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Q2 2023 Hancock Park Market Update

Even with a writer’s strike many offers were written in Hancock Park as the imbalance of supply relative to demand and demographic trends are keeping our market dynamic and strong. Multiple offers continue for the most prized locations and many are cash buyers. Appetite is strongest for Levain cookies AND move in ready, designer-done properties especially under $6MM.

The Fed ended a 10-meeting run for interest rate hikes yet most economists expect more increases ahead. The stock market hit its highest point since

Oct 2022 on June 14th which helped overall sentiment and psychology amid all the questions – just how many people can afford $6 gelato and cookies and for how long, when will the Fed’s rate hike end, when will we go into a recession, how deep will the recession be, when will the writer’s strike end and will the screen actors join them etc? ​The line, we mean the list, is long.

And yet, many are still making moves as babies arrive or as the sweet little ones grow just enough to make the current house feel too cramped. Some are joining loved ones behind the pearly gates while others are choosing to be closer to grandchildren in the golden years.

Since home equity has been increasing steadily for 5 years many are afforded the option of using profits to pursue new dreams elsewhere and/or to downsize and simplify. Investors included.

Nationally price growth has started to slow and is looking more like a typical market but 19 of the top 20 cities still show overall growth. Our outlook remains positive.

Loveland Carr Group has a few smart cookies ready to help you make your next move. 

Happy Summer to all!

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