Has the Northeast Los Angeles real estate market been affected post election? Is the fact that premium homes in Highland Park, Eagle Rock, Pasadena and elsewhere are selling quickly with a dwindling inventory telling us something has shifted? If so, what is changing?
As of about a month after the unexpected results of the Presidential election, we continue to see things happen that were not predicted. The biggest change in the real estate world right now seems to be an uptick in mortgage interest rates. Rates have gone up around ½ to ¾ percent. I’ve talked to several lenders over the last few weeks and no one really knows what will happen next. Will they keep going up? Will they go down? Who knows? But it doesn’t look good for those of us who didn’t get around to refinancing at under 3.5%.
Everything seems to be affected by the general feelings of confidence/lack of confidence. The banks are happy because they believe they will be less regulated, so it will be easier to make loans and also raise rates. Also, the stock market is happy with the thought that business will benefit from the Trump election and the indexes are rising.
What I see in NELA is that inventory is dropping and good houses are selling fast. So what else is new?