THE DAILY DOSE
May 2, 2023
MONEY SAVING RENOVATION TIPS
No matter what your budget is, the cost of renovations can add up quickly. Use these money-saving tips to get the most bang for your buck.
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- Create A budget and stick to it
- Pay Cash
- DIY It
- Balance high and low – end materials
- Wait for sales to make big purchases
- Don’t change your homes footprint
- Stick with ths classics
- Buy energy – efficient appliances
Competition returns
In a recent survey, 82% of respondents said they felt ‘locked-in’ by their low mortgage rates and so were unlikely to sell. That’s a big reason why the inventory of existing homes is so low. But demand remains high, and that’s why we’re seeing more competitive bids and a greater % of sales happening above the listing price. It’s also why new home sales surged 10% MoM in March!
Rate relief ahead?
The economic newsflow was more bad (recession red flags) than good, and that helped push average 30-yr mortgage rates back down to 6.5%. The market still expects another +25 bps increase in short-term interest rates from the Fed next week. As we approach summer, however, the trend in inflation (and therefore mortgage rates) should be notably lower.
LOCAL MARKET TRENDS MAY 1 2023
Los Angeles Report
Whittier Market Report
Orange County
