SoCal Multifamily Sales Pulse - July 10, 2022 - July 16, 2022

• 18 July 2022
• Mike Lembeck

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Here's What's Happening In The Market, Here’s What This Means For You

THE PULSE OF THE MARKET 
Most areas saw what I would consider a bounce back week of sales last week. In fact, it looked a lot like the market prior to the recent interest rate increases. Yes, listing inventory has increased everywhere. My advice to buyers is to capitalize on added inventory coupled with moderate interest rates. Lock your rate now and start shopping. There’s some good deals to be had right now as sellers are more willing to negotiate. Interest rates aren’t as low as they were earlier this year but by historical standards there still pretty low. And with a strong rental market rents should continue to increase.

WHAT TO EXPECT
I expect a full 1 point rate interest rate increase now. My previous prediction was before the recent inflation figures came out showing inflation at 9.1%. As we approach the next Fed meeting, interest rates will likely tick up in anticipation. I advise sellers to commit: If you decide to sell, do it quickly before demand falls further. And price carefully—this is not the time to test the waters. You’ll do more harm than good if you overprice and have to do a price reduction or take the property off the market. Don’t forget to look at all the closed sales, weekly stats, and monthly charts in detail in the full report on my website. Mikelembeck.com. As always, feel free to give me a call or send me an email with any questions on the market. The way to increase your wealth is to sell at the current historically high prices and find alternative investments where you can get as high or more passive returns and continue to increase your wealth. Let me know if you’d like to have me analyze your situation and property to help determine your equity position for a potential sale or 1031 exchange.

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