Are we in buyer market yet?

The days are gone when buyers were widely willing to drop home inspections and other contingencies. Seller contributions will be more common, and concessions will be buried beneath the surface in recorded sale prices. It’s not a buyer’s market, but at least purchasers sense that some bargaining may be possible. It’s another opportunity to get into the market that millions of purchasers will take advantage of during the coming year.

My friends, the real estate market has been a seller’s paradise fueled by pandemic fears and historically-low interest rates for the past few years. But, at the start of 2023, a new market emerged, with a more outstanding balance between buyers and sellers.

Please call me if you have any questions at 562-715-8622. Your feedback is critical to be part of this conversation, so please make a comment. 

City of Long Beach vs Los Angeles County Average Taxable property Values

As Assessor LA county reports, the total assessed value of taxable real estate located within the City of Long Beach is currently $54,043,738,933 (or, $54 billion). This comprises 106,569 properties, of which 79,689 are single-family residences (including condos), 17,312 are residential rental properties, and 9,568 are commercial or industrial properties. Year-over-year growth in Long Beach from 2016 to 2017 was 5.0%.

For the County of Los Angeles as a whole, the gross value of all taxable property is a record $1,473,759,940,499 (or, $1.47 trillion). The net value, which does not include exemptions but is also a record high for the County, is $1,416,125,372,989 (or, $1.42 trillion). This is a 6.04% increase in valuation over 2016 and represents the seventh consecutive year of growth.

The graph below compares average growth in the LA County with that of Long Beach for the period 2003-2017:

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