Silicon Beach Buyer Edge News • 06 02 22
Happy Weekend!
Recent real estate news is enough to make your head explode, right? Inflation up! Mortgage rates up! Home prices up! New home sales hit 2-year low! I hear so much chatter about people waiting to buy until home prices drop.
Short of something cataclysmic and completely unforeseen, however, prices are not dropping. And if they do, it will be for limited segments of the national market, and particularly unlikely for Silicon Beach.
This week, CNBC said "mortgage demand falls to the lowest level since the end of 2018." Who could blame you for thinking a 2008-style meltdown is upon us??
But the data, rather than the headlines, tells a different story and real estate data varies by region. No national news headline is going to be able to tell the local story. Local agents know the local story, not CNBC.
And honestly, I'm not even sure the mainstream media wants to tell any story other than the one that gets eyeballs, shock and awe.
The real story behind the CNBC headline is that with rates up, re-fi's are down dramatically. I mean who in the their right mind re-fi's into a higher rate?? Of course re-fi's are going to be down with higher rates.Even the article says that mortgage purchase applications are only down 1%. Cue the eyeroll.
Further, price increases are softening on all the bad news, but not prices. Nothing is getting cheaper, especially in Silicon Beach.
Have you put the brakes on your home buying plans due to the news and buying climate it portrays? I'm setting aside six extra slots of time next week to meet with clients to talk about the specific impacts of recent news on Silicon Beach real estate and how their specific strategy should change, if at all.
One person's calamity is another person's opportunity. Follow the data.
Want to talk by phone, zoom or in person? Grab some time on my calendar by using this link. Get the local story from a local agent who obsesses over local data.
Meanwhile, the tables below show the most recent local MLS data, which just dropped three days ago. Nothing dramatic appears in that data. Two of the graphics below show a flattening of median price, but none show a drop. Read more about my thoughts on The Trendline. Some of the data below represents lagging indicators, but I can share more details when we talk.
Local Trendlines
Below are the general trends for a couple of our Silicon Beach communities. Let us know how we can help you discover the trendline for your target community. Text the word TRENDLINE to 424.228.9969.
You'll hear us talk a lot about trendlines. Why do we make a big deal about them? If the trends favor sellers, it's one negotiation strategy for buyers and if the trends favor buyers, it's another. We regularly report on Venice, Westchester and Manhattan Beach. Read more on GetTheTrendline.com.
Want a trendline report for another neighborhood or property type? Text the word TRENDLINE to 424.228.9969 and we'll get you fixed up.
Real Estate Buyer News This Week
Here are links to a couple of news items we saw this week that might be interesting to you as a property buyer in Silicon Beach:
Some Fun Stuff
Here are a couple of links to lifestyle events and information to help you get to know our community better:
Things To Do In LA This Weekend (always a very eclectic round up!)
Have a great week!
Tracy & Team Silicon Beach Properties
P.S. Do you know somebody else who wants to buy real estate? Please forward this 💯 buyer-focused newsletter. ❤❤
P.P.S. Listings information presented below is customizable on request. Interested in sold listings, for example, but not the for the city shown? Text the word HEY to 424-228-9969 and we'll get you what you need.
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