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Episode 32 of 116

032- Interest DROP! Why you need to stay informed! | #KeriTV Episode #32

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Hey everyone, it’s Keri TV.  We’re reporting today from our new office here in Brentwood.  We have an ocean view and we’re really excited about continuing all this energy with this new environment.  We’re going to decorate it and make it awesome.  We’re going to have more clients in.  Super excited about that.  This is just a quick episode today because we do have so much going on and we’re really focused on servicing our clients, but I had to make a video today based on the recent information from this past week.  Stay tuned.
Last week, if you haven’t heard, big news.  Mortgage rates dropped more points than they have in a decade.  The rates are so incredibly low right now after the Fed predicted that they would be going up about four times this year.  They’ve dropped the rate.  They’re trying to keep economic growth happening.  Because of this, a lot of the people that have been sitting on the sidelines have jumped back into the market.  I know I’ve spoken about the growth that’s happened this year.  With all the doom and gloom and everything happening, most everything that we’re writing on for our buyers has multiple offers.  There’s a lot of competition.  Some properties are going within a day of being on the market.  It’s crazy.
This is, of course, speaking somewhat in the entry level, which in Los Angeles, that can be anywhere from a little under a million to two million, depending on where you’re looking and the type of property you’re looking at.  Why is this so important that rates have dropped and people have been stimulated to get back out there?  What’s so important to look at is, if you’re buying a home and if you’re a first-time buyer, if you’re looking at a rate of four percent, your mortgage is going to be about two-fifty to three-fifty lower than if you’re at four and a half percent.  That means, whatever property you’re looking at, you know that you’re immediately building in an HOA payment or utility bills.  Something.  Maybe funds towards a vacation.  If you’re at a two million dollar purchase, this spread is even bigger.  It can be seven to eight hundred dollars a month.  That’s a lot of money just because of the interest rate.  It’s really important to follow these trends and know what’s going on.  What’s really interesting is that they’re stating that Los Angeles has become more unaffordable.  They’re saying around forty percent of the fifty biggest economies in the nation are becoming so unaffordable that people are either trying to move out or they’re starting to change their lifestyles so they can save money to actually purchase something.  Home ownership is still something that’s very important amongst millennials, who are now the seventy-fourth percent of the homebuyers these days.  That means people that are my age and ten years younger, I think, are now finding it really important to get into the market.  Knowledge is everything.  Being informed is everything.  There’s so much information out there and so many people.  They’ve got to make sure that you’re staying on top of how any changes in the housing market, interest rates, and the economy and how to fix you and your goals to build financial security, financial freedom and retirement.
Those are my points today.  I hope this helps, this little short PSA, because we’ve got a lot of people to serve.  We’ve got a lot of things to do.  We’re always here to give information.  Cheers, guys.  Stay tuned, and we’ll give you a little office tour when we finish up here!  Take care.