October 2006 Market Update

The Los Angeles Real Estate Market has officially become a normal and balanced market! The average time a listing is taking to sell is about 6 months. If the home is priced really well, the home will sell much quicker. Interest rates are still low! I've noticed mortgage interest rates have been following gas prices. When gas prices go up, so does the amount of money you are paying for your mortgage. My advice to buyers... get into a 10 yr or 30 yr fixed rate loan. The rates are not that different then the shorter term arms. Attention Sellers! Prices have not dropped, but you can not list your home for more then others have sold for in your neighborhood anymore. If you are thinking about buying or selling, give me a call and lets see if now is the right time for you or not.