JUST LISTED! Come home to an atmosphere of stylish sophistication & serenity. From the moment you walk through the door, you’ll be impressed with the soaring ceilings, beautiful wood floors and countless designer touches & upgrades. The open floor plan features a kitchen with granite counters & travertine floors, along with living & dining areas that overlook the beautiful back yard. The bedrooms are all generously sized, with lots of storage. The spacious master retreat offers two closets, one walk-in, & a remodeled en suite bathroom with a large shower with two heads. The back yard is an entertainer’s dream, offering a built-in bar with BBQ, refrigerator, wine fridge, and stainless steel drawers. There’s also a covered patio for seating, wall mounted TVs, & a gas fire pit. Behind the master, there is a separate patio area for storage. Additionally, there’s a 2 car garage & a finished 1-car garage that’s perfect for a home gym or game room. Updated windows, electrical & more! Additional features: Newer forced heating and a/c systems; Professional landscaping w/automatic sprinklers & custom lighting; Newer driveway with exposed aggregate & colored concrete; Recessed lighting; Custom window coverings; Wired for surround sound; Jacuzzi bath tub; 2 Water heaters

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JUST LISTED! Custom Signal Hill home with sweeping panoramic views has just been remodeled from top to bottom. The main upstairs living area features an open floor plan with a gorgeous, well appointed kitchen, dining area and spacious living room opening onto a wraparound deck. With more than 2900 sq. ft., this home is perfect for entertaining, offering not only the large, open living area but also a cozy upstairs lounge with a fireplace and a downstairs family room opening to a secluded patio. Watch the twinkling lights at night from the romantic master suite, which features a sky-lit retreat, a tranquil en suite bathroom with separate tub and shower, and a large walk-in closet. You’ll also find two additional spacious bedrooms and another bath and a half. Featuring new carpet, wood floors, all new cabinetry and fixtures throughout, this home is truly move-in ready. There are three garages – two with entry from Stanley Avenue and one on 21st Street.

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Back on the Market! Spacious two bedroom/two bathroom condo, conveniently located near shopping, parks and schools. This unit features a large open living room with vaulted ceilings, a gas fireplace and French doors leading to a balcony. The dining area is open to both the kitchen and living rooms. The kitchen has tile floors, a gas range, a built-in microwave, and a dishwasher. There are two secure garage parking spaces and a community laundry room.

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IN ESCROW! Absolutely adorable Craftsman bungalow in the Rose Park South District has a great blend of vintage details and modern upgrades. You’ll love the shady front porch, hardwood floors, fireplace, beautiful built-in cabinetry in the living room and dining room, and original moldings. The bathroom and kitchen have been tastefully updated, blending in with the home’s classic style. The bathroom has a clawfoot tub, pedestal sink and tile floors. The kitchen features tile counters, shaker style cabinets and cork floors. Additionally, you’ll find  newer central heat and air conditioning systems and lush landscaping in the front and back yards. Plus you’ll enjoy the location — walking distance to shops, restaurants, coffee houses, and the beach!

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Our real estate market has shifted into overdrive and we’re now in a strong “seller’s market.” But what does that really mean for buyers and sellers?

Merriam-Webster defines “seller’s market” as “a market in which goods are scarce, buyers have a limited range of choice, and prices are high.”

So how do you define “scarce”? And what does that really mean for buyers and sellers?

Typically a balanced real estate market is considered one with a four to six month supply of homes for sale. Any excess supply would result in a buyer’s market and anything less would be s seller’s market, as we’re now experiencing.

The way you determine inventory is by dividing the number of homes on the market by the number of homes that sold in a month. So if you had 600 homes on the market and 300 sold in a month, you have a two months’ supply of homes. If no other homes came on the market, you’d be sold out within two months.

Currently, Long Beach has about a 1.5 month supply of homes. As a result, we’ve been seeing rapidly escalating prices. The average Long Beach home price in April 2013 was a whopping 27 percent higher than in April 2012, according to the Multiple Listing Service (MLS). Much of that appreciation has come in the past several months.

As a result, sellers are solidly in the driver’s seat. Multiple offers and bidding wars are common. Attractive, well priced, well located homes are a scarce commodity, meaning they often command well above the asking price.

We’ve begun to see more sellers demanding – and buyers agreeing to – the waiving of appraisal contingency and shortening of other contingencies. Offers contingent upon buyers selling their homes are now rare, as are offers below list price. Negotiating for the desired closing date, appliances, or other “perfect terms” or expecting to find the “perfect home” is a thing of the past for many buyers. Simply getting the house is now the perfect term.

It’s not uncommon to hear of buyers who’ve made offer after offer, only to get beaten out by higher offers, cash offers, or offers from others who were willing to waive all contingencies. Today I talked to someone who told me she’s made dozens of unsuccessful offers over the past few months.

So with prices and demand up and inventory down, you might expect more sellers to be lining up to place their homes on the market. But many of the sellers are waiting for prices to go up even more. They want to make sure they sell when prices are highest.

Of course, when we were in a buyer’s market, with plentiful inventory, many of the buyers who are now trying to buy were on the sidelines, waiting for prices to go even lower.

Timing the market can be tricky and mis-timing it can be costly, whether you are a seller or buyer.

This post is original content by Shannon Jones, which first appeared on Patch

Normally, when you buy or sell a home in California, the contract includes contingency clauses, which state that the parties will move forward as long as certain conditions are met.

In California, the standard contract contingencies include: home inspection & buyer investigation; buyer review & approval of seller disclosures, preliminary title report, and natural hazard zone disclosure; and loan and appraisal contingency. In our current seller’s market, buyers are sometimes asked to waive these contingencies or shorten the contingency periods.

These terms are pretty standard from one transaction to the next. What can become a bit more tricky is buying a home when you need to sell first, or selling a home when you want to purchase another. Timing multiple transactions and adding contingencies that protect your best interests can require some finesse.

Before you determine your best strategy, you need to know if you are you in a buyer’s market or a seller’s market. In a seller’s market, sellers are more likely to find buyers who agree to purchase a home contingent upon the seller’s right to find a replacement home. However, in a seller’s market, when multiple offers are common, it may be difficult to get an offer accepted that is contingent upon selling an existing home.

As inventory increases or declines, the balance of power shifts between buyer and seller. In Long Beach, CA, we are currently experiencing a strong seller’s market, with only about a month and a half supply of homes – less in some neighborhoods.

So what’s a homeowner who wants to buy and sell supposed to do? After all, nobody wants to sell a home and then discover they can’t find something they like and they now have to put everything in storage and rent.

First, find a local, experienced Realtor who is knowledgeable about the COP (short for a California Association of Realtors form called Contingency for Sale or Purchase of Other Property). When filled out correctly, this form will spell out all the details of contingencies on the sale of a buyer’s property or seller’s purchase of a replacement property.

It’s important that all terms are clear to all parties, and that they are in writing. How long does the contingency last? What happens if the deadline isn’t met? When do the time periods for the other contingencies begin? What happens if one transaction falls apart?  If you’re buying a home AND selling a home contingent and you’ve got this form incorporated into both contracts, the details will matter. What about the closing date? Does the seller have the right to extend the closing if necessary to accommodate the time frame on a purchase? If so, by how much?

Recently, we represented a Long Beach buyer who was purchasing a home and about a week into it, the listing agent came to me to tell me her clients’ “upleg” on the home they were purchasing was looking shaky. Her clients, she told me, might have to cancel our transaction. However, they hadn’t included any such contingency in the contract so I calmly informed her my clients were not interested in cancelling.

While selling a home contingent upon finding a replacement home can be easily negotiated in our current market, it is a challenge to find a seller who wants to a contingency on the sale of the property. If they are going to do so, it will typically only be if the buyer’s home is listed for sale AND in escrow.

One clause in the COP discusses whether a seller can cancel a purchase agreement if the seller receives another offer. Typically, the seller will continue marketing the property for backup offers. What happens if they receive another offer they’d like to accept? There are two options and both parties must agree on one or the other. The first option allows the seller to cancel the contract after giving you 3 days notice to remove your contingency. The second option says the seller is obligated to sell it to you as long as you meet the terms of the agreement. But in a seller’s market, very few sellers who are represented by experienced, savvy agents will agree to this option.

So how do you manage these contingencies?

The most common scenario is: You place your home on the market contingent upon your replacement property purchase. Once you have your current home under contract, you’re in a position to make an offer on another home. However, if you are including a contingency on your sale in your offers, it may take multiple tries before you are successful in getting an offer accepted. That’s because you may be competing with other buyers who have their down payment in the bank and don’t need to sell anything.

One possibility is to commit to your buyers that you will sell to them (ie remove the contingency on purchase of a replacement property) but ask the buyers for flexibility with regards to timing on escrow closing and a possible period where they rent back the home to you after escrow closes. If you commit to them, they will need to do their due diligence up front, making you more comfortable to make an offer without it contingent upon your selling. This can be a bit tricky, though, because a savvy agent reviewing your offer will want to see “proof of funds” and if the down payment is coming from your home sale, they will know that one sale is tied to the other’s success, weakening your offer.

Another possibility is to simply sell your home, rent it back temporarily from your buyer, and hope that you’re successful in locating a replacement home quickly. Your chances of getting an offer accepted once you’re able to make an offer without that contingency will be greatly increased. Especially if the money is already in the bank. Although this option can put you in a stronger position as a buyer, you want to consider whether you feel confident that you’ll be able to locate a replacement home that you like that’s within your budget. Take a look at what’s sold in your target area and price range over the past 30 days or so. Would you have been happy purchasing at least one of those houses? And do you see anything on the market that meets your criteria now? If not, then you may not want to choose this option. Another potential downside to this scenario in a market where prices are rising is that you are locking in today’s prices on the sale of your home, but you may be paying more than you planned or getting less for your dollar than you hoped for.

Before you embark on a contingent sale or purchase, it is wise to consult with a knowledgeable Realtor about your specific circumstances. He or she can help you determine what price you’ll get for your home, how long it will probably take to sell, and how easy or difficult it may be to locate a next home that matches your budget and needs. The more flexible and motivated you are, the better chance you have of successfully avoiding two moves.

The Long Beach real estate market has been hot all year, but as we head into the summer season, it’s heating up even more!

In April 2013, the average home sales price in Long Beach was $495,463 — which is 27 percent up from from April 2012. Meanwhile, the inventory of homes for sale declined by more than 62 percent.

Currently, there is a 1.4 month supply of inventory, but in many neighborhoods there is less than a month’s supply. What this means is that if nothing else came on the market, we would be completely out of homes for sale in about a month.

Meanwhile, interest rates have remained incredibly low. That and the upswing in prices has fueled buyer dmand and homes have been selling like hotcakes.

Homes that are attractive, priced well and located are selling within days  — often with multiple offers and well above asking price. It’s becoming increasingly common for sellers to require that buyers waive appraisal contingencies in order to get their offers accepted.

For sellers, this market represents a great opportunity. For buyers, it can be a bit of a challenge to get an offer accepted. Patience, persistence and the help of an experienced Realtor with local connections can be necessary. Being pre-approved and ready to move forward quickly is doubly important in this fast-moving market.

Move-up buyers, who may be making a purchase contingent upon selling, will need to carefully plan a strategy if they want to avoid moving twice. If you’ve been considering buying a home in Long Beach or selling a home in Long Beach or if you’d like more information about the Long Beach real estate market or the value of your home, please give us a call today at 562-896-2456.

Want to see all the homes for sale in Long Beach? Register on our website today!

Showing properties 1 - 15 of 500+. See more Long Beach Properties.
(all data current as of 6/19/2013)

1. $1,350,000 : 347 Empire, Long Beach
   
   3 beds, 3 full baths

   Home size: 2,032 sq ft

   Lot size: 2,664 sqft

   Year built: 1989

   Parking spots: 4

   Days on market: 2
2. $949,900 : 25 Glendora Avenue, Long Beach
   
   3 beds, 1 full, 1 part baths

   Home size: 2,048 sq ft

   Lot size: 2,242 sqft

   Year built: 1928

   Parking spots: 4

   Days on market: 2
3. $647,000 : MLS # SB13116206 in Long Beach
   
   2 beds, 1 full bath

   Home size: 780 sq ft

   Lot size: 2,604 sqft

   Year built: 1924

   Parking spots: 3

   Days on market: 2
4. $596,000 : 3474 Senasac Avenue, Long Beach
   
   3 beds, 2 full baths

   Home size: 2,050 sq ft

   Lot size: 5,497 sqft

   Year built: 1950

   Parking spots: 2

   Days on market: 2
5. $439,000 : 3070 Chestnut Avenue, Long Beach
   
   3 beds, 2 full baths

   Home size: 1,723 sq ft

   Lot size: 5,402 sqft

   Year built: 1941

   Parking spots: 4

   Days on market: 2
6. $425,000 : 3719 Albury Avenue, Long Beach
   
   2 beds, 1 full bath

   Home size: 808 sq ft

   Lot size: 5,303 sqft

   Year built: 1943

   Parking spots: 4

   Days on market: 2
7. $399,000 : 3939 East Allin Street #211, Long Beach
   
   2 beds, 1 full bath

   Home size: 912 sq ft

   Lot size: 35,003 sqft

   Year built: 1971

   Parking spots: 2

   Days on market: 2
8. $339,000 : 248 East Louise Street, Long Beach
   
   3 beds, 3 full baths

   Home size: 1,400 sq ft

   Lot size: 3,040 sqft

   Year built: 1990

   Parking spots: 4

   Days on market: 2
9. $339,000 : 246 East Louise Street, Long Beach
   
   3 beds, 3 full baths

   Home size: 1,400 sq ft

   Lot size: 3,026 sqft

   Year built: 1990

   Parking spots: 4

   Days on market: 2
10. $279,000 : 243 East Louise Street, Long Beach
    
    4 beds, 2 full baths

    Home size: 1,178 sq ft

    Lot size: 6,166 sqft

    Year built: 1938

    Parking spots: 4

    Days on market: 2
11. $265,000 : 103 West Spring Street #B, Long Beach
    
    2 beds, 3 full baths

    Home size: 1,020 sq ft

    Lot size: 1.07 ac

    Year built: 1985

    Parking spots: 4

    Days on market: 2
12. $260,000 : 120 Alamitos Avenue #16, Long Beach
    
    2 beds, 1 full, 1 part baths

    Home size: 858 sq ft

    Lot size: 14,263 sqft

    Year built: 1959

    Parking spots: 4

    Days on market: 2
13. $259,000 : 531 East Hill Street, Long Beach
    
    0 beds, 0 baths

    Home size: 1,647 sq ft

    Lot size: 5,827 sqft

    Year built: 1914

    Parking spots: 4

    Days on market: 2
14. $204,000 : 315 West 3rd Street #804, Long Beach
    
    1 bed, 1 full bath

    Home size: 759 sq ft

    Lot size: 22,488 sqft

    Year built: 1925

    Days on market: 2
15. $140,000 : 535 West 4th Street #106, Long Beach
    
    2 beds, 2 full baths

    Home size: 779 sq ft

    Lot size: 21,377 sqft

    Year built: 1990

    Parking spots: 2

    Days on market: 2

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Memorial Day marks an occasion to honor and remember our heroes, those who have served and continue to serve our nation.

It’s also the official kick-off of the summer season and at our home, that means the grill gets fired up even more than during the rest of the year.

If you’re planning to do some grilling this summer, here’s some great tips from Bobby Flay:

1. Befriend your butcher. Buy from a good butcher shop or from the butcher at your supermarket’s meat counter. Avoid prepackaged steaks — plastic wrap traps in moisture.

2. Get good grades. Spring for USDA Prime or Certified Black Angus steaks if you can. Choice-grade steak is a good, less-expensive alternative.

3. Look for marbling. Thin white streaks of fat throughout a steak, called marbling, keep the meat nice and juicy. Plus, the fat adds flavor.

4. Do a warm-up. Take your steak out of the fridge about 20 minutes before grilling to bring it to room temperature. A freezing-cold steak won’t cook evenly.

5. Pare down the tools. You don’t need elaborate equipment to make a tasty steak — just a solid pair of tongs, a brush and a grill.

6. Feel the heat. Give your grill plenty of time to preheat. If it’s hot enough, you shouldn’t be able to hold your hand over the grates for more than 2 seconds.

7. Don’t move. Let your steak develop a seared crust on the grill before moving or flipping it. If you try to lift the meat before it’s ready, it’ll stick to the grates.

8. Use the touch test. Check for doneness with a simple tool: your finger. A rare steak feels soft and spongy, medium springs back a bit when pressed, and well-done feels firm.

9. Don’t overdo it. Err on the side of undercooking a steak rather than overcooking it. You can always pop the meat back on the grill if its too rare.

10. Let it rest. Once your steak is off the grill, wait at least 5 minutes before slicing. This gives the juices a chance to settle back into the meat.

Happy grilling and happy summer!

PRICE REDUCED! This spacious Craftsman bungalow is located in the heart of the Rose Park South Historic District — an area “This Old House” magazine dubbed one of the “best old house neighborhoods” in the nation. This home features an open floor plan with large living and dining rooms, hardwood floors, crown moldings, & recessed lights. The remodeled kitchen has granite counters, tiled floors, tons of cabinets, and stainless appliances including a double oven. The kitchen opens to a large den with a high ceiling, tiled floor, and an inside laundry area. There are three bedrooms, two full baths, central heat and A/C, and french doors leading to a large back yard deck and patio. The yard features a covered spa and a detached garage with alley access. In addition to the garage and parking at the rear of the lot, there is an ample driveway. This home is walking distance to shops and restaurants along 4th Street’s “Retro Row” and just a short walk or bike ride to the beach.

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SOLD! Charming cottage on a lovely street in the popular Wrigley neighborhood. The large living room boasts a traditional fireplace and the dining room overlooks a lush back yard. The spacious kitchen features tile floors and lots of cabinets & counter space. There are two roomy bedrooms and an updated bathroom. This home is light, bright and move-in ready with newer paint and carpet. There is a separate laundry room and a detached garage, plus a long driveway. Don’t miss out on this great home, convenient to schools, transportation and shopping!

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