Sherman Oaks and Studio City homes are starting to experience the early signs of El Niño. Weather forecasters are predicting that the 2016 El Niño is going to surpass that of the ’97-’98 storm that terrorized Southern California almost two decades ago. As El Niño starts to bring in heavy rain, 2016 is predicted to mark the biggest El Niño yet.
2016 marked the beginning of rising interest rates across all industries. For the last 10 years, the Federal Reserve has been assisting the market in order to promote buying. This year that program ends, and we start the slow and steady rise of interest rates. While most industries are seeing a dramatic increase in interest rates, the Real Estate industry has remained steadfast at low and consistent rates which should carry us through 2016.
I had a Q&A session with John Musso, who is nationally ranked 2nd at Wells Fargo Home Lending, to get to the facts about new interest rates. Here’s why the housing market shouldn’t be freaking out about the interest rate changes.