Home Prices Are At An All-Time High
According to the latest quarterly report by the National Association of Realtors, despite rising home values and higher mortgage rates, buyers are still in a pretty good position to afford a home.
In the South Bay real estate market in neighborhoods like Manhattan Beach, Redondo Beach, and Hermosa Beach, the median existing single-family home price is higher than it was in 2012. There are still fewer properties on the market than before the housing bubble in 2005, and the demand for new homes is driving home values up despite a slight rise in mortgage rates recently.
Because the value of the properties are rising in an organic and steady way, South Bay property is currently a solid investment; while mortgage rates are slowly rising they are still far below average and mean that the average prospective homebuyer can still afford a loan on a South Bay home.
If you have questions about property values and mortgage rates in the South Bay, please contact me and I’ll be happy to help you.
