This month's real estate news:
In a shift of focus and an effort to have a positive yield curve, the Federal Reserve has indicated that it is, for now, no longer interested in raising short term rates. The yield curve, for you interest rate wonks, refers to the relationship between short term rates and long term rates. This is important as too many short term rate hikes can cause a flat or even an inverse relationship, where short term rates go higher than long term rates, which could cause a recession. Overall, the fact that rate hikes are taking a back seat is not expected to have an effect on mortgage rates. This is good news for buyers as they will be able to maintain their buying power.
Local inventories continue their downward trend, dipping below the two month mark in a few areas.
And yes, I'm a broken record, but will say it again, still a seller's market as multiple offers continue to dominate in a low inventory market. This phenomenon is affecting all price points as we're seeing a healthy amount of buyers all the way up to $2.5M.
Here are some local number's; home prices for April 2016-June 2017 vs. same period last year:
| Glendale | + 12.7% |
| Burbank | + 7.9% |
| Toluca Lake | + 53.3% |
| Pasadena | + 9.5% |
| Studio City | + 6.9% |
| Hollywood Hills | + 8.1% |
| Valley Village | + 2.6% |
| Sherman Oaks | + 1.4% |
Call me if you would like home selling strategies that net top dollar!
Ana Connell 818-795-8474.
Weekly mortgage rates:
30 yr. fixed rate4.02
0.01
15 yr. fixed rate3.270.00
5 yr. adjustable rate3.13
0.01
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