Get to know the latest updates in the housing market this spring.
Have you been curious about what's happening in the spring real estate market? Here’s everything you need to know on the turns of interest rates, housing prices, and market trends so you can easily navigate the current housing landscape.
Let’s talk about interest rates. Interest rates are all over the place lately, ranging from high sixes to low sevens, depending on the loan type. VA loans offer the best rates, while conventional loans can be tricky without a big down payment.
On a different note, some homeowners are content with their previously secured low-interest rates of 2% to 4%, choosing not to hurry into larger properties unless warranted by significant reasons. Conversely, smart downsizers are using the equity they've built up in their homes to buy smaller places.
"Interest rates are all over the place lately, ranging from high sixes to low sevens depending on the loan type."
As for the prices, they are relatively flat in most areas. In LA County, the median sales price has crept up by 8%, while Orange County is seeing a 14% to 15% boost, putting its average price above LA's. Long Beach, being a busy metro, gives us a good glimpse into market trends, with prices holding steady and more activity in the mid-range.
Lastly, homes are still selling fairly quickly, averaging around 18 days on the market. Multiple offers are still a thing, but we're not in the crazy bidding war territory of the past.
Spring has ushered in increased activity, putting more homes in the spotlight. While inventory is growing, we remain in a seller's market with less than three months' worth of homes available. In essence, if you're contemplating selling, this is an opportune moment to seize the spotlight!
Got questions? Curious about your options? Call me at (562) 316-2915 or hit up Melinda at our theelmerteam.com. Spread the word, and let's make some real estate magic happen!
