what's happening in Long Beach and nearby neighborhoods, and what it means whether you're buying or selling.
Buyers are still buying
Our team opened 10 escrows last week, and 23 of our clients are in escrow right now. Many people are hearing from coworkers, parents and friends that buying now is a mistake. Some buyers choose to move anyway, because the right home at the right price can still make sense even when rates feel high.
Why the market is thawing
Two signals moved in buyers' favor recently. The 10-year Treasury yield, which mortgage rates tend to follow, has drifted down over the past month, and mortgage applications rose last week for the first time in a while. That doesn't mean rates will keep falling, and your rate depends on your credit, down payment and loan type. It does mean buyers who paused earlier this year are starting to look again. When rates ease, competition often follows.
Where homes are drawing multiple offers
Single-family homes in East Long Beach and Lakewood have been the busiest segment. Nearly every recent one has drawn multiple offers and sold above list price. Condos tell a different story. Many have sat on the market for months, which gives buyers room to negotiate price and ask for credits.
If you're selling: prep and price
When buyers have plenty of options, the home that shows best wins. Beyond pricing and marketing, preparation is the biggest lever you have. A recent East Long Beach sale made the point: the updates in the home barely showed in the "before" photos, and after prep the home sold above its list price.
If you're buying: three tips
- Don't wait too long on a home you love. More choices make it tempting to keep looking, but the first serious offer often has the most leverage. On a recent listing, two buyers had been very interested for over a week. Both made offers the same morning, and the sellers were ready to sign with either one alone.
- Ask for credits, even on an "as-is" sale. "As-is" doesn't always mean no negotiation. Sellers often prefer a credit to going back on the market, especially when yours is the only offer.
- Look beyond what's listed. Homes in escrow that fall apart, and listings that expired or were withdrawn, are sometimes still for sale. If you have a favorite neighborhood, ask your agent to watch these too.
Thinking about a move?
Whether you're buying, selling or just curious what your home is worth, our team is happy to talk it through with no pressure. Contact Anderson Real Estate Group to start the conversation.
These observations reflect our team's recent experience in Long Beach and surrounding areas, not a forecast. Mortgage rates and terms vary by borrower and lender. This post is educational and is not financial, legal or tax advice. Talk with a qualified lender or advisor about your situation.
Check out this article next
