Palos Verdes Real Estate

Newsletters Category

September 2013 Newsletter

Dear Neighbor:  In my July newsletter I mentioned that interest rates had just gone up about 2% (which is huge – 4% to 6%) about a week before I wrote it.  They have now settled to just under 5% now (loans over $729,750 are somewhat higher), but the predictable effect has transpired:  whereas in April when the market was absolutely berserk, there were as few as 112 homes for sale on the Hill; there are now 168, give or take.  For...Continue Reading!

July, 2013, Newsletter

Dear Neighbor:  As I said in my March newsletter, “it’s just a matter of time (and not much time) before rates rise”.  Well, that time arrived last week as you probably heard on the news.  30-year fixed rates on loans over $730,000 have shot up to nearly 6% from around 4% a month ago.  Though it may look high, 6% is still low by historic standards (my parents loan on Pleasant Hill Drive was 6.25% in 1963), and it’s a pretty...Continue Reading!

May, 2013, Newsletter

Dear Neighbor:  Onward and upward!  Reasonably-priced homes continue to sell quickly, often with multiple offers.  Interest rates still have not moved upward, remaining at around 4%.  And lenders have begun making 95% loans again (5% down) – I think this is called amnesia.  One of the less-obvious issues we’re having these days is that of appraisals.  This is always a problem when the market is rising, as appraisers use closed sales (which, of course, are lower in a rising market) to determine...Continue Reading!

March 2013 Newsletter

Dear Neighbor:  The real estate market is still jumpin’, with interest rates remaining below 4% for all but the biggest loans or smallest down payments.  There is still very little for sale, and prices have certainly risen during the past 6 months or so.  The feeling on the street is that it’s just a matter of time (and not much time) before rates rise, so my theory (not exactly genius) is that everyone who has been thinking about buying and can,...Continue Reading!