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Current Real Estate Trends in Long Beach: A Guide for Owners

Updated: Mar 16



Long Beach, CA is one of the most popular places in California. It has a vibrant culture from people from different parts of the world, breathtaking coastal views, and a thriving economy. Its coastal charm is undoubtedly one of the main reasons that makes this place popular for the buyers and sellers of real estate as well. 


It is a city that offers so many opportunities but also poses significant challenges for the real estate market, especially in 2024. It is dynamic and non-stop growing. So, if you are a property owner who is looking to sell, or perhaps to buy real estate, you’ll need to come closer to understanding the current trends of Long Beach real estate

Here is a guide that will navigate through the real estate trends for California, with a focus on Long Beach. 


Long Beach Real Estate Market Overview


When real estate experts explain the market in Long Beach they use the term “somewhat competitive”. This means that there are opportunities for both sellers and buyers but at the same time they might face same-level challenges. According to the most recent research, homes in Long Beach get two offers on average and are usually sold after 44 days on the market. The average price the selling houses have is $800,000, which is a significant 10.3% higher than 2023. 


Trends and Insight Every Long Beach Property Owner Should Know


Sellers Are at a Slightly Advantage Before the Buyers


There is a high demand for property at the moment in Long Beach. This makes it the seller’s haven when it comes to making a profit as a seller. So, if you, as a property owner, want to sell your property you can start with strategic planning today. Prepare by doing extensive research on the specific location of your property and research the prices to stay competitive. Remember that the plan is only complete if you invest in effective marketing and advertising, as well. Seeking the help of a professional real estate agent is also a good idea, as it will help you maximize your ROI.


If You Are a Buyer, Prepare

Preparation refers to getting out there and visiting open houses, asking a lot of questions, meeting the neighborhood, learning everything you can about the place, asking about the pricing of different properties in the location where you want to buy your house, and getting ready to pull out some negotiation tricks from your sleeve.


Migration Patterns

Regarding migration, around 80% of the homebuyers relocate within the Long Beach metropolitan area. There is also a small portion of buyers that come from outside cities, particularly from San Francisco, New York, and Seattle. 


2024 Insights


We are still at the beginning of 2024 and we can’t precisely tell what is going to happen by the end of the year. However, we have the current Long Beach real estate trends and according to them, it seems that Long Beach’s housing prices will remain relatively stable. The factors that impact this stability are the interest rates, the balance between supply and demand, and the inflation numbers. 


It is safe to say that despite the uncertainty, real estate experts are optimistic about how the market California real estate trends will unfold. They say that both buyers and sellers of property will be satisfied with the outcome. However, to ensure satisfaction, both buyers and sellers must be well-informed and prepared.  


Some Practical Steps for Long Beach Property Owners


If you are looking to sell property:


  • Don’t hesitate to team up with a real estate agent who can help you navigate the selling process with their expertise.

  • Get a complimentary home valuation which will make it clear to you what is your house worth in the current market. This will help you set a competitive price.

  • Develop a strategic selling plan that will be tailored to reach your goals. This might include advertising the best features of your home or investing in proper maintenance and reparation/renovation to make the property shine in its brightest colors. 

If you are looking to buy property:


  • Start your research early and get a pre-approved loan that will give you a competitive edge. You want to show the buyers that you are a serious and qualified buyer.

  • Again, leverage the expertise that Real Estate agents in Long Beach CA have and use them to your advantage. They will understand your needs and preferences and will guide you through the buying process.

  • Research Long Beach property management companies that can help you after you buy the property. Such companies, including Concept360 Property Management, will take over running your property and take care of the maintenance. If you plan to rent it, a property manager can help you with rent collection and tenant screening process. 


Some Final Thoughts


In 2024, Long Beach, CA, with its lively culture, beautiful coastline, and thriving economy, remains a sought-after place to buy and sell property. Sellers can take advantage of the current market by teaming up with agents and planning smart marketing strategies. Meanwhile, buyers should start their search early and get help from agents to find the right property. Although things might be uncertain, stability is expected, so it's important for everyone involved to make well-informed decisions to succeed in Long Beach's busy real estate market.


FAQs


What makes Long Beach, CA, popular?


Long Beach is popular for its diverse culture, stunning coastal views, and thriving economy.


What should sellers do in Long Beach's real estate market?


Sellers should partner with real estate agents, conduct research, and implement effective marketing strategies to maximize their returns.


How can buyers succeed in Long Beach's real estate market?


Buyers should start their search early, secure pre-approval for loans, and collaborate with experienced agents to navigate the competitive landscape effectively.

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