Introduction

How's the Southern California real estate market, specifically in Long Beach, California? With the recent election, it's crucial to understand the current trends, predictions, and strategic moves for making smart real estate decisions. Gia Silva, a seasoned real estate broker and investor, sheds light on these topics to help you navigate the 2024 and 2025 markets effectively.


Market Snapshot: October 2024

In Long Beach, October 2024 saw significant movement with 132 single-family homes and 75 condos sold. The average days on market mirrored last year's numbers, reflecting uncertainty leading up to the election. Interest rates at the end of October stood at 6.43%, contributing to market fluctuations. As economists predict a decrease in interest rates for 2025, it's vital to anticipate what this means for property values and buyer demand.


Multifamily Property Trends

November has brought a notable shift in the multifamily sector. Duplexes, triplexes, and fourplexes are spending significantly fewer days on the market compared to October. This indicates heightened confidence among investors and buyers in the multifamily market. Whether it's for investment or a “house hacking” strategy, the demand for these properties is on the rise.


Insights from Multifamily Conference

Gia attended Bisnow, one of Southern California's largest multifamily conferences in Los Angeles, gaining valuable insights. The event highlighted a split in investor approaches. Some are focusing on upgrading existing properties, while others are targeting land for new developments. Noteworthy projects like Blake Lofts exemplify modern, community-focused developments designed with long-term sustainability in mind.


Strategic Moves for 2025

Considering the anticipated interest rate drops and growing inventories, now is an opportune time to evaluate your real estate portfolio. For condo owners, it may be time to capitalize on equity to upgrade to a single-family home. Meanwhile, properties needing work are attracting multiple offers, further emphasizing the potential for investment.


For those owning rental properties, a 1031 exchange could be a wise move. Assess your property's value, rental income, and potential for depreciation. Determine if it's time to reinvest or upgrade your portfolio.


Conclusion

With evolving market conditions and opportunities, it's crucial to stay informed and strategically plan your real estate moves. Whether upsizing, downsizing, or investing in Southern California, understanding these trends will aid in making the most informed decisions. For personalized guidance, Gia Silva is available to discuss your specific scenario.