Hello to my Lomita neighbors, I hope all is well. If I can do anything to help you around Lomita, let me know.
Hello, folks. Can you believe it’s July already? We’re more than halfway through 2021. The market’s crazy hot right now. But before any of that, I want to wish you and your loved ones well while you’re still struggling to get back to normal.
Now, people ask me all the time, how is the market? And it really depends on what segment you’re asking about. But in this video, I’ll talk about residential real estate here in Lomita, where we have a fairly narrow market segment.
So stick around a few minutes and we’ll go over what you need to know if you’re buying or selling. But first, big picture. Home values are still going up here in Lomita with median home values at eight hundred and thirty six thousand dollars.
That’s up one point seventy two percent over last month, up six point zero three percent over the last quarter, up sixteen point eight percent over the last year, up twenty point two, three percent over the last two years, and up a huge twenty six point seventy five percent over the last 36 months.
In comparison, the median value in Los Angeles is only seven hundred and fifty six thousand dollars. In California, it’s six hundred and eighty one thousand dollars. And for the entire country, it’s only two hundred and sixty eight thousand dollars.
Now, if you want to find out what your home’s worth right now, go to houses in South Macomb and get an accurate valuation. Hello, everyone. Steve here to hear from Century 21 union and houses in South Raycom, bringing you the limited real estate market report for July 2021.
Now remember to like and subscribe, but especially share if you find this of any value. But most important is answering your real estate questions. So post below. I really want to help answer any questions you may have. Now, looking back in June, we had 16 active listings in Lomita.
Out of those 16 active listings, 15 sold, those 15 that sold range from this fixer upper duplex that sold for six hundred and fifty thousand dollars to this two thousand four hundred and seventy five square foot four bedroom, three bath home on a 7700 square foot loft that sold for one million five hundred thousand dollars.
Now, to get an idea where things are headed. We can look at the health of the market with a comparison of supply versus demand. We measure that with inventory months of supply, which is only at one month’s supply right now.
Now, you probably already know, but we consider anything less than six months supply a seller’s market. Prices are going up. Sellers have more leverage during the selling process. And if a home is priced correctly, it will sell super fast.
Now, as you can see, average days on market is about 11 days, with half of them selling in less than eight days. So homes are selling pretty quickly. Well, that all sounds great for sellers. But what does this mean for you buyers?
Well, even though it is a seller’s market, meaning that this can be very frustrating time for buyers, it’s not all bad for buyers. Interest rates are super low right now, but they are predicted to go up this year and they’ll continue to rise in 2022 due to a growing economy and inflation.
However, right now, they’re at an all time low for a 15 year mortgage, averaging just two point one, two percent and a 30 year fixed rate mortgage. Also super low averaging just two point seven, eight percent. So reach out to your lender if you already have a mortgage, see if maybe you can get it reduced.
But if you’re looking to buy right now, super great time, you get more for your money. So for many of my buyers out there, here’s a few points. Just to keep in mind, though, now expect a slight turn in the market in the coming months.
It’s already happening. A little inventory is just going up ever so slightly. The markets still hypercompetitive, but again, it is slowing down just slightly. So if you’ve been looking for a while, don’t give up. If you’re frustrated with the market, give us a call.
Let us help you find the right home. Now, if you’re a serious buyer, stay in the game. The end of summer is when serious buyers make their 100 percent commitment to get that new home vacations and back to school keep less serious buyers out of the market.
So make sure you stay active and find the right home for you. And don’t get left behind unless you’re looking for a short term investment, trying to time the market, just it doesn’t make sense. You’ll lose more waiting and prices are going to go up.
Interest rates look like they’re going up. So by now, realize that appreciation game and save with the low interest rates. So, again, if you or someone you know, is thinking of buying or selling a home or just as a real estate question, contact me so I can help.
Bye for now.