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...
Pasadena, CA Tue Dec 06 2022 This week the median list price for Pasadena, CA is $1,580,000 with the market action index (MAI) hovering around 44. This is less than last month’s market action index of 46. Inventory has increased to 125. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices. Monrovia, CA 91016 Tue Dec 06 2022 This week the median list price for Monrovia, CA 91016 is $1,062,000 with the market action index (MAI) hovering around 48. This is an increase over last month’s market action index of 47. Inventory has decreased to 28. 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 MAI. If the market heats up, prices are likely to resume an upward...
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