Welcome to the July 2019 SoCal Real Estate Market Update!
We’ve finished June, and with the first six months of this year completed it’s time for us to take a look back.
In this e-newsletter, we will break down how the Real Estate market has performed over the first six months of the year and what you can expect for the remainder of 2019 if you plan on buying or selling a home.
Looking Back on The First Six Months Of 2019
Although the 2019 Real Estate market has been a great market so far, the year actually started off slow.
During January and February, we saw a decline in activity for the SoCal Real Estate market compared to previous years but that quickly changed.
From March through June, the Real Estate market has been living up to expectations. This can be directly attributed to a variety of factors including the Federal Reserve’s announcement that they were not going to raise interest rates in 2019.
Shortly after the Fed’s announcement, we saw mortgage interest rates drop from 4.50% to 4.00% for a 30-year fixed mortgage loan.
That drop, in mortgage interest rates, got buyers “off the fence” in Southern California, especially those buyers who wanted to purchase homes in the $200,000 to $700,000 price range because those buyers want their payments to make sense financially and were willing to wait for rates to drop.
Once more buyers started to enter the SoCal Real Estate market, inventory started to get purchased very quickly, and that of course also lowered the average days on market for homes in some parts of Southern California to 30 days or less.
It’s A Great Time to Buy or Sell A Home
Are you thinking about buying or selling a home in Southern California? If so, now is a perfect time for you to make your move because we’re in prime selling season and combined with low mortgage interest rates it’s a perfect time of year for both buyers and sellers.
If we can assist you in any way during your Real Estate journey contact the Fred Sed Group, 7 days a week, by calling us at (800) 921-9231 or connect with us online.