The Los Angeles residential real estate market is in a minor transition. Consider it slowing from 100 to 80. Still heated, but not scorching. Inventory is still tight but increasing. This past month is the first time in several months we have not hit a record price. There is some buyer burnout. They just aren’t as willing to chase prices higher and over-bid on properties, as they have been.
Rates are still good, but there are warnings from the Federal Reserve that they’ll be scaling back on the Quantitative Easing. The artificially low mortgage rates should be trickling up around the end of the year. The COVID resurgence messing with the economic reopening on one side, elevated inflation levels, and supply chain issues on the other, will keep the Fed evaluating data, before making a move. Realistically, the low rates stimulate buyer activity. There is no shortage of buyers. It’s just a shortage of properties to house the population. Feeding the fire are the Millennials hitting the prime housing formation age (33).
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, SRES, SFR, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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