With interest rates up, COVID restrictions lifted, and (slightly) more inventory on the market, today’s current real estate market can be tricky to traverse for those of us who aren’t seasoned professionals. We took some time to ask our founder, Jennifer Caskey, for some tips on navigating the current marketplace:
Marry the Home, Date the Rate
In a continuing effort to control inflation, the Federal Reserve raised interest rates again yesterday by .75%, bringing the average interest rate on a 30-year fixed mortgage to 6.815% APR*. Don’t let this scare you from the housing market or give up on buying your dream home. In this inflationary marketplace, you don’t want to miss the opportunity to move into your dream home just because of higher rates – rates will change, and the prospect of re-financing with a better rate will most likely present itself in the not-too-distant future.
Location, location, location
As we all know, the three primary elements in determining your home’s value are location, location and location. If you own a home (or want to buy one) in the Beach Cities, your location near the Pacific practically guarantees a rise in value, especially if you own for a few years or more. There are only so many homes available in an enviable location like ours, so buying your dream home on the Strand (or in the trees, or in one of our incredible neighborhoods) is never a bad idea.
Dig, Scroll, Do Your Research
When looking to buy (or sell) in today’s shifting market, doing your research counts! Take the time to stroll neighborhoods, attend local events, and find an agent you can count on. Talk to friends who live in the area and ask about schools, culture, and commutes, or anything else that’s important to you. At Jen Caskey Group, we have a select group of professionals who are here to guide you every step of the way, with decades of experience through all types of markets. Please give us a call at 310.372.2200 to speak with someone today. We can’t wait to help!
