L.A. real estate news and insights.
Here is the cheapest home sold this week in Altadena.
Asking price: $1,100,000
Selling price: $1,100,000
This vintage farm-home style property has 4 bed/2 bath, 2,390 sq. ft. of living space, and is on a 16,777 sq. ft. lot.
Are you surprised it didn't sell over the asking price?
Text me for more info at 818-445-7953.
Off-market property in Los Angeles.
This condo has 1,092 sq. ft. of living space, stainless steel appliances, a fireplace in the large living room, and an in-unit washer and dryer.
Building amenities: pool, spa, gym, sauna, community room, and gated underground parking.
Here is the cheapest condo sold this week in LA.
Asking price: $299,000
Selling price: $290,000
This 2nd-floor studio has 0 bed/1 bath, and 450 sq. ft. of living space.
The unit has a murphy bed, kitchen, breakfast area, and full bathroom.
The building amenities include a rec room, laundry room, and gym.
Do you think a studio condo is a good investment?
This is down from 9% last year, signaling a cooling in the real estate market. Do you think it will be 25% by the end of June?
Here is the best fixer for sale this week in Reseda.
Asking price: $699,900
This home has 3 bed/2 bath, 1,151 sq. ft. of living space, and is on a 10,851 sq. ft. lot.
The single-story home is at the end of a cul-de-sac and is on an oversized lot—plenty of room to expand.
Text me if you want a tour at 818-445-7953.
Los Angeles’ median home value in 2000 was around $231,000. That number has jumped to $878,000 in 2022 – a 280% increase.
Elevated inflation and the Federal Reserve’s monetary tightening policy drove the latest leap in mortgage rates this week. Since the beginning of this year, mortgage rates have jumped by 1.2%. The typical home buyer would need to spend $250 more every month to be able to purchase a home, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s blog.
The 30-year fixed-rate mortgage moved up to a 4.42% average this week, more than a quarter of a percentage point compared to last week, Freddie Mac reports in its latest mortgage market survey. Rates continued to rise across loan types. “Rising inflation, escalating geopolitical uncertainty, and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power,” says Sam Khater, Freddie Mac’s chief economist. “In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting home buyers’ ability to keep up with the market.”
30-year fixed-rate mortgages: averaged 4.42%, with an average of 0.8 points, rising from last week’s 4.16% average. Last year at this time, 30-year rates averaged 3.17%.
Source: Freddie Mac and “Instant Reaction: Mortgage Rates, March 24, 2022,” National Association of REALTORS® Economists’ Outlook blog (March 24, 2022)
