LISTED FOR SALE BY NELA HOMES, INC:  6221 Mt. Angelus Place, Los Angeles 90042

OFFERED FOR SALE AT $1,295,000

GREAT OPPORTUNITY TO BE PART OF ONE OF THE MOST EXCLUSIVE AND SECLUDED AREAS IN HIGHLAND PARK, Mount Angelus. This hilly and picturesque neighborhood of about 150 charming homes is one of the most sought-after areas in all of Highland Park.

The main house, with its three bedrooms and two bathrooms, master bedroom, walking closet, master bathroom, and indoor washer and dryer hookups, sits on a single level above the one-car garage and a small studio with a separate street entrance. This studio features a bathroom and a comfortable walking closet. The house is PERFECT FOR A MID-CENTURY MODERN RENOVATION. Have some guests over to stay in the second studio/in-law-quarter/JR ADU in the back of the house, this back studio features one bedroom and one bathroom with a small kitchenette and a large closet area. The one-car garage is deep with enough space for a small to medium size car, PLUS it has many built-in cabinets perfect for a shop or studio.

The large lot crosses from street to street with two separate entrances. The terrace-like garden is perfect for the gardener enthusiast. If you need more storage space, the house has a spacious storage structure.

The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. And in many ways, it's put the market into a reset position.

As the Federal Reserve (the Fed) made moves this year to try to lower inflation, mortgage rates more than doubled – something that’s never happened before in a calendar year. This had a cascading impact on buyer activity, the balance between supply and demand, and ultimately home prices. And as all those things changed, some buyers and sellers put their plans on hold and decided to wait until the market felt a bit more predictable.

But what does that mean for next year? What everyone really wants is more stability in the market in 2023. For that to happen we’ll need to see the Fed bring inflation down even more and keep it there. Here’s what housing market experts say we can expect next year.

What’s Ahead for Mortgage Rates in 2023?

Moving forward, experts agree it’s still going to be all about inflation. If inflation is high, mortgage rates will be as well. But if inflation continues to fall, mortgage rates will likely respond. While there may be early signs inflation is easing as we round out this year, we’re not out of the woods just yet. Inflation is still something to watch in 2023.

Right now, experts are factoring all of this into their mortgage rate forecasts for next year. And if we average those forecasts together, experts say we can expect rates to stabilize a bit more in 2023. Whether that’s between 5.5% and 6.5%, it’s hard for experts to say exactly where they’ll land. But based on the average of their projections, a more predictable rate is likely ahead (see chart below):

That means, we’ll start the year out about where we are right now. But we could see rates tick down if inflation continues to drop. As Greg McBride, Chief Financial Analyst at Bankrate, explains:

“. . . mortgage rates could pull back meaningfully next year if inflation pressures ease.”

In the meantime, expect some volatility as rates will likely fluctuate in the weeks ahead. If we see inflation come back under control, that would be good news for the housing market.

If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Here’s how it happened and what it means for you, even as the market moderates.

Equity is the current value of your home minus what you owe on the loan.

Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.

And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost equity you gained during the pandemic frenzy.

Homeowners have very high levels of tappable home equity today, providing a cushion to withstand potential price declines, but also preventing housing distress from turning into a foreclosure.

Despite the headlines, the average homeowner still gained positive equity over the last year in just about every market. While the gains aren’t as dramatic as they were in the previous quarter due to home price moderation, they’re still significant. And if you’ve been in your home for longer than a year, chances are you have even more equity than you realize.

Honoring Indigenous People's Day with a few renderings of 15th/16th century Native Americans created in Mid Journey