If you've been watching the Long Beach real estate market this fall, it can feel like two different markets running at once. Our team compares notes every week, and the same pattern keeps coming up.
Why some homes get ten offers and others sit
Some Long Beach homes are still drawing multiple offers and selling well over asking. Others sit for weeks. In our experience the difference is almost always price. Homes priced for today's buyers and today's rates are getting deals done. Homes priced for last year's market are the ones waiting.
For sellers, that means pricing with current data, not with what a neighbor got a year ago. For buyers, it means the homes that have been sitting may be the ones with room to negotiate.
Buyers who paused are coming back
Many people who stepped aside earlier this year are returning. More inventory means more choice, and some have found the right neighborhood or school district after months of looking. If you paused your search, now is a good time to look again.
What to know about mortgage rates
- The Fed isn't your mortgage rate. Federal Reserve meetings make headlines, but mortgage rates move separately, so a Fed decision doesn't automatically change what you'd pay.
- Adjustable-rate mortgages (ARMs) look different than they did in 2008. A 7-year ARM gives you a fixed rate for seven years. The question is whether the monthly savings are worth the chance you won't have sold or refinanced by then. For some buyers it is. For others it isn't. A good lender can show you both options side by side.
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.
Market observations reflect our team's recent experience in Long Beach and surrounding areas. This post is educational and is not financial, legal or tax advice. Talk with a qualified lender or advisor about your situation.
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