Thursday, September 8, 2016

This month's real estate news:

We're seeing a large pick up in inventories, 40% in Burbank, Toluca Lake, Pasadena areas, almost 77% in Glendale and a whopping 90% in Studio city for the June-August period, as compared with the same period last year. Momentum continues in the California housing market as improved economic conditions and more job availability throughout the state benefited the housing market and continued to push sales higher.  Mortgage rates returning back to near record-low levels in the first half of the year, coupled with an anticipated rise in the fed funds rate later this year may also have prompted buyers to feel a sense of urgency to enter the market.

Here are some local number's, home prices for June-August 2015 vs. same period last year:

Glendale               up 9.5%
Burbank                up 1.7%
Toluca Lake          up 7.9%
Pasadena              up 2.1%
Studio City            up 1.5%
Hollywood Hills    up 6.6%
Valley Village        up 11.3%
Sherman Oaks      up 17.0%

Please let me know of any questions that I may help with or if I can provide you with specific information regarding your home!

The best month to buy is October

RealtyTrac analyzed more than 32 million sales of single family homes and condos since 2000, and they found that the month where buyers have gotten the best deal on average is October. Of the 2.7 million sales closed in October over the last 15 years, the average sales price was 2.6 percent below the average estimated full market value at the time of sale.

The start of the school year and the holidays influence our buyer decisions and serve as a strategic indicator of the most advantageous times for buyers to land their lowest-priced deal.  Due to less buyer competition, October and November typically provide a dip in the SoCal real estate activity cycle,” said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market where the best day to buy at a discount is October 1st.
Following October as best months to buy were February, July, December and January — all fall or winter months except for July, which was a surprise given that conventional wisdom would suggest that is a good time to sell but not necessarily to buy to buy at a bargain price.  Click here for the full article.

Weekly mortgage rates:

30 yr. fixed rate 3.9 0.01
15 yr. fixed rate 3.1 0.01
5 yr. adjustable rate 2.91 0.02
1 yr. adjustable rate 2.63 0.01
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