When it comes to buying or selling a home there are many factors you should consider. Where you want to live, why you want to buy or sell, and who will help you along your journey are just some of those factors. When it comes to today’s real estate market, though, the top two factors to consider are what’s happening with interest rates & inventory. Interest Rates Mortgage interest rates have been on the rise and are now over three-quarters of a percentage point higher than th
So 6 months ago you decided to finally become a homeowner or to downsize or upsize your current home and you made the wise decision to start the process by getting pre-approved for a loan. You've been pre-approved for a loan to buy your future home in Los Angeles, may it be a condo in Santa Monica or a house in Beverly Hills and that's great! But guess what? the interest rates that you were pre-approved with 6 months ago (maybe around 4%) are no longer today's going rates...
According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year. CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change, “The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand
Housing inventory is up year-over-year for the first time in three years in Los Angeles, Brentwood, Santa Monica, Beverly Hills and the San Fernando Valley which means that home price appreciation will likely begin to slow. If you're looking to buy or sell a home, now is still a great time! Let's get together today to go over what this shift in the market means for you.