Happy Fall. My favorite time of year…there is no question that we’re absolutely blessed to
Be living where we do, in beautiful, sunny Southern California, especially this time of year.
We are blessed also that we are not enduring the terrible pain and suffering of those in the
Carolinas, still reeling from the damaging floods. Our hearts and prayers go out to them in
the South East.
As we enter the final quarter of 2018, we continue to see a strong economy, with unemployment at
record lows and while interest rates were hiked by .025% by the Federal Reserve last week, it was expected and economists (and the market) are not panicking, saying the economy is in good shape. So much so, the new Fed position is that the economy can “forge ahead on its own with less help from the monetary side.” The Fed rate increased for the third time this year, and the eighth in the current hiking cycle, which began in 2015, and it is expected to be increased again. While the rate has been increased we all need to remember that rates are still quite low.
On the real estate front, we are also continuing to see price increases with inventory increasing as well. The numbers for sales from July, show an increase also. The activity at open houses has increased with the major difference I can see is that buyers are a little more cautious perhaps taking time to make those all-important offers. There is still a great deal of all cash transactions being made, as well as that ever-popular bank…. Bank of Mom & Dad.
What is happening with regard to real estate activity in the Lower Casiano Area? Basically, you are totally on par with last year. Each year brings you the same number in each category, 1 active listing, 1 home in escrow, and 1 closed escrow. Perhaps you know about and are planning on attending the public hearing scheduled for Tues the 9th of October 1t 7:00 pm at Skirball regarding the plans to create a park in Mission Canyon. If this is approved it will mean that we will be facing two additional construction projects (the park & the Berggruen Institute) as well as the added traffic from both in the already very heavily trafficked Sepulveda Pass. I urge you to attend and share your opinions. I will keep you up to date as I will be attending.
Please check out my app carole schiffer. It is very easy, just go to your friendly app store, type in my name, and Voila you will be there. If you have any real estate needs or questions, please do not hesitate to contact me.