American Pacific Mortgage

American Pacific Mortgage

Friday, September 7, 2018

Home Values Still Rising!

The latest figures released from CoreLogic's Home Price Index show that LA County had the highest appreciation, up 7.6% in the last 12 month period, followed by 7.4% for the Inland Empire (they have more to make up for past losses) and 5.9% for Orange County. The increase in Orange County for the first half of 2018 is 6.2% however. Why are prices rising? Lack of inventory is the primary booster. The forecast is for a slowdown in price gains, however.

What does all this mean for homeowners and prospective homebuyers? Don't delay if you are looking to buy a home or investment property, as both rates and prices will continue to rise, at least in the short term. If you have been thinking of a remodel or accessing some of the equity in your home for other major purchases, or debt consolidation, best to move sooner than later. Interest rates are still very low from a historical perspective. It isn't always best to refi your current loan, though. In some cases a HELOC may be a better solution. We always look at all the options, to assist a client in making the right decision.