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Real estate agents play a lot of different roles for their clients, and one of the more interesting ones is prophet. Agents are asked all the time whether this month is the right time to buy a home or list a home. Each month, we’ll check in with some of Mercer Vine’s top agents and brokers to find out what they see ahead for the Los Angeles real estate market.
Slower, But Still a Strong Real Estate Market
I'm seeing the higher end ($2 million and up) slow down,” Kyle says. “Things aren’t going off market as fast, people are being a little more cautious. So theoretically, it could be a good time to buy. It may be the uncertainty with the Fed and interest rates, but also the market has been increasing for so long, that a lot of people have gotten priced out of what they can afford to buy."
Interest Rates May Rise
At its quarterly meeting at the end of September, officials from the Federal Reserve held interest rates steady. However, there was indication at the time that they may raise rates a quarter of a percentage point by the end of the year—likely at its next meeting in December. Janet Yellen, chair of the Federal Reserve, was quoted at a news conference citing “the recent pickup in economic growth and continued progress in the labor market” as reasons for the potential increase. The Fed last raised interest rates in December 2015—they have remained at a quarter to a half percentage point since then.
A Good Month for Selling Property in Los Angeles
Adam also thinks it will be a good month for sellers. Anyone looking to move to a new home before the holiday season picks up will be actively searching in the next month.
"Pre-holiday is always a good time to list,” Adam says. “But you have to remember that serious buyers are always going to be serious buyers. We sold one of our first homes on Christmas Day. Everyone was away, it was pouring rain, and we had two serious full-price offers."
One thing potentially looming for buyers and sellers this month, though, is the November election.
"That too — there’s uncertainty regardless of whether it’s Hillary or Trump," Kyle says.