L.A. real estate news and insights.
The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey.
Rates are expected to continue to rise. The higher they go, the less buyers there will be for your property.
"Hot Home” in Sherman Oaks.
Asking price: $2,179,000
This home has 4 bed/4 bath, 3,460 sq. ft. of living space, and is on a 5,400 sq. ft. lot.
The home features 20ft ceilings in the living room, stainless steel appliances in the kitchen, and a family room with access to the backyard.
There are privacy hedges and a patio outside which is perfect for al fresco dining.\
Text me if you want a tour at 818-445-7953.
The California median home price is forecast to rise 5.2 percent to $834,400 in 2022, following a projected 20.3 percent increase to $793,100 in 2021 from $659,400 in 2020.
An imbalance in demand and supply will continue to put upward pressure on prices, but higher interest rates and partial normalization of the mix of sales will likely curb median price growth.
Additionally, a shift in housing demand to more affordable areas, as the trend of remote working continues, will also keep prices in check and prevent the statewide median price from rising too fast in 2022.
Source: C.A.R.’s “2022 California Housing Market Forecast”
