June 9, 2023
A Strong Start in Summer Sales
The residential housing market in Los Angeles and Orange County has exhibited remarkable strength, marked by high demand and limited supply. This trend shows no signs of abating, creating an opportune environment for both buyers and sellers. The value of investing in homes has become increasingly apparent this summer season, leading buyers to remain undeterred by the upward trajectory of mortgage rates.
Buyers are entering the market armed with cash reserves, resulting in a surge of all-cash purchases. This influx of cash offers has contributed to the competitiveness of the market, with nearly every property we've listed receiving multiple offers. The desire to secure a property amidst the limited supply has created a dynamic landscape for buyers and sellers alike.
We are delighted to see that lenders are also willing to collaborate with buyers, often contributing to buying down rates to facilitate home purchases. This collaboration between buyers, sellers, and financial institutions has proved beneficial in achieving the desired prices for sellers while enabling buyers to navigate the changing mortgage rate landscape more effectively.
Should you have any questions, require further information, or wish to discuss your real estate needs, we invite you to reach out to us.
Are Sales Back on the Rise?
For a while, the real estate market was slowing down, due to high interest rates, lack of inventory and uncertainty regarding regarding the economy and employment. However, data shows that home prices increased for the first time in February of this year and then again on March; this, following 6 months of falling home prices. "Two months of increasing prices do not a definitive recovery make, but March's results suggest that the decline in home prices that began in June 2022 may have come to an end," said Craig Lazzara, managing director at S&P DJI, in a statement, per CBS News.
This is great news for sellers, but is challenging for buyers as they are contending with higher prices and higher interest rates. One would normally expect these two factors to counterbalance each other out.
As schools are letting out for summer vacation and families contemplate making moves and purchasing homes, the hope is that more homes become available for sale and provide more competition amongst sellers. Homes are no longer flying off the shelves like they were in 2020 & 2021, but prices are continuing to rise, a sign that there are still many confident and eager buyers seeking home purchases.
Stay up to date on the latest real estate trends.
August 9, 2023
Mortgage rates have seen a slight increase as of July 27. The 30-year fixed-rate mortgage now stands at 6.81%, up from last week's 6.78%. Comparatively, this time last…
July 10, 2023
We are delighted to bring you some exciting highlights on the current state of the Greater Los Angeles and Orange County housing markets. As we delve into the luxury a…
June 9, 2023
The residential housing market in Los Angeles and Orange County has exhibited remarkable strength, marked by high demand and limited supply. This trend shows no signs …
May 18, 2023
The recent rate hikes by the Federal Reserve have had a noticeable impact on mortgage rates. As interest rates rise, mortgage rates tend to follow suit, making it more…
April 21, 2023
As we enter the Spring season of 2023, we wanted to provide you with an update on the current state of the real estate market. In recent months, we have seen a steady …
April 4, 2023
Spring is here and is typically a busy time for our team to prepare our sellers to list their homes on the market. Simultaneously, we have been working diligently to f…
March 17, 2023
So much has happened these last two weeks in the banking sector. The collapse of two prominent banks has caused a state of panic, forcing the Federal government to mov…
March 3, 2023
Torrential rains and mortgage rates hikes in Los Angeles and Orange County amidst the past several weeks didn’t stop many of our buyers and sellers from making big mov…
February 14, 2023
January was a hot month where we saw buyers jumping back into their home searches as mortgage rates took a brief yet significant nose dive compared to where rates were…
You’ve got questions and we can’t wait to answer them.