November 2018 SoCal Real Estate Market Update

    November 2018 Real Estate Market Update

    It’s November 2018 and as we enter the holiday season many buyers, sellers, and real estate investors are speculating if now is a good time to buy/sell, or if they should wait until next year.

    What’s the right solution for you?

    If you’re thinking about selling your home, and you want to get top dollar, there’s no reason for you to wait until spring of 2019 to sell your home because we know what you can get for your home today.

    The same rule also applies to buyers. Anyone who is ready to buy a home should start looking for a home now rather than wait for spring of next year because mortgage interest rates are still historically low and right now there is more inventory for buyers to choose from.

    What’s Happening with The Real Estate Market?

    As far as the real estate market in general, the one thing that we did see in the last 30 days is that the jobs report was very, very, healthy and since the economy is in good shape, the Federal Reserve is eager to increase interest rates. So far, they’ve lived up to investors expectations.

    • As of November 2018, the current 30-year fixed rate interest rate is now at 5.10 percent, the highest that it’s been since February 2011.
    • The 15-year fixed rate mortgage has also increased to 4.46 percent, and the adjustable rate mortgage (ARM) has increased to 4.45 percent as well. (Source bankrate.com)

    With a strong jobs market and growing economy, we can expect to see another interest rate increase within the next 3-6 months. This is why you should get pre-approved for a mortgage loan now because pre-approval lasts between 60-90 days and you can lock in the current low rate before another rate increase.

    Contact the Fred Sed Group

    To learn more about what’s happening in the Southern California Real Estate market, or to view homes for sale, contact the Fred Sed Group today by calling us at (800) 921-9231 or click here to connect with us online.

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    Our agents write often to give you the latest insights on owning a home or property in the local area.