REAL ESTATE NEWS — Happy St. Patrick’s Day 🍀
INTEREST RATES AND PRICES DROP IN DOWNTOWN LOS ANGELES — Yes, that’s the good news. It is cheaper to buy a Los Angeles loft today than it was 1-2 years ago. Prices have come down around 3% to 7% in Downtown Los Angeles. Buyers can get super low interest rate of around 3% to 3.5% or so, after the Fed cut its prime rate to 0% this week. Borrowers may also expect to see more volatility, as rates change up to 3 times per day. For home buyers who want more predictability, consider locking in a low rate with a loft lender. #fed #interest #rate #cut | Blog Video
Demand for Downtown lofts has been shrinking for about 24 months, so the recently stock market crashes and coronavirus simply add to the downturn that DTLA was already experiencing. Almost all real estate in the rest of the world is now experiencing a reversal of fortunes, as billions of people scurry in search of cash to cover the expenses of a perceived downturn and world-wide economic shock caused by harsh news, actions of panic and restrictive reactions to the covid-19 virus pandemic, which constricts economic activity. As the number of prospective buyers has shrunk, real estate prices must retract further in reaction.
Only the most motivated buyers and sellers will succeed in completing transactions in 2020 and 2021. Local neighborhood real estate is already seeing the effects of the March panic. Four property listings have withdrawn from the market in the last two weeks, compared to zero withdrawn for the same period last year in greater Downtown MLS areas 23,42 and 1375.
Negative market action and price reductions are 100% positive when viewed from the ideal perspective. For buyers who must buy now, the immediate impact is that of lower prices and greater overall affordability. Zero down and low down payments bring news can be good for home buyers of all kinds.
Loft prices have dropped. The price of 52 homes have recently been reduced. Get a free list of lofts with reduced prices. Fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.