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L.A. Owl Group March 2023 Newsletter

L.A. Owl Group Monthly Newsletter

MARCH 2023

 

March 2023 Market Recap

Market movement and price changes!

 

Read Takeaways Here!



Why Buying a Home is a Sound Decision?



If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.

This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.

Home Price Appreciation in the Years Ahead

Over 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return to more normal levels of appreciation through 2027.

The big takeaway is experts aren’t forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate. And when they look further out, they see steady price appreciation in the long run. That’s a great example of why homeownership wins over time.

What Does This Mean for You?

Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. Here’s how a typical home’s value could change over the next few years using the expert price appreciation projections from the survey mentioned above (see graph below):

In this example, if you bought a $400,000 home at the beginning of this year and factor in the forecast from the HPES, you could accumulate over $54,000 in household wealth over the next five years. So, if you’re wondering if buying a home is a sound decision, keep in mind what a strong wealth-building tool it is long term.

 

The Top Reasons for Selling Your Home

A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.

Houses That Are Priced Right Are Still Selling

Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:

“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”

While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that’s great news if you’re thinking about selling.

Buyers Are Still Out There

As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of reasons people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today’s buyers:

“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”

That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.

 

Vineyard Hike with Wine in Malibu!

The Malibu Wine Hike tour is the perfect blend of activity and leisure—you will be hiking a 2.5-mile loop around Saddlerock Ranch. This 1100 acre property is abundant in natural beauty, and you will find relaxation in the nature, fresh air, and sunshine surrounding you.

 

Proud rock formations, sweeping views, cute critters, and the copious amounts of flora and fauna will make you feel as though you are no longer in LA County but an area far removed from society. In addition, the grapevines that surround you will induce further beauty and a deeper connection to the wine country that Malibu offers. 

 

For more information, you can visit https://bucketlisters.com/experience/zbl-malibu-wine-hikes 

 

Good Place, Great Food: Union Restaurant in Pasadena, New Place to Visit This Month




Located in the heart of Old Town Pasadena, Union is a lively, yet intimate neighborhood Italian restaurant and wine bar offering a deeply personal, seasonally Californian interpretation of Northern Italian cuisine.

 

For more information, visit https://unionpasadena.com/ 



A 7 - Minute Brownie in a Mug, a Quick and Fudgy Treat!



Making a brownie in a mug is really simple. A little brown sugar, flour, milk, cocoa powder, vegetable oil, and vanilla come together in an 8-ounce mug that's cooked in the microwave for 2 minutes.

 

 Check out https://amandascookin.com/brownie-in-a-mug/#wprm-recipe-container-82893  for the illustrated instructions!

L.A. Owl Group

9454 Wilshire Blvd., #400

Beverly Hills, CA 90212

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