We are living in interesting times domestically, globally, financially.
Rather than inundate you with stats on rates, the trajectory of the market, average days on market. I think it's time we have a casual conversation. Especially if you are considering buying a home and are uncertain if now is the time to make that decision.
The question: "Is now a good time to buy a home or investment property?"
And the answer depends.
What is your budget?
My suggestion is to find out what you're qualified for? What price range? And what would your down payment & closing costs be?
Once you know your parameters, go and look @ properties that fit your budget. See what's out there.
If there's a home that you'd like to live in, which makes sense financially, then you'll know if it's a good time to buy for you.
Is it a buyer's opportunity market right now? Yes, for the right buyers.
Are sellers getting nervous and offering major concessions to close deals? Yes.
Is it possible to get a major price reduction along with credits and repairs? Absolutely.
Are interest rates much higher than they were in January? For sure.
Will interest rates come back down in the next 18-24 months? Yes, that's what the Fed is telling us.
Can you buy a home for a discount today and then refinance in 24 months to lower your payments? Almost certainly.
Are there any guarantees in life? Other than death and taxes, none that I'm aware of.
Is Los Angeles real estate a sound investment over the long term? Based on every past cycle, absolutely.
WESTSIDE MARKET STATS:
Message me if you have questions about your specific neighborhood.
NOVEMBER MARKET + ECONOMIC UPDATE
Mark, the Founder of AllOneWealth, and I, are excited to provide an economic update with valuable information, industry insight, and professional guidance on the latest key trends. Interested in learning more about markets, inflation, QE or how you can take advantage of current investment opportunities? Schedule a call with us. Warmly, Adam
Mark, the Founder of AllOneWealth, and I, are excited to provide an economic update with valuable information, industry insight, and professional guidance on the latest key trends.
Interested in learning more about markets, inflation, QE or how you can take advantage of current investment opportunities? Schedule a call with us.
Warmly,
Adam
NATIONAL 30-YEAR FIXED MORTGAGE RATES GO UP TO 6.85%
The current average 30-year fixed mortgage rate climbed 5 basis points from 6.80% to 6.85% on Wednesday, Zillow announced.
The 30-year fixed mortgage rate on November 2, 2022 is up 3 basis points from the previous week's average rate of 6.82%.
Additionally, the current national average 15-year fixed mortgage rate increased 8 basis points from 5.89% to 5.97%. The current national average 5-year ARM mortgage rate is equal to 6.39%.
MARK'S TAKE ON THE STATE OF THE ECONOMY:
It’s been a while – I took a little hiatus. On 10/21/22 my wife gave birth to our beautiful son, Rome August Sauer. We are absolutely thrilled.
Given the shifts in my life, I’m going to be transitioning away from ‘weekly’ market & economic updates and focusing on monthly updates. I’ll also be posting the back log of blog posts that I’ve created over the last several months - rather than just inform you on market and economic movement and policy, I aim to also educate and inspire you with this next phase of the AllOne blogging journey.
As always, I’d love to hear from you. Please reach out with any questions or feedback – I’m always open for blog suggests as well.
Below is your AllOne Monthly Market & Economic Update by the numbers.
Interested in learning more? Schedule a call with me.
Warmly,
Mark S Sauer
