Did you notice that fixed-rate mortgage has dipped below 6%?
Anyone wondering (like me) how we can be in the final month of the first quarter of the year already? And while the East Coast got hammered with an official blizzard on the heels of a major snowstorm, in the greater Los Angeles area, we enjoyed summer in February. Real Estate activity has been just as hot and cold. Depending on when you asked me, I was either super busy or catching up on the ‘to do’ list.
Glad we are indoors
You’ve likely seen the news that the 30-year fixed-rate mortgage dipped below 6%, a level it’s not seen since the mid-2022. Clearly, this encouraging news improves buyer purchasing power yet nevertheless we are still facing huge inflationary increases. Platforms that focus on Consumer Confidence report what you and I see whenever we go to the grocery store or the gas pumps. So in spite of the positive news of the drop in fixed-rate mortgages, the buying power of first time and repeat buyers is still affected. Next week could be different! Generally speaking, the first week of any given month offers several top tier economic reports culminating in jobs reports and that has the potential to cause volatility in the rates.
Step down living room
As a point of awareness, anyone considering selling their property needs to be cognizant of these factors and position your property to sell by pricing it correctly. Do not exaggerate the list price only to ultimately chase down the price; there are still less buyers out there and they are well aware of real estate inventory and market activity. There are also still those buyers that are ‘sitting on the fence’.
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I also recommend listing a property not only in the MLS but on all platforms; do not fall for the “private listing” gimmick. The more eyes that see your property, the more likely it will sell faster. Keep in mind that here in the greater Los Angeles area, we are being viewed by international buyers as well as local buyers.
If you are looking for a focused pet friendly Beverly Hills Realtor who can handle the most challenging properties that no one else could, please reach out to me directly. If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com. Berkshire Hathaway Beverly Hills
Looking to sell your lot? Reach out to me
A portion of my commission will be donated to a local and reputable animal rescue organization or cause. Remember this Military Friendly Realtor treats every day as if it’ one of his last 50.
