Whether you are trying to sell your home or hoping to buy in the greater Long Beach area, the latest report from Fannie Mae’s Economic & Strategic Research Group, along with some localized statistics, share a positive outlook.
The Group report indicates a marked increase in consumer spending since 2010 and a “modest re-acceleration” is predicted for the rest of 2013 due to a stronger labor market and improving financial and housing market conditions. Growth of 2.2% in housing and market conditions for 2013 is further anticipated, which is good news for your home.
According to Fannie Mae Chief Economist Doug Duncan, a sustainable pace is continuing in the housing market, and should “act as a tailwind for the economy throughout the year and into 2014.” The Economic & Strategic Research Group cited continued increased home demand as a possible significant contributor to growth in 2014.
Duncan went on to state, “Our May forecast predicts that the second half of 2013 will be a little stronger than the first half, despite the slowdown during the past couple of months.”
On a local level, some year-over-year housing statistics for the downtown Long Beach area (90802 zip code) include:
+18.5% Overall Increase in Home Value Index
+39.9% Increase in Home Value Index for Studios
+20.5% Increase in Home Value Index for 1 BR’s
+12.7% Increase in Home Value Index for 2 BR’s
+13.9% Increase in Home Value Index for 3 BR’s
+ 4.7% Increase in Median Rent List Price
As the housing market shifts, does it change how you feel about your home status currently?
Do these statistics spur you towards selling your home?
As a buyer, does this information cause you to feel that now is the best time to buy your home?
If so, there are lots of options to consider as you buy and sell. If you have questions, please feel free to contact me.
If you want to see the May housing forecast, please click here.
