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Saturday, December 8, 2018

Mortgage Rates Are Easing As Ventura County Home Prices Are Falling? #TimeToSell #HyperLocal #ChrisBJohnsonRealtor

Mortgage Rates Are Easing As Ventura County Home Prices Are Falling? #TimeToSell #HyperLocal #ChrisBJohnsonRealtor: #Sell Your Home For More and Pay Less #Time To Sell #ChrisBJohnsonRealtor #Sellers Pay ZERO Commission #List Your Home & Pay No Commission #Better ...
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Your home is probably the biggest asset you own. This is why you should hire a professional to guide youthrough all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sellhome. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....
Home buyers may be finding a window of opportunity to lock in lower rates. Mortgage rates fell this week, after several weeks of moderating, Freddie Mac reports.
“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” says Sam Khater, Freddie Mac’s chief economist. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective home buyers who have recently experienced rising rates and rising home prices.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 6:
  • 30-year fixed-rate mortgages: averaged 4.75 percent, with an average 0.5 point, down from last week’s 4.81 percent average. Last year at his time, 30-year rates averaged 3.94 percent.
  • 15-year fixed-rate mortgages: averaged 4.21 percent, with an average 0.4 point, falling from last week’s 4.25 percent average. A year ago, 15-year rates averaged 3.36 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 4.07 percent, with an average 0.3 point, a decrease from last week’s 4.12 percent average. A year ago, 5-year ARMs averaged 3.36 percent.
  • Will LA’s housing market cool down in 2019?


    A new report predicts how much home prices will grow next year

    Home values in the LA area could start to level off in 2019. Photo by Liz Kuball
    Home prices in Los Angeles reached record heights in 2018, climbing to levels far above those recorded in the years leading up to the Great Recession.
    But price increases have fallen off since summer, and a new analysis from Zillow suggests a cooling trend in the market will continue into the new year.
    Analysts with the online real estate company surveyed 100 real estate experts across the country on their expectations for 2019. Their responses suggest that home values in Los Angeles will continue to rise next year, but at a significantly slower rate than the nationwide average.
    The panelists predict that prices will climb 7.7 percent in 2019 across the country; but in the Los Angeles metropolitan area (which includes Orange County), they are expected to tick up 5 percent. Seventeen of 22 experts polled about the LA market said it was likely to “underperform” the nationwide average in terms of home value appreciation
    That’s partly because prices in Los Angeles rose quickly after the housing bubble of the mid 2000s burst a decade ago.
    “It’s the markets that experience more exuberance that will then be the first to slow down,” says Skylar Olsen, Zillow’s director of economic research and outlook.
    Now that median home prices have climbed to unprecedented levels in Los Angeles, many buyers may be priced out of the market, she says.
    Others may simply bide their time.
    “We think a big part of it is basically demand exhaustion,” Olsen says. “People can’t just outbid each other anymore.”
    Jordan Levine, senior economist for the California Association of Realtors, suggests some buyers are hoping prices will suddenly bottom out.
    “Some folks remember 2008, when prices fell dramatically,” Levine says. “There’s a big consumer confidence element to the housing market. No one wants to be the last one in.”
    Levine says it’s a mistake to think home values will tank the way they did during the last recession, since mortgage providers are still shying away from the kind of risky home loans that fueled the housing market’s last collapse.
    More likely, says Levine, is that home values will continue to grow—but at a more modest rate.
    Olsen agrees.
    “Really we’re getting back to normal,” she says. “This is actually good news, though sellers probably won’t see it that way.”
    Buyers might also have a hard time getting excited. As Levine points out, nearly three in four residents of Los Angeles County can’t afford to buy a median-priced home in the area.
    “There is a limit to how much folks can afford to pay,” he says. “People are actually picking up and leaving.”

About Me

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Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date.  LinkedIn Pro    UpNest    What's Your Home Worth?
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