As January pushed into February, you may wonder if now is the right time for buying and selling in LA. Based on the news showing a volatile stock market, rising mortgage rates, and a federal shutdown, you may have decided that now is not the right time to do either. You may think that things are too unsettled. However, you would be wrong. Let’s see why.
Mortgages are Cheaper
Believe it or not, the mortgage rates have gone down again. It is possible to get a fixed-rate 30-year mortgage below 5%, with some as low as 4.45%. If you are willing to take an adjustable-rate loan, you can get interest below 4%.
This is lower than the same time last year. Of course, the rates are slightly higher than their all-time lows, but the rates are very encouraging for those who are buying and selling in LA.
Other Positive Recent Trends
In addition to lower interest rates, there have been other positive trends that make buying and selling in LA a good idea.
- Growing inventory of homes
- Slower inflation pace
These trends have spurred people to buy homes even during the winter months, which tend to be slower even in LA. In fact, new mortgage applications were at their highest national level since 2010 on January 11th.
Additionally, though still continuing to rise, which is good for home sellers, the median home prices are rising at a much slower rate. This is great for home buyers. Plus with interest rates down, there are more buyers which means sellers will move their homes faster. In fact, I expect to see a strong spring market in the LA area.
If you’d like more information about the market on the Westside, give me a call. I’d be happy to discuss buying and selling in LA during 2019.
Brett truly cares about each and every one of his clients. His passion in life is leveraging his exceptional Real Estate background, experience and knowledge to help his clients achieve and exceed their goals.
