Dear Friends,
October has been busy! I have 2 new listings, traveled to 2 new cities (Chicago and Hawaii), and met some pretty amazing people along the way.
I spent the first part of October getting1445 Calumet and 1466 Wallace Ave. ready for market. 1445 Calumet is a collection of 7 individual bungalows, each with their own private patios; stylish, charming, and filled with character. 1466 Wallace is a very special home. Drenched in natural light with treetop views and Downtown in the distance, this 4 bedroom, 3 bath home is going to be perfect for someone (or many someones!).
My eldest announced he was applying early admission to Univ. of Chicago, and we figured it was probably best if he actually toured the school before making a binding decision. So off to Chicago we went! The weather was SoCal perfect (apparently that is not always the case??). We toured the school (A++), did some sightseeing, ate some incredible food, and I got to reconnect with the amazing Lisa Miceli out of the Chicago SIR office.
Then, just before I was leaving for a SIR networking event in Hawaii, I found out that I had been ranked among the top 100 SIR agents for the 3rd quarter. Somehow I don’t feel like I can take any credit for it because it’s all because of you. Each person who puts their trust in me to help them with their moves, or recommends me to a friend, has supported my business and contributed to this achievement. So thank you. And don’t stop!
Hawaii. Oh Hawaii, where have you been all my life? There is something soul lifting about the island (and not just because some of my best friends live there). It’s definitely going on my “Places I am going to retire to” list. Not only was I able to connect with some really stellar agents (Seattle, Denver, Palm Springs, Maui, The Big Island, and filled in some areas in Northern California), but on my downtime, I was able to unplug, explore and rediscover my smile. Mental health care is important. Burnout is real. The world is a mess right now. Take care of yourselves. You only live once and tomorrow isn’t guaranteed.
Real Estate Roundup:
Interest Rates: Mortgage rates can move a lot from year to year and some years have seen much bigger moves than others. Just look at 2022 which began with the average 30-year fixed rate at 3.22% in January, only to more than double to 7.49% by October 2023. However, according to Freddie Mac records dating back to 1971, the long-term average for mortgage rates is just under 8% (with well qualified buyers paying less than the average)!
There is a way to capitalize on any market. Look, there will always be a reason to not buy/sell. In 2022, buyers took a big step back in order to wait for rates to come down. But it backfired. The rates continued to rise along with home prices. Why? One reason is because sellers, fearing they had missed their golden goose moment of sky-high values, also took a step back. As inventory dried up, competition heated up for the buyers still out there and L.A.’s housing market remained hot. I’m very happy for my clients who stuck with it and bought in 2022. They locked in lower rates and are now homeowners! With an appreciating asset! And their weekends all to themselves again! Bottom line: When you are ready to buy a home, buy a home. Don’t second guess the timing (remember, the pundits all said we’d be back at 5% by now). Buy a home you can afford. Get the best rate possible (ask me how) and then refinance when the rates come down. For my sellers, stop pining for the crazy days of the pandemic. It’s all hype. Your home will most likely sell for more in 2023 than it would have in 2021 even with interest rates at 7.5%. You won’t have 60 offers. It will take more than 14 days. Listing agents won’t list $200k under asking just to impress you. It’s a shift, but a beneficial one (like when you put in an offer on your replacement property).
I’m here for you, wherever you are. I don’t think I will stay in LA after my youngest goes to college, so I spend a fair amount of time traveling, dreaming, and researching new places to live. While traveling, I make a point of stopping in the Sotheby’s office, meeting agents, seeing their listings, and learning about their markets (it’s fun!). Because I know so many agents all throughout the world, when you are thinking of a move (or selling a family home, or divesting of an out-of-state property), I invite you to harness the power of the Sotheby’s International Realty Global Network for your own personal use. Just shoot me an email and tell me where you’re going.
Until soon,
Emily