NOT EXACTLY A BUYERS MARKET...

Spring is usually the busiest time for the housing market. 

But this year, there isn’t the usual momentum. Lawrence Yun, the chief economist for the National Association of Realtors, said he expects we’ll see somewhat “better than frozen conditions” during the second quarter of the year — unless, of course, interest rates fall “measurably,” turning icy conditions into “vibrant” ones.

At the end of February, the United States had 2.6 months’ supply of homes to buy, according to the National Association of Realtors. That might sound like plenty, but it’s not: A healthy housing market has about four or five months’ supply.

I am seeing that anything decent is going at list or above price and I am also seeing them getting multiple offers.

Just about everyone else is searching for the same exact things. 

Many real estate professionals are operating under the assumption that we’ve hit bottom. I TEND TO AGREE WITH THEM. 

The prevailing wisdom seems to be that prices will start to rise again as potential sellers who have held off on listing their homes decide they can’t wait any longer, and buyers become acclimated to the higher interest rates and come around to the idea of paying more because, you can only put those decisions on hold for so long. 

SOOO…what to do?  If you are buying, buckle down and get the house you want.  You are gonna pay a bit more in rate and payment, FOR THE SHORT TERM, but when rates fall, prices are going up and YOU are going to just refinance. 

Also there is about to be a 40yr mortgage product introduced to the market.  Stay tuned as that rolls out over the next few months. 

If you are selling, get your home in tip/top move-in ready shape and watch the multiple offers and top dollar come pouring in.  We can help you get it ready to sell with our proven 3 step plan.  PS…If your still waiting for the CRASH???  Here is another sign, it's not going to happen. The USA has the lowest vulnerability to variable, adjusting, or rising rates.

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas.  We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.

Best,

Riley Schmidt