Unlock Your Dream Home: Why Now is the Time to Re-enter the Los Angeles and Beverly Hills Housing Market
Unlock Your Dream Home: Why Now is the Time to Re-enter the Los Angeles and Beverly Hills Housing Market | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
If you're a prospective homebuyer in Los Angeles or Beverly Hills, you know that mortgage rates have been a significant factor in housing affordability over the past few years. However, there's good news on the horizon—mortgage rates have started to decline, reaching their lowest point in 2024, according to Freddie Mac.
This trend raises an important question: how much lower will they go? Experts suggest that as inflation and the economy continue to cool, rates are expected to drop further. However, there may be some volatility along the way, so it's essential to focus on the broader trend rather than short-term fluctuations. Rates have already decreased by about a full percentage point from their recent peak, and many experts are revising their forecasts to be more optimistic about lower rates in the months ahead. Realtor.com, for instance, has adjusted its year-end forecast to 6.3%, down from 6.5%.
So, what does this mean for your plans to buy a home in the competitive Los Angeles and Beverly Hills markets? If you've been holding off on making a move, it's time to consider your target mortgage rate. Whether it's 6.25%, 6.0%, or 5.99%, knowing your number is crucial. Once you've set your target, connect with a local real estate expert who can keep you informed and help you navigate the market. When rates hit your desired level, your agent will be the first to let you know, ensuring you don't miss out on your dream home.
Bottom Line: If you've paused your homebuying plans due to higher mortgage rates, now is the time to set your target rate and stay prepared. Let's connect so you have a dedicated professional on your side to guide you when the time is right. The Los Angeles and Beverly Hills real estate markets offer unique opportunities—don't let the perfect moment pass you by.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value
