Realtor selling Ventura and West Los Angeles Counties
Cindy Gunn, Your Realtor for life!
Realtor with eXp Realty, CalBRE#01988772
Cindy Gunn Homes
We Sell SoCal Real Estate Real Estate - Your Partner in Buying and Selling Properties
From California Association of CALIFORNIA ASSOCIATION OF REALTORS®
February 05, 2024 - The Federal Reserve left interest rates unchanged at their recent meeting and signaled that they will be closely monitoring the data for improving signs on inflation to begin lowering, but a better-than-expected employment figures for January drove 10-year Treasury prices down and bond and mortgage rates rising this week. The resilience of the macro economy may mean the anticipated rate cuts will be slower to manifest than many had hoped. However, weekly numbers on pending sales show that consumers were taking advantage of the recent reprieve on rates we enjoyed last month, and closed sales could begin to tick up as the spring homebuying season beings in earnest over the next few months.
California SoCal Real Estate
So, what is going on with Real Estate now?
January 2023
People are always asking me, what the heck is going on with the real estate market? While none of us have a crystal ball to see into the future.... what I'm seeing is that it is continuing to soften under the pressure of higher mortgage rates. Home prices are still above last year's level, but sales have slowed and likely will continue to slow over the coming months. Here is what I can tell you.
- In an effort to curb inflation, the Fed raised interest rates to the highest they've been since 2008. They are now near 7%.
- Many new homes and condos are being built this year.
What does that mean for you as a buyer? You have options. Consider a mortgage like an ARM or an interest-only loan, with the plan to eventually refinance when interest rates go down. The market softening means that you can likely get a home at a discounted price than earlier this year. The time to buy is coming!
What about as a seller? Inventory is still low. Homes are selling for a higher price per square foot than then the last couple years. You may not receive 20 offers on your property like this time last year, but properties are still selling. If you want to know how to position your home for a strong sale in today's market, call me.
This is my two cents. If you have follow-up questions, call me at 805.404.8280.
Cynthia Gunn, Realtor #01988772 ~ eXp Realty of California
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