Silicon Beach Buyer Edge News • 07 28 22
Happy Weekend!
Interest rates are down. I didn't expect this already. 🤔
Interest rates are a tool the fed uses to control inflation. When money is cheap and demand for "things" goes up, high prices and inflation rule the day. Increase rates and demand goes down because everything is then extra expensive.
Our rates feel high right now, but seeing them dip is a happy sign that maybe our economy is finding balance again.🤸♀️🤸♂️
Or maybe this is another blip on the way to balance. Time will tell.
Should you wait to buy until rates come down more? Absolutely not. Right this minute, other people are freaked out by the rate volatility. This is your chance to make offers with less competition.
If you're a cash buyer, you should definitely be taking this advantage of this current opportunity to make offers with fewer competitors.
If you're financing your purchase, your mortgage can be re-financed later if you're not crazy about the rate you lock right now.
Prices are continuing to climb. Rate volatility or not, there are still more buyers than sellers and demand is continuing to drive pricing up. There is no metric on the table right now that says supply is going to skyrocket. Without skyrocketing inventory, prices are not going down.
If you are financing, talk to a lender ASAP. Programs change all the time in response to economic influences. Find out what is available right now that you might not know about. Ask about ARMs. They are not as scary as they looked in 2008.
Another option right now is the "lock & look" programs offered by several lenders that guarantee your rate for up to 90 days. This is another way to push back on rate volatility. Text the word LENDER to 424.228.9969 to get lender recommendations or message me. We talk to lenders all the time.
Rooting for you!
Tracy & Team Silicon Beach
Local Trendlines
Below are the general trends for a couple of our Silicon Beach communities. As you'll see, prices are up in every community, but the other indicators are mixed. 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 trend favors sellers, it's one negotiation strategy for buyers, and if the trend favors buyers, it's another. We regularly report on Venice, Westchester and Manhattan Beach, but are happy to accommodate requests for custom reports. 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 interest 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:
The Boardwalk Event (today)
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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