THE NEW LOS ANGELES:
I am a Los Angeles based Developer/Project Manager and a Real Estate Broker who is 1,000% percent dedicated to advancing his clients investment goals. I have a full range of real estate transactional, legal, marketing & tech/design skill sets that helps my clients strategically leverage their real estate assets and achieve their short & long-term portfolio goals. Feel free to call me at the number below for a free consultation.
Phoenix Thottam (T: (310) 497-7255)
December 23, 2018 - VENICE/ MAR VISTA
2018 MULTIFAMILY, HOME PRICE & MARKET TRENDS UPDATE
As of Dec. 23, 2018, the interest rate for a 30-year fixed mortgage jumped to 4.72, up from 4.55 percent in May 2018, 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 45 to 57 days, a shift from 35 to 40 days on market back in May 2018.
WESTSIDE LA MARKET SHIFT - However, in certain markets (e.g. Venice/Mar Vista), the Days on Market has climbed from as short as 3.6 months (2017) to as long as 5.6 to 6.5 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.
Call me today to schedule a meeting and for a free buy/sell strategy analysis as well as a free market comparative valuation for your property. (310) 497-7255.
Residential & MultiFamily
Residential & Multifamily services.
Additional Information Pending. Call Phoenix at (310) 497-7255 if you have any questions.
CALL ME TODAY FOR A FREE CONSULTATION.
Call me today at (310) 497-7255 if you have any questions or if you or someone you know could benefit from a free real estate advisory consultation (brokerage services (Commercial / Residential) or development advisory services).