Local home prices jump and sales fall. Yes, again. Or still.

L.A. Times sez: the shortage of available homes for sale here in Los Angeles has caused housing prices to jump.  See the article here.  The same number of buyers chasing limited choices tends to bid up prices, of course.  When will there be more inventory and when will the rise in prices end? According to the article, it won't be this year.  Home prices are expected to rise about 4% by year's end. Photo credit: Jay L. Clendenin / Los Angeles Times.

FHA loans will be a little more expensive on Monday than they were on Friday

In case you didn't know, you can get a fixed-rate mortgage with less than 20% down. You can even get a conventional, 30-year loan up to about $636,000 for as little as 5% down.  Most of these loans are guaranteed by the Federal Housing Administration, or FHA, which we also refer to as Fannie Mae.  The catch is, and always has been, that you need mortgage insurance if you are putting down less than 20% -- and that can add a lot of money to your monthly payment.

The good news was that the mortgage insurance rate was reduced recently, which means a significant savings for home buyers.  But that was last week.  The bad news is that the new administration's Housing and Urban Development Department raised the insurance rate back up to where it was yesterday.😭This erases a savings of about $1500 annually for FHA buyers in L.A.  Read about it here from today's L.A. Times.

And if that wasn't enough...a new price for the new year

5544 Ventura Canyon in Sherman Oaks is now listed at $888,000! This splendid re-do features four beds, 3 baths, all the bells and whistles, and is in a fab neighborhood.  I will be holding it open Friday from 11 to 2 and again on Sunday, the 8th, from 1 to 4 pm.  More details can be found in my previous post and at JudyGraff.com.

Open Friday and Sunday - 5544 Ventura Canyon, Sherman Oaks

Happy New Year! Need a redone, sexy 4 bedroom, 3 bath home in a fab neighborhood? For $909,000? Come visit me on Friday the 6th from 11 to 2 or Sunday the 8th from 1 to 4 at 5544 Ventura Canyon in S.O. With inspired finishes throughout, the home features an open plan with European Oak engineered wood floors, dining room, and a gourmet kitchen with quartz countertops, custom cabinets and Viking stainless steel appliances.  Rebuilt for today's living with upgrades including LED lighting, dual paned windows, new HVAC, new electric 200 amp panel, and a new roof. The spacious master suite has a customized walk in closet, and a luxurious bathroom with marble counter, double sinks, & an over sized shower.  Each bedroom has exquisite sliding glass doors.  Pretty, green backyard is a canvas for future projects or even a pool. I look forward to seeing you.