Summer is here and the market is just as hot as the temperatures! Hi, I’m Felipe Crook from EXP Realty and I’m here to give you the real estate market update for Silverlake 90026 and 90039. But first I want to talk broadly about what economists are predicting for the second half of the year.
Freddie Mac’s quarterly Forecast said
“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”
Now these are still historic low rates, so buyers should take advantage of them while you can.
The biggest story in the real estate market right now, is the lack of inventory. George Ratiu, Senior Economist at realtor.com, notes there are signs that we may see the current inventory challenges lessen.
“We have seen more new listings this year compared with 2020 in 11 of the last 13 weeks. The influx of new sellers over the last couple of months has been especially helpful in slowing price gains.”
But as of right now, we are definitely in a seller’s market with so few homes available for sale and buyer demand so high.
In Silverlake 90026 and 90039, 69 properties sold in June and 49 of them got more than their asking price. The average days on the market stayed the same from last month at 12 days. And there are currently 76 properties on the market which is a decrease from 90 properties last month.
If you’re thinking about buying or selling, please reach out to me directly at 213-268-6832. Again, I’m Felipe Crook. Investing in your dreams.