MONTHLY MARKET UPDATES

Hello Everyone,

 

First, I want to announce the launch of my new website.  In addition to showcasing current and past listings and sales, it has a list of handy links to help with your real estate needs.  LA Unified School District, LA County Tax Assessor website, LA Dept of Building and Safety, LA Housing Dept and Rent Control, to name a few.  Please check it out and let me know if you think of anything else that could be helpful.

 

www.CarolStewartHomes.com

 

The local market has been sluggish in August, which is typical, as families prepare for the start of the school year, and people take off on their last vacations of the summer.  We are now feeling the effect of the drop in the Jumbo Conforming Loan Limit (from $729,000 to $625,000), which will force more buyers in the middle range into a higher-priced loan product.  On the positive side, loan rates have dropped to historic lows:  today, the rate was 4.0% with no points for a Conforming, 30 year fixed loan (limit $417,000), and 4.25% for a Conforming Jumbo (to $625,000).

 

Statistically, sales have dropped, as is usual for the time of year.  The average sales price has ticked up 2%.  The dreary economic news does not foreshadow a robust market to come, but we are still holding steady in our area.  We’ll see what the fall will bring.

 

As always, please remember to refer me to your friends and neighbors who need an experienced, professional real estate agent.

 

Best Always,

Carol

 

 

Here is the link to my newsletter:  http://www.clientdirect.net/news/?Pub=41434