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Mortgage rates continued to edge down this week after softer-than-expected inflation numbers. The April CPI report came in slightly lower than expected, which sent mortgage rates down a bit this week and makes it more likely that the Fed will cut interest rates this summer. California’s housing market continues to heat up as we enter the homebuying season in earnest with every measure of competitiveness on the rise this week.

 

Mortgage rates continue to inch down: Mortgage rates dip below 7% for the first time in 5 weeks after the April inflation report came in slightly better than expected. The Consumer Price Index report came in this week and showed a rise of .3% in April compared to .4% in March.  This was slightly better than expected and, and leaves the possibility of the Fed cutting interest rates late in the summer on the table. With this week’s data, futures markets are now pricing in about a 70% probability of a rate cut in the September 18th Fed meeting and a roughly 30% probability of a cut in the July 31st meeting.  

 

California housing market remains hot despite 7% rates: Even as interest rates surged in March and April (prior to their recent decline), California’s housing market is still showing signs that it has more buyers than homes to put them in. Current conditions are characterized by median days on market falling into the teens, a majority of homes selling above list price, and price growth that is approaching double-digits once again. Home sales have suffered as rate movements impact rate locks and prequalifications, but inventory remains depressed and that has helped to keep the market hot. Fortunately, the number of new listings continues to rise and total active inventory is approaching levels not seen since immediately before the pandemic, which should help to bolster more sales in the second half of the year.  

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

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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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For Sale

525 E Seaside Way #1508

Long Beach 90802

2 Bed | 2 Bath | 1030 SF | $759,900

 

Enjoy breathtaking ocean views from the living room, bedrooms and the patio in this modern luxury 2 bed, 2 bath highrise condo. Walking distance to the beach, harbor, Shoreline Village, Terrace Theater, restaurants, nightlife, and so much more!

In Escrow

3022 Bostonian Dr.

Rossmoor 90720

4 Bed | 3 Bath | 2,612 SF | $1,700,000

 

Welcome Home - Updated Kempton model home featuring 4 bed, 3 baths in Rossmoor. Located within walking distance to parks and shopping. Just a short drive to the Seal Beach pier. Great schools in the award winning Los Alamitos school district.

Recently Sold

6544 Cerritos Ave.

Long Beach 90805

2 Bed | 1 Bath | 1,198 SF | $670,000

 

Welcome to 6544 Cerritos Ave, a charming slice of Spanish-inspired architecture nestled in the heart of North Long Beach. This classic 2-bedroom, 1-bathroom home boasts timeless elegance coupled with modern upgrades, offering comfort and style.

700 E Ocean Blvd #607

Long Beach 90802

1 Bed | 1.5 Bath | 880 SF | $625,000

 

Amazing ocean views in this beautifully remodeled open floor plan condo at the iconic International Tower! This beautifully updated modern high-rise condo features hardwood flooring, fresh interior paint, scraped ceilings, and is light and bright with expansive ocean views. 

1985 San Francisco Ave.

Long Beach 90806

3 Bed | 2 Bath | 1,509 SF | $1,020,000

 

This historic gem awaits you in the charming Wrigley neighborhood of Long Beach! This gorgeous Spanish home, built in 1928, is full of charming curb appeal with its gated courtyard, porte cochere, red-tiled roof and front steps leading to the turret entry!

16136 Cornuta Ave. #117

Bellflower 90706

3 Bed | 2.5 Bath | 1336 SF | $590,000

 

Beautifully remodeled townhome with newly updated kitchen, baths, flooring, lighting, etc. Private 2 car attached garage.

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $655,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $720,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

8230 Santa InezBuena Park 90602

4 Bed | 2 Bath | 1,194 SF | $625,000

 

Beautifully remodeled end unit townhouse in Buena Park! 4 bedrooms, 2 baths with open floor plan, modern kitchen, and private backyard.

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,350,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

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Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855