by Kathy Gibson | Jun 12, 2023 | Buying, Market, Neighborhood, Open House, Selling
Market Pulse Policy makers in Washington D.C. avoided a default on its debt obligations as Congress and the Whitehouse engineered a last-minute deal to raise the debt limit. In anticipation of the agreement, mortgage rates have already been heading down for several days after having risen above 7% as worries over the debt ceiling reached fever pitch. And despite higher rates in May, the U.S. labor market showed little signs of cooling down as employers added nearly 340,000 new jobs last month—well above expectations and raises the prospect that the Fed may have to raise rates one more time to help get inflation under control. Pasadena, CA Mon Jun 12 2023 This week the median list price for a single family home in Pasadena, CA is $1,549,495 with the market action index hovering around 51. This is an increase over last month’s market action index of 50. Inventory has increased to 88. Market Action Index = rate of sales vs. inventory In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. La Canada Flintridge, CA Mon Jun 12 2023 This week the median list price for a single family home in La Canada Flintridge, CA is $2,998,000 with the market action index hovering around 46. This is less than last month’s market action index of 48. Inventory has increased to 31. In the last few weeks...
by Kathy Gibson | May 30, 2023 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Tue May 30 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index hovering around 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 81. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. Monrovia, CA Tue May 30 2023 This week the median list price for a single family home in Monrovia, CA is $1,398,000 with the market action index hovering around 61. This is an increase over last month’s market action index of 60. Inventory has increased to 23. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current...
by Kathy Gibson | May 30, 2023 | Buying, Market, Open House, Selling
Op-Ed written by Ron Wynn, Compass So Cal agent In the fast-paced and ever-changing world we live in, it’s easy to become complacent and comfortable with what we have. This is particularly true when it comes to our financial decisions, especially when it involves something as significant as an interest rate. Many individuals find themselves holding onto low-interest rates for dear life, afraid to let go and explore new opportunities. But what if this mindset is holding us back from truly living a full and exciting life? In this article, we will delve into the concept of being a prisoner to your interest rate and challenge you to reevaluate your priorities. The Rent-Controlled Apartment Dilemma: Let’s start by examining the example of individuals who have lived in rent-controlled apartments in New York for several decades. While it may seem like an advantageous situation on the surface, there’s a deeper question to consider: Have they missed out on other experiences and opportunities by holding onto their rent-controlled status? While their friends and peers moved around, exploring different neighborhoods, raising families, and building equity through real estate investments, those clinging to their rent-controlled apartments may have limited themselves in terms of personal growth and financial gains. The 3% Interest Rate Trap: Similarly, many individuals today find themselves trapped by low-interest rates on their mortgages or other loans. While a 3% interest rate is indeed attractive and worth preserving, it’s essential to recognize the potential trade-offs. By fixating solely on keeping that low rate, individuals may miss out on life-changing opportunities, such as pursuing new career paths, starting their own businesses, or...