Welcome to the May 2019 SoCal Real Estate market update!
It’s hard to believe that this year is almost half over. The good news is that after starting the year slow, home sales across Southern California have gradually increased each month of 2019.
In this newsletter, we will brief you on what’s happening with the local Real Estate market just so you will know what to expect if you plan on buying or selling a home in SoCal.
What’s Happening with Mortgage Interest Rates?
The good news about 2019 is that the Federal Government has indicated that they have no plans to increase mortgage interest rates this year. This is excellent news; what’s even better is that Interest Rates have dropped to about 4.00%.
We recently spoke with a new client who was pre-approved for a mortgage loan with an interest rate of 4.00% so it’s highly likely that we will see more buyers entering the Real Estate market during the summer months, especially buyers who have been “sitting on the fence” waiting for interest rates to go down.
Will the Increase in Sales Activity Continue?
As of today, it’s anyone’s guess if the increase in home sales activity in Southern California will continue, or if the market is in the correcting mode that started last year.
The big question is should you buy or sell a home in Southern California right now? The answer to this question is yes! Activity is great right now and if you find a home for your primary residence or an investment property, you shouldn’t hesitate to buy Real Estate in Southern California.
If you’re planning on selling a home in Southern California over the next 6-12 months, it’s still a great time to sell your home for top dollar especially if the home shows well and is priced right.