MAY 2018 - VENICE/ MAR VISTA

2018 1Q HOME PRICE & MARKET TRENDS UPDATE

As of May 15, 2018, the interest rate for a 30-year fixed mortgage jumped to 4.61 percent, up from 4.55 percent last week and the highest since May 2011 (source: FreddieMac).   

Additionally, homes sold nationwide & their Days on Market (a key broker metric) declined slightly to a national mean of between 35 to 40 days on market. 

WESTSIDE LA MARKET SHIFT - However, in  certain markets (e.g. Venice/Mar Vista), the Days on Market has climbed from as long as 3.6 months (2017) to 5.6 months (2018). 

Part of what is going on in the market is that homebuyers -- encouraged by positive nationwide trends in job/income growth and low unemployment -- are now rushing to lock in loans before prospective buyers' interest rate costs climb  higher.    With a relatively small inventory, i.e. the supply of listings, the increased level of competition is only making their purchases harder to afford.  This is a great time for a seller in today's market.   

MY COMMITMENT TO GET YOU THE BEST PRICE POSSIBLE:   (#1) Timely communication & Focused Customer Service, (#2) My Commitment to Obtain for You The Best Price possible in your timeframe, and (#3) Dedication to Customer Service are our core values.  Over 15 years of experience in commercial and residential real estate leasing, development and sales.    Call me at (310) 497-2755 today to schedule a meeting and for a free buy/sell strategy analysis as well as a free market comparative valuation for your property.