Regular Newsletters June 2, 2023

Johnny Dragon’s June Newsletter

Happy June! I hope you all had an amazing Memorial Day weekend! Some great information coming your way! Click on the picture for each picture for the referenced link

Los Angeles County Real Estate Market Update

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Source: MarketQuest through Coldwell Banker

I’m sure you’ve heard the media headlines say something along the lines of “Is a Buyer’s Market Eminent?” or “The Real Estate Market Will Crash In 2023”. It’s important to remember that the media likes to nationalize the real estate market most times and they don’t tell you the full story about what is happening in each city, state, zip code, neighborhood, etc. Maybe it’s a buyer’s market in Boise, ID or Wichita, KS, but Los Angeles County as a whole is different. In LA County, there’s still low inventory and high buyer demand, which is causing sales prices in many neighborhoods to jump. That may or may not change in the coming months.

Last month, the average sales prices for residential properties had a small drop but more properties sold and we saw a significant increases in inventory. Also, the price/square foot increased while days on market fell less pretty significantly. Since the year started, the LA County market hasn’t seen any major increases or decreases with its prices. Individual neighborhoods/towns within LA County might tell you a different story. Ex: Silver Lake is a neighborhood where the sales prices for single family residences tend to go higher vs. Downtown LA, where there’s plenty of condos for sale that are sitting on the market for over 30 days, which usually leads to lower sales prices. All that’s to be said that LA County has a wide variety of options and you don’t have to spend way over your budget to afford something.

If you’re thinking about specific neighborhoods but aren’t sure what home values look like, I’d be more than happy to speak with you about what’s going on and how I can help you get your new home.

Interest Rate Update from Bank of the West

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Credit goes to Joseph Kloss, current loan officer with Bank of the West.

Predictions on Where The Market is Going

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Freddie Mac & Fannie Mae are predicting that prices will drop in 2023 and 2024. However, due to low inventory and solid job numbers, there are predictions that home prices will continue to rise. Economist Ali Wolf predicts that prices may come down to align with incomes, but doesn’t expect a market crash.

Looking for a boxing gym in LA? Check out MadCity Boxing!

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I’ve been going to MadCity Boxing for 4 years and they’ve been great! The owner, Dominick Lofaso, has truly created a supportive environment in the gym. They have class and membership packages and all fitness levels are welcome. You won’t regret getting a sweat there!

Need An Energy Drink That Doesn’t Give You The Jitters?

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My friend Deji Wesey, MBA, who is also a USC MBA Alumni (FIGHT ON!) has been Going Hard on his energy drink company for years and it’s expanded nationwide! With summer approaching, please check out his brand and order some of these healthy drinks. They’re low calorie and won’t make you crash! As someone who is sensitive to caffeine, these drinks hardly have it and I didn’t feel bad afterwards.

Let’s Never Forget Their Bravery

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Although Memorial Day is over, the courage of those who sacrificed themselves in the line of duty is to not be forgotten. We thank these brave men and women every day who joined the Armed Forces to defend our nation, thus paying the ultimate price. I am thankful for you all every day.

Thank you for supporting! I am your friendly, neighborhood REALTOR®!