Tales From the Real Estate Crypt
‘Tis the season for tricks, treats, ghosts, and goblins. Perhaps you’ve heard a few disturbing tales yourself. Spooky yarns are wafting through the fog and mist in the ethereal forms of rising interest rates or crashing home values. Take the innocent family in Beverley Hills, for example, who were lured into a money pit by an evil seller. Or, how about the naïve homeowner who is unaware of her home’s true value and lost thousands at closing? These dark tales and other horrors await a market already bewitched by limited inventory, rate volatility, and uncertain economic forecasts…not to mention a presidential election in the coming days! Egad!!
What Fate Awaits Buyers & Sellers?
It’s easy to get spooked by real estate news and forecasts. But don’t become paralyzed. Both buyers and sellers should exhibit caution while seeking out opportunity with a qualified real estate agent—not some ghoulish, fast-talking shark, but someone who truly has your best interest in mind. Above all, realize that the time we are in—this very moment, in fact—is beset by one huge bogeyman that could shake up the market, for better or worse: the 2024 Presidential Election. There are a lot of unknowns, especially within the next week with the election on November 5, followed by the next Fed Meeting November 6-7, in which experts predict another 25 Basis Points cut.
Gloom be Damned, Sunnier Days Lie Ahead
The housing market is poised for a much better year in 2025. In fact, there are several encouraging signs that homeowners and prospective buyers should realize. First, mortgage rates are expected to continue easing over the next 6-18 months, with projections putting them in the mid-to-high 5% range. This is great news for affordability, as lower financing costs will likely pull many buyers who have been sitting on the sidelines back into the market.
2025 Mortgage Rate Projections
As of September 2024
Did You Know?
In a recent Bankrate poll, it was revealed that more than half of homeowners would be motivated to buy with rates under 6%.
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In addition, total home sales are forecasted to rise next year, with experts predicting anywhere from 5.2 to 5.7 million homes sold nationally. While inventory is still tight in many areas, this transaction increase signals a healthier, more balanced market. Home prices are also expected to moderate, with a projected 3-4% appreciation nationally – a more sustainable pace compared to the rapid growth we’ve seen. Of course, local market conditions will vary, so be sure to consult with a trusted real estate professional to understand the dynamics in your specific neighborhood.
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Ghoulish Home Tours!
Ah, Hollywood, that citadel of dreams that can also give birth to nightmares. Poised like stalking vultures throughout the greater Los Angeles area, amid dark avenues and cryptic alleyways, are a number of homes, buildings, and properties that have aroused suspicion of paranormal activity in the past. Who knows what manner of witchery or conjuring or the like has settled upon these ill-starred homes—homes so benign and inviting on the outside, yet dark and dastardly within. What say ye? Shall we summon our nerve and take an evening stroll through a witch’s brew of haunted homes that are even more scary than the volatile real estate market?
Myers House
Although set in the fictional town of Haddonfield, IL, John Carpenter’s influential slasher hit was actually shot in and around cozy South Pasadena, CA. The infamous Myers House, where 6-year-old Michael slaughtered his sister Judith with a kitchen knife, is located directly across the street from the brick building that served as the hardware store where Michael stole his iconic white-faced mask in the original movie. No longer as spooky or ramshackle as it appeared in the film, the Myers House is smaller than it looks on screen but retains many of the subtle Victorian details that made it such a perfect choice for a horror film.
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A Nightmare on Elm Street
It’s really in Hollywood, but the movie set in the fictional town of Springwood, OH, kept the same house number and changed the street to Elm Street. The traditional style house where beloved final girl Nancy lived (played by fan favorite Heather Langencamp) also appeared in “Freddy’s Revenge” and “Wes Craven’s New Nightmare.” It last sold for $2.1 million and features a pool and guest house if you don’t mind feeling the spirit of Freddy Krueger hanging over your daily activities.
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The People Under the Stairs
Set primarily in a former funeral home, Wes Craven’s indescribably freaky horror-comedy tells the story of an incestuous pair of landlords who terrorize their neighborhood by locking unsuspecting residents in their fortified basement. Subsisting on a diet of human flesh, the unlucky captives eventually escape from the confines of the cellar and invade the rest of the house by crawling through a series of hidden passageways in the walls. The 1905 Thomas W. Phillips House is located in Los Angeles’ West Adams neighborhood just across the street from the spooky mansion used in “The Convent.”
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