Regular Newsletters โ€ข July 15, 2023

Johnny Dragon’s July Newsletter

(I created this on July 3rd on LinkedIn but didn’t get the chance to post on my site). Hope you all had a great 4th of July! Enjoy this bi-monthly newsletter!

LA County Market Update June 2023

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LA County market continues to hold steady with some interesting statistics in June 2023. The average sales price did go up 2% for residential sales but since the beginning of 2023, the average sales price remained steady, not seeing the high increases we saw in the pandemic market. This is due to the interest rate increases since last year, along with low inventory and inflation. However, inflation only increased to 3.8% in May 2023 vs. 4.3% in April 2023, the lowest since April 2021.

The number of properties sold increased and new listings on the market remained steady. Homes in some LA neighborhoods continue to sell at higher than asking price due to low inventory and high buyer demand. The question buyers are asking us real estate professionals is what can they do in this market.

The best advice I can give is for buyers to see what’s their current budget and speak to a lender about what they can afford now based on their current income and expenses. Buyers know what they are able to afford comfortably without putting themselves in major debt. It’s all about tailoring to your current needs knowing the rates will at some point come down in the near future. Real estate is still a great long-term investment!

FHA Loan for Multifamily Properties Update

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Recently, the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) agreed to increase the threshold dollar amount for Large Multifamily Loans from $75 million to $120 million!

Baby Boomers Wealth Keeping Economy from Crashing

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Top Economist Ed Yardeni recently stated that due to baby boomers spending their $75 trillion in savings, the economy does not look like it will crash. They will eventually pass down a lot of this wealth to heirs but look to spend in their last years. There are approximately 58 million people over 65 years old that have their wealth divided in stocks, real estate, pensions and cash.

Looking for a VA Loan Lender & Credit Repair?

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Matt Elliottย is a great lender for not only VA Loans but for credit repair. He is licensed for all 50 U.S states! He’s Marine Corps veteran and has an in-house credit repair team that will take care of your needs! Contact him directly on LinkedIn or via his contact info above if you’re looking for a loan and credit repair.

LA Experience of the Month: The Langham Hotel in Pasadena

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Since 1932, The Langham Hotel in Pasadena, CA offered a luxurious experience for those looking to stay in the LA area. It is a staple in Pasadena, offering 23 acres of lush greenery with classical architecture and 41 replica oil paintings.

Thank you for your continued support! ๐Ÿ‡บ๐Ÿ‡ธโค๏ธ๐Ÿค๐Ÿ’™๐ŸŽ†