Rising Interest Rates and Global Turmoil
Inventory levels remain low, and rising interest rates are not deterring buyers, yet. Admittedly it will take some time for rates to rise enough to impact buyers, however, keep in mind that the FED is anticipated to raise rates as much as seven times this year, so it's something to consider. The second thing to ponder is how the stock market volatility and any potential global unrest might affect buyer mentality. The stock market going down is really the more important driver as it will impact investments and might make some buyers nervous about jumping into homeownership. The California Association of Realtors(CAR) 2022 Market Forecast is out and they are anticipating low inventories and price gains of 5.2%.
Single family home prices(median) for November 2021-January 2022:
Glendale + 26.3%
Burbank + 21.0%
Toluca Lake* + 33.0%
Pasadena + 20.6%
Studio City + 14.3%
Hollywood Hills* + 3.5%
Valley Village + 8.4%
Sherman Oaks + 14.3%
Woodland Hills + 16.8%
*Please note that this area had few sales so percentages
are somewhat misleading
Weekly national mortgage rates for loans under $400,000, top credit scores:
30 yr. fixed rate 3.69
15 yr. fixed rate 2.93
5 yr. adjustable rate 2.80
Powered by MortgageCalculator.org
Call me today to sell or buy your next home.
Ana Connell 818.795.8474
For a Free Home Equity Checkup, click here!
