Saturday, January 28, 2023 / by Fahad Karamat
Get your paddles ready, investors! The luxe surf of LA County's real estate market is catching a promising wave. According to the National Association of Realtors (NAR), June witnessed the first increase in pending home sales since February, rising a modest 0.3 percent from the previous month. The tide may be turning, and July looks set to be a sizzling hot month for luxury home sales!
A Promise of Recovery in the Housing Market
Despite the nationwide dip in existing-home sales last month, the first glimmers of a recovery are beginning to emerge. The housing recession appears to have blown over, and it's not just the Santa Ana winds stirring up the change. Multiple offers on properties indicate an unsatiated demand hampered only by a lack of supply. But fear not; the stage is set for a spectacular comeback!
Builders, Gear Up! The Stage is Set for a Construction Revival
When the going gets tough, the tough starts building. With the housing demand exceeding supply, it's time for home builders to step up their game. The construction industry is poised for a revival, creating opportunities for both job seekers and prospective home buyers.
Mortgage Rates: The Bell Tolls for a Buyer’s Market
As we bask in the sunshine of economic recovery, consumer price inflation seems to be calming down, closely aligning with the Federal Reserve's objectives. This signals that the towering mortgage rates may have reached their peak and are ready to roll back down. Combine that with steady job growth, and we might just be on the brink of a buying frenzy.
All Aboard the Luxury Home Express
It's time to pack your financial baggage and hop aboard the luxury home express. With a promising decline in mortgage rates, the second half of the year could see a rush of buyers diving into the luxury home market, making a splash that will echo into the following year.
So there you have it! With a touch of recovery in the air and the housing market geared up for an exciting revival, there's never been a better time to invest in a luxury home. Let's ride this wave together and remember, as our favorite real estate mogul Donald Trump once said, "Sometimes your best investments are the ones you don't make."