Mortgage Rates Edge Even Lower

Good new, buyers: The benchmark 30-year fixed-rate mortgage fell to 3.57 percent compared to 3.61 percent the week before, this according to Bankrate.com. The average 15-year rate declined to 2.61% from 2.64%, which the LA Times identifies as a record low.

 

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Something Good Came Out of the Recession?

Call this a silver lining to our recent economic downturn: Emily Badger of The Atlantic Cities points out that the recession took a huge bite out of job sprawl. At 3beds2baths and Tracy Do Real Estate, we’re proponents of sensible urban density. To us, living and working in established cities and towns, leaving outlying areas undeveloped, is a positive trend which we believe (and certainly hope) is here to stay.

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FYI Quick Read…

From the LA Times real estate reporter Alejandro Lazo: “Southern California’s housing market is headed toward the spring shopping season with strong price gains and a steady improvement in sales.” Full story here.

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Exactly as We Called It: Inventory Rising

It was exactly a month ago that Tracy Do was invited to take reader questions as part of Curbed LA’s “University” series. When asked about the lack of local homes for sale, she responded, “I do predict a brightening picture in regard to inventory.”

 

Tracy called it, and now it’s come true. Real estate website Housingwire, citing just-released analysis by Realtor.com, says that the number of homes for sale nationwide is up 2.36% from February to March. Combine that with still-low interest rates (see post below), it all adds up to good news for buyers — and a great reason to contact Tracy Do Real Estate; your expert and leader in LA-area home sales.

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FYI Quick Read…

The Wall Street Journal’s Nick Timiraos examines some issues percolating in the housing market, including rising prices, lack of inventory and speculation about which way interest rates might be heading. One thing that’s clear, says Timiraos, is that “buyers face a dilemma: paying more for a home today, compared with a year ago, or paying even more tomorrow at a time when interest rates might also be higher.” It’s a good quick read and can be found here (for Wall Street Journal subscribers).

UPDATE: Since most of our readers are not WSJ subscribers, we have provided the bulk of the article after the break, reprinted courtesy of the Wall Street Journal.

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Mortgage Rates Remain Low

Mixed economic data is keeping rates in check, they even nudged down this week. It’s good news for buyers, however the flipside is we’ll continue to see heavy competition for desirable properties. Get an edge in your house hunt by connecting with Tracy Do Real Estate.

 

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Prices ⇡ Sales ⇣ What Gives?

A glance at the real estate headlines these past two days could come with a caution sign: beware of whiplash.

3/26: “Home Prices Post Sharp Increases in January”

3/27: “Pending Home Sales Flat…”

 

“…with Low Housing Supply.” And therein lies the rub. Alejandro Lazo’s pair of articles in the LA Times might seem contradictory at first. But a closer read reveals the Catch-22 of our current housing market: High demand + low supply = increased competition = upward pressure on prices. Of course the sales numbers are flat — if there were enough homes out there, those stats would likely be sky high! Bottom line, it’s a very good time to sell your home. Interest rates remain low and in many areas, values have returned to levels not seen in years.

Finding out what your property is worth is easy. Just call, text or email Tracy Do Real Estate. With over ten years of successful sales and a long list of happy clients, Tracy will personally provide you with a market valuation and will answer all your questions, too. No cost. No obligation. Just sound guidance and expert insight from a friendly, knowledgeable real estate pro.

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Hidden Benefit to Energy Efficient Housing

Energy-efficient homes are a good idea for a lot of reasons. As the Atlantic Cities’ Emily Badger tells us, one of them is that owners are “less likely to get in trouble making their monthly mortgage payments.” It’s an interesting read and you’ll find it here.

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This entry was posted in: Deals