Greetings, I'm Nathan Derry, your trusted Realtor with JohnHart Real Estate. As we step into August 2023, the real estate market in Mid Wilshire (90036) is buzzing with activity. In this blog, I'll be your guide through the latest trends in the area, where we're seeing a delicate balance of high interest rates, low inventory, and skyrocketing home prices.

The Numbers That Matter

For the month of August 2023, Mid Wilshire witnessed an absorption rate of 27%. With 15 active listings and 4 homes sold, this market dynamic presents both opportunities and challenges for homebuyers.

The Median Sales Price

The median sales price currently stands at $2,567,000. While this might seem daunting, it's crucial to look beyond the numbers and understand the long-term implications.

Interest Rates vs. Inventory: A Delicate Dance

It's no secret that interest rates are on the higher side. However, this shouldn't deter you from entering the market. Here's why:

1. Refinancing Possibilities: While you might be locking in at a higher interest rate now, remember that the real estate market is cyclical. Rates are likely to fluctuate, and when they dip, you can explore the option of refinancing your mortgage. This strategic move can potentially save you money in the long run.

2. Rising Home Prices: On the other hand, consider the ongoing trend of rising home prices. Mid Wilshire is a prime location, and its real estate market has historically shown appreciation. Waiting for lower interest rates might mean entering a market where homes have appreciated significantly, offsetting any potential interest rate savings.

Competitive Bidding Wars: A Reality Check

One important factor to bear in mind is that as more buyers decide to wait for lower interest rates, the competition for available homes will intensify. This could lead to bidding wars, driving up home prices even further. Ultimately, the question becomes: Would you rather pay a slightly higher interest rate for a brief period or risk paying tens or even hundreds of thousands over asking price later?​​​​​​​

In the world of real estate, timing and strategy are everything. Despite the current high-interest rates, Mid Wilshire remains a desirable area with an upward trajectory in home prices. If you've been contemplating a purchase, it's essential to evaluate your long-term goals and financial position. Feel free to reach out to me, Nathan Derry, at JohnHart Real Estate, at 424-303-0440. Together, we can navigate this dynamic market and find the perfect home that suits both your lifestyle and financial objectives.

Remember, when it comes to real estate, patience and strategy can lead to a successful and rewarding investment.

Best Regards,

Nathan Derry - JohnHart Real Estate

📍JohnHart Real Estate
📞(424) 303-0440
📧 itsnathanderry@gmail.com
🤖 nathan@jhagents.com
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