August 2022 California Housing Sentiment Index
With rising interest rates, and another more to come during the 4th quarter, is this a good time to sell? For home buyers, these are challenging times as the cost to borrow money gets more expensive– not to mention the unrealistically high asking prices for homes.
In Los Angeles, according to the California Association of REALTORS® the median home price is a whopping $854,960; and with a median salary of $91,000 who can afford this? Will California become the “renter state?” Say it isn’t so… Of course, nothing is wrong with renting unless owning a home of your own is the dream. Personally, my husband and I, gave up the American dream of homeownership when after selling out townhome and moved to our current city over 10 years ago; and have not been able to recapture the “dream” since. Alas, the struggle is painfully real. But I am not giving up–never, I think… Seriously, there’s always hope. Patience is still a virtue.