DECEMBER NEWSLETTER
Dear Friends, Family, and Colleagues,
Happy New Year! Wishing you all a year of health and happiness in the coming year.
Mortgage rates have creeped back up even with the lowering of the fed rate the last few months. As a result, November sales in LA County were significantly less compared to the prior month of October but still elevated compared to a year ago. As 2025 is upon us, it will be great to see how the change in rates coupled with bettering inventory affects our real estate market.
November's LA County median home price was $937,030, down 2% from October 2024 but up 4.3% from $897,990 in November 2023.
Los Angeles County saw a decrease in sales month over month of 19.2% - but an increase in sales of approximately 6.2% compared to a year ago.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.89% from 6.64%.
Review our Buyers and Sellers ADVICE section to best position yourself in this transitioning market. Please continue sending us topics of interest so we can cover them in future newsletters. Thank you for reading!
Sincerely,
Dennis Adelpour and The Adelpour Group
As the holiday season unfolds, the Los Angeles real estate market is experiencing its typical year-end slowdown. For sellers, this festive period offers a unique opportunity to prepare for the upcoming year. With fewer listings during the holidays, your property can stand out more to serious buyers. November and December are usually the slowest months of the years but serious buyers are always in the market looking for their next opportunity.
While some sellers are waiting until after the first few weeks of January to list their home, entering the market now can attract buyers aiming to close as soon as possible. We live in a city where people are always on the move and you never know when timing may line up perfectly for certain parties. If you own any rent-controlled multifamily properties, now may be a good time to check on the allowable rental increases for 2025. Feel free to reach out for us to help you navigate this and any real estate related questions you may have.
Many buyers have come back to the market with hopes of lower interest rates and are looking to 2025 to see further rate cuts. For buyers who can afford to purchase a home at this time, you have increased chances of finding a great deal. Although there has been chatter that we should see a few rate cuts coming up next year, home pricing will probably rise as a result of cheaper financing.
During the winter months, there is an increased level of inventory and a willingness for sellers to move forward with a transaction than to have the home sit on the market. We are seeing certain sellers extremely motivated - giving buyers a substantial discount. For those buyers who have to purchase a property, take advantage of homes stagnant on the market. Properties that have been sitting on the market in excess of 60 days maybe a great opportunity to explore. You never know if you don't ask!
Off market sales continue to be a great opportunity for those who are not happy with what they are seeing on the market. Please reach out to us for these type of off-market opportunities - and special financing we have with our partner lenders.
Check out the recent Redfin article we were featured in:
Build-To-Rent Homes: What You Need to Know About the Future of Single-Family Rentals
Build-to-rent (BTR) homes are ideal for people who want the benefits of community living without the hassle of maintenance, mortgage payments, or HOA dues. In recent years, the movement to create more of these types of homes has been increasing due to higher demand. Because of its rapid growth, many real estate companies and investors are developing BTR properties to capitalize on the craze.
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