Los Angeles October 2022 Market Update

Hi everyone. Hope you're having a fantastic day. Ana Mendoza here. I'm here to give you your year-over-year market update for the month of October. It's from October 2021 to October 2022 now that it came and went. So homes that have sold under a million dollars for the month of October. Happy November. Thanksgiving is at the end of the month. We have exciting things happening there and Christmas is right around the corner.

But the numbers for the month of October, now that they're closed, we can go ahead and share them with you. We are still seeing low inventory. So 28 less homes came on the market compared to last year. Now that means that there's still a lot of opportunity for those of you that are looking to cash out, want to know what your home is worth. Look out for market updates that will be coming to you and want to know what your home is worth. How much equity do you have? What can you do with that money? Could you purchase another investment property? Could you potentially now downgrade or upgrade. All of those things, we're happy to answer them and give you some insight in regards to that.

Your average sales price did go down $24,000 less, but that is not uncommon to happen during the winter time. We do see a little slowdown. That always happens. So it's not oh my God, because the market is crashing, and we're going to a recession, and the pandemic and this and that. No. That really historically always happens. Towards the end of the year things do start to slow down, which is a lot of opportunity for those of you that are looking to purchase something because that is when most people are distracted and that is when you can go in and tackle and get your great offer accepted. Potentially under asking if the house is not priced accurately and houses are sitting on the market a little bit longer.

So you went from 27 days to 33 days, which means that basically houses are not flying like cupcakes like they were during summertime. So they are sitting a little bit longer. Again, it doesn't mean that there's something wrong with the house. It just means that we're going into a shifting market that is correcting, it's slowing down, the market is slowing down a little bit, but it's not drastically dropping. You're not going to see that happen.

Rates are in the seven to seven and a half. I'm not a mortgage broker. We have experts to connect you with to answer any information that you have in regards to that. So when it comes to the rates, we're definitely happy to connect you with somebody that can educate you with that. Your rate is really drastically driven by how much your debt-to-income ratio is, what your FICO scores are, what is your income like? All of those things factor into what interest rate you're going to be locked into.

So the market is saying, and from what experts are projecting, is that we are going to have rate drops, and normally you have rate increases towards the end of the year. Just like you have the market slowdowns. It's not uncommon. So this winter is going to be a very unique market. It's just going to be up to you guys. Do you want to continue paying somebody else's mortgage or do you want to purchase something for yourself and pay into that for your family's long-term wealth?

So we are happy to help you guys. We take the educational approach to hold your hand, to get you to the next level to answer any questions. I love that my clients have the confidence in us to text us just random questions about real estate and we're always open and happy to answer them. So we will do the same for you. I hope that this information was of value. Please reach out to us if you have any questions. Hope you have a fantastic November. I hope that your October was productive and a lot of fun with those trick-or-treaters. It just felt like things were finally back to normal and we were super excited about that. So happy November. Have a fantastic day and we will be in touch.