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’s Happening with Regard to Real Estate in Mountaingate? Looking at the differences between the 3rd quarter of last year, and this year, there is less inventory this year, with 6 homes available for sale vs 9 last year, currently there are 3 homes in escrow, last year there was 1, and slightly less closed escrows with 5 this year, and 7 last year. There was also of 1 property that had been a foreclosure from one bank to another. I am not sure if you know about or are planning on attending the public hearing scheduled for Tues the 9th of October at 7:00 pm at Skirball regarding the planned construction of a park in Mission Canyon. Should they be successful in getting approval for this project, it will be the second one scheduled for the Sepulveda Pass, along with the Berggruen Institute which will in my humble opinion negatively impact the already congested roads and area. I am planning on attending and will keep you in the loop. In the meantime,
Please check out my app… carole schiffer,just go to your friendly app store, and type in my name and Voila you are there. Please let me know how I can assist you with any real estate needs.