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Rates, Growth, and Rising Confidence!
Weekly Real Estate Market Update
The Federal Reserve recently announced its second rate cut of the year, sparking optimism in the housing market as borrowing costs ease slightly. Meanwhile, a cooling labor market and steady GDP growth highlight the economy's resilience despite high interest rates. Mortgage rates remain elevated, impacting home affordability, but rising consumer confidence and stable home equity across the U.S. provide positive indicators as we approach the year's end.
Federal Reserve Cuts Interest Rates Again
The Federal Reserve made its second rate cut of 2024 yesterday, reducing its benchmark rate by 0.25% amid easing inflation. This decision, which lowers the federal funds rate to a range of 4.5%–4.75%, provides some relief for borrowers facing high interest rates. However, the cut was smaller than September’s reduction, signaling a cautious approach by the Fed.
Mortgage Rates Stabilize in the High 6% Range
Mortgage rates have leveled off in the high 6% range, with the average 30-year fixed rate at 6.79% . Mortgage applications have declined for five consecutive periods, although new home purchase applications showed a 5% increase. The elevated rates are creating a cautious market environment, making this a key consideration for prospective buyers.
Consumer Confidence Hits New Highs
Consumer confidence surged in October, reaching its highest level in nine months. The Conference Board Consumer Confidence Index rose to 108.7, as consumers grew more optimistic about the current job market and short-term economic outlook. Additionally, fewer Americans expect a recession within the next 12 months, and a growing number plan to buy a home, despite ongoing high interest rates.
U.S. Home Equity Dips Slightly in Q3
The U.S. housing market saw a small dip in home equity in Q3, with 48.3% of mortgaged properties classified as equity-rich, down from 49.2% in Q2. However, this remains higher than last year’s levels. California leads the nation, with 31 of the 50 highest equity-rich ZIP codes. “Underwater” mortgages stayed low, accounting for only 2.5% of mortgaged homes, a stable figure from Q3 2023.
Outlook
While elevated mortgage rates continue to shape the real estate landscape, strong economic fundamentals and growing consumer confidence suggest resilience as we head into year’s end. The moderate Fed rate cut offers a hopeful sign for further rate relief on the horizon, creating potential opportunities for buyers ready to make a move in today’s market.
If you have any questions about how these trends could affect your home buying or selling decisions, feel free to reach out!
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Save Thousands for Dollars With Our
Relocation Program
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Looking To Sell A Property That Needs Some Work?
Save The Time & Hassle With Our Listing Concierge!
Does your property need some TLC or would having some improvements help you fetch top dollar? With our new listing concierge service we will coordinate getting your home all fixed up and ready to sell. We will manage the entire process of getting your home ready and all decked out with the latest trends, designs and materials. Our contractors are all licensed, bonded, and insured and do excellent work. Best of all, there is no money due up front. This saves you the time and expense of interviewing contractors, managing the work, and all the headache that goes along with fixing up a property. This enables our clients to position their property as "move in ready" to capture maximum buyer interest.
When we renovate homes, our clients receive on average a 150% return on investment!
We have negotiated great terms with our contractors and they don't get paid until the work is done and the home is sold.
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4859 Autry Ave.
Long Beach 90808
3 Bed | 2 Bath | 1594 SF | $999,000
Charming 3-Bedroom, 2-Bath Lakewood Village Home on a Picturesque Tree-Lined Street! This beautifully maintained home blends classic appeal with modern upgrades. Step into a bright living and dining area with refinished original hardwood floors and a bay window. The spacious kitchen boasts ample storage, a custom breakfast bar, and opens to a formal dining and family room. The primary suite offers a peaceful retreat with an updated bathroom. Additional highlights include central heat and AC, dual-pane windows, bamboo flooring, and a detached 2-car garage. Conveniently located near parks, shopping, and dining, this home provides a comfortable and connected lifestyle.
OPEN HOUSE
Saturday (11/9) 12:00 - 3:00
Sunday (11/10) 12:00 - 3:00
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700 E Ocean Blvd #1706
Long Beach 90802
2 Bed | 2 Bath | 1080 SF | $940,000
Experience luxury coastal living with breathtaking ocean views from every room in this beautifully remodeled high-rise condo at the iconic International Tower. This light-filled unit features an open floor plan, updated kitchen with sleek cabinets, marble countertops, and stainless steel appliances, and a spacious primary suite with a luxurious soaking tub. Enjoy panoramic vistas from the large wrap-around balcony, plus access to top-notch amenities, including a pool, fitness center, and 24-hour security, all just steps from the beach and vibrant local dining.
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223 Elm Ave.
Long Beach 90802
2 Bed | 3 Bath | 1570 SF | $825,000
Enjoy modern luxury living in this stunning 2019-built townhome at The Huxton in the East Village Arts District. This inviting home features an open-concept layout perfect for entertaining, with high ceilings, large windows, recessed lighting, and beautiful flooring throughout. The gourmet kitchen boasts quartz countertops, soft close cabinets, and upscale appliances by Bertazzoni and Bosch. Upstairs, two primary suites offer walk-in closets and luxurious bathrooms. Enjoy city views from the spacious rooftop deck – ideal for relaxing or BBQs. Eco-friendly features include owner-owned solar panels and a garage pre-planned for EV charging. Located in a secure, gated complex, you’ll be steps from the waterfront, dining, cafes, and nightlife. VA Approved.
OPEN HOUSE
Saturday (11/9) 12:00 - 3:00
Sunday (11/10) 12:00 - 3:00
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225 W 6th St #515
Long Beach 90802
1 Bed | 1 Bath | 547 SF | $339,000
Charming top-floor end unit condo in the heart of Long Beach, offering privacy and city views. This updated home features an open living area with a private balcony, a stylish kitchen with butcher block countertops, and a bright bedroom with two mirrored closets. Located near top attractions like the Long Beach Convention Center and Shoreline Village, with easy access to dining, shopping, and transportation.
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1187 E 3rd St #111
Long Beach 90802
2 Bed | 2 Bath | 1039 SF | $2,595
Looking for the perfect beachside home? Look no further than this beautiful two-bedroom, two-bathroom condo located in Alamitos Beach! Just six blocks to the beach, this home is perfectly situated for those seeking a coastal lifestyle.
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706 E Bixby Rd
Long Beach 90807
3 Bed | 2 Bath | 1417 SF | $1,075,000
Welcome to this beautiful California Heights home, featuring over $250,000 in recent updates that blend modern luxury with timeless charm. The spacious living room invites you in with an abundance of natural light, gleaming oak wood floors, a cozy fireplace, and elegant recessed lighting. The newly updated custom kitchen is a chef’s dream, boasting top-of-the-line Café and Miele appliances. Great open floor plan with formal dining room that opens to the living room and kitchen. Both bathrooms have been beautifully remodeled with quartz countertops, custom white oak vanities, stylish tile work, modern lighting, and the primary bath features a luxurious soaking tub for ultimate relaxation. Located just 1-2 blocks from award-winning Blue-Ribbon schools (Longfellow Elementary & Hughes Middle School), and within walking distance to the vibrant shopping, restaurants, and cafes in Bixby Knolls.
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488 E Ocean Blvd #P9
Long Beach 90802
1 Bed + Bonus Room | 1.5 Bath | 1447 SF | $799,900
Experience Luxury Living with Breathtaking Panoramic Views in this Rare Two-Story Penthouse! AMAZING VIEWS!! Discover unparalleled luxury in this stunning 18th & 19th-floor penthouse in the prestigious Aqua high-rise building in downtown Long Beach.
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3503 Marber Ave.
Long Beach 90808
3 Bed | 2 Bath | 1553 SF | $1,120,000
Impeccable South of Conant Home on a Beautiful Tree-Lined Street! This charming 3-bedroom, 2-bath home in a highly sought-after neighborhood exudes curb appeal with designer touches throughout.
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2101 E 2nd St #205
Long Beach 90803
2 Bed | 2 Bath | 1064 SF | $679,900
Enjoy the ocean breeze in this beautiful condo located just 2 blocks to the beach and across from Bixby Park. Walking distance to the beach, Retro Row, Broadway Ave, dog park, Farmer’s Market, and all the great local restaurants, cafes, and nightlife.
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6815 E Monlaco Rd
Long Beach 90815
3 Bed | 2 Bath | 1254 SF | $995,000
Welcome Home to Modern Elegance in the Heart of the Plaza Area, Long Beach! Nestled in the highly sought-after Plaza neighborhood, this newly updated 3-bedroom, 2-bathroom residence invites you to experience the perfect blend of contemporary comfort and classic charm. Step inside to discover a thoughtfully designed living space that seamlessly combines style and functionality.
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6713 E Almada St
Long Beach 90815
4 Bed | 3 Bath | 2136 SF | $1,174,900
Welcome to Your Dream Home in Los Altos! This stunning 4-bedroom, 3-bathroom, 2-story home is a rare find in the highly sought-after Los Altos community. Conveniently located near Belmont Shore, this home offers easy freeway access, making commuting a breeze. You'll be close to parks and highly rated schools, perfect for families and outdoor enthusiasts alike.
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6600 Warner Ave #182
Huntington Beach 92647
1 Bed | 1 Bath | 765 SF | $425,900
Highly sought after top floor condo at Villa Warner iin Huntington Beach! This beautiful condo offers plush carpeting, smooth ceilings, recessed lighting, large living room with sunny balcony! Villa Warner is a gated community and offers a large pool, spa, cooking area, weight room, billiards room, Extra storage, close to the Ocean, shopping & restaurants.
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