Weakness In Housing Continues - Nov. 2022 LA Housing Market Update
Well guys and gals, the higher mortgage rates continue to put a damper on the housing market, as pending home sales and closed sales continue to decline, while days on market and inventory levels continue to rise.
As we shift more and more in the direction of a buyer's market, it's getting harder to sell a home and easier to buy one, which will be welcome relief for buyers that have had a tough time for many years. With the likelihood of a Fed pivot sometime in 2023, this could be a very good time for buyers to find the right home at the right price, while positioning themselves well for a potential refinance into a better rate soon. This coupled with a host of new lending programs keeping the payment low for the first few years of payback could allow for some great buying opportunities.
Contact us if we can assist with your real estate needs.
