While it might seem that prices can’t go any higher, they still are rising. The California Association of Realtors reports that the median home sold in Los Angeles County was about $566,000 in July. That’s up over 10% from a year ago. Los Angeles County showed a higher increase than any of the other southern California counties.
Will prices keep rising? Home prices depend upon employment, and employment is growing in our area, and so is the population. So there will be a strong demand for homes. But, there is not enough supply to satisfy the demand. The result should be stable or increasing prices.
Mortgage rates which were expected to rise through the year, have defied expectations and actually decreased since the first of the year – to the lowest rate since last December. You can expect a rate in the high 3% to low 4% range (for a 30 yr loan), depending on your credit scores, loan amount, and the amount of equity you have. 15-yr. rates are in the low 3% range.
If you need a pre-approval for a purchase, want a lower mortgage payment, or need cash for paying off debts or renovations, please call me. I’d be happy to review your situation and give you the best options your situation. I offer free pre-approvals and consultations. And, referrals are always appreciated.
I’m always available to help you with this and other mortgage questions. I offer free pre-approvals and consultations on the best options for you.