The American Dream, that famous phrase is the reason why millions of people choose to immigrate to the USA and reach an important milestone of adulthood.
We lived through the recession of 2008 which resulted in a record number of foreclosures, which resulted in millions of Americans losing their heritage and left holding an empty bag. This traumatic post-recession economic climate (among other factors) has contributed to the delay of younger Americans becoming first-time homeowners.
Despite the delay, Millenials still view owning as a superior option to renting. According to a TD Bank survey of 18-34-year-olds, 84 percent of those surveyed cited a desire to become a homeowner. Half of the respondents referred to purchasing property as “a vital component of the American Dream.” Many of the home purchases are from Millenials entering the race to own their piece of the American Dream
Do you have mixed feelings about buying a home right now? VA Home Loan, FHA and Many Down-Payment assistance programs are making home ownership affordable again. This video has 6 reasons why home ownership is alive and well today.
Market Activity Index
Long beach market (visit here for the detailed report) is healthy and is showing no signs of slowing down. Current median home value is $638,000 which is a +1.0% increase over a 12 month period. If you are a well priced seller is this market you are smiling ear to ear as current inventory levels hover closer to 2 months of available inventory which is a move in the direction the market was heading in a couple of months ago. With large quantity of buyers looking for a place to call home competing to earn the right to purchase most homes that come on the market. Multiple and above asking offers are less frequent as affordability comes into play however if your home is positioned, staged and marketed properly a seller can expect multiple offers. There were 193 new listings for sale last Month a decline of -7.2%. There were 140 homes closed. Currently there are 388 active listings and the competition for the buyers attention is fierce. As we ease into the peak spring season the low inventory is going to command a premium for savvy sellers entering the arena. Houses under contract and pending are at 141 and with a couple weeks into the spring season all inventory will most likely be sold. If you are thinking of selling please check your homes value first at www.HomeValueSoCal.com for your no cost instant report.
Thank you for your attention DRE 01728066
If you have any questions do not hesitate to reach out via phone or text at 562-326-2127