New inventory on the market is hampered by homeowners with mortgages at 3 percent rates and below who do not want to sell and move into a higher interest rate market which would of course increase their costs on monthly payments.
As an example however, twenty-three (23) out of thirty (30) single family residences as listed in CRMLS which sold in Long Beach in the last 30 days--from the date of this post--closed with buyer financing, including conventional, FHA or VA loans. Five properties closed all cash, and two listings did not indicate cash or mortgage. So those buyers are obtaining loans, and they are obtaining home insurance as required by the lender (another challenge for some buyers in this market). A total of 100 single family residences sold in Long Beach in the previous 30 days, so the pool of 30 above would indicate that approximately 76% of homes are successfully closing with financing. Insurance tips here
If you are interested in an evaluation of your property, please call, text or email me. I am here to help.
For buyers who need assistance in the current market, I'm also here to help, using my 28-plus years of Realtor experience.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
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