Hard to believe we are here --the holiday season and last days of the year. I’m sentimental about the year ending ‘21’, but anticipate plenty of market and LA lifestyle excitement for Year 2022.
’21 had some big roar to it for a good bit of the market year but is exiting us in December in a calmer manner, as both Buyers and Sellers slow down and interest rates rise to their highest point of the year. The all-time low mortgage interest rate occurred Jan 7th @ 2.65%. Since then, mortgage rates have risen 17%. This is a critical factor in the slowing of refinancing and purchase mortgages. Sellers should take note. Further, the Federal Govt funding support for home mortgages created during the Pandemic is reaching its end soon, as Fed Chairman announced this week. Buyers should take note.
A bright ‘22 potential still lies ahead for the Southern California housing market for both Buyers & Sellers. Although LA County home prices rose 10.5% since last October, price increases are waning and inventory is slowly rising-- helping Buyers achieve better foothold. Affordability will remain challenging for much of 2022 due to the 45 million Millennials (ages 26-35) who have now reached prime age for buying their 1st home.
LA’s Luxury Sector has made headline news almost weekly during ’21. LA County is the official highest home price county in the United States. Take a moment with that statistic. The world’s wealthiest man (Bezos) no longer owns the highest price sale in LA, being overtaken by tech mogul Marc Andreessen’s recent $ 177M purchase in Malibu.
My team’s involvement with the Kendra Sells Hollywood reality show currently streaming on Discovery+ has been exciting and educational...not only for Kendra. We celebrate the good reviews and the progress our new team agent Kendra Wilkinson is making as she builds her career as a professional realtor. The learning is real and the coming drama is real. I’d like to say that the show puts “real” back in the real estate ‘reality show’ world. Please watch to see how we teach and operate as a team and why our ethics and client service are a proud hallmark for our brand. We are passionate about our pursuit of excellence and constantly strive to win for our buying or selling clientele. We wouldn’t do anything else.
Happy Holidays!
