Now Is a Good Time for Buying and Selling in LA

buying and selling in LA

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.

© 2019 The Raskin Group. 2115 Main Street Santa Monica CA 90405 (310) 867-0173

 

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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