Fed signaled potential rate cuts in September, and mortgage rates have already dropped by 0.25%. This opens up more buying power for clients, so it’s a great time to reach out to buyers. Let’s help them take advantage of these lower rates and find the best deals!.
| What You Need to Know |
Data Check: 8/26/24 Applications ↓ 10.1% Sharp Drop after two weeks of increases. MBA Inventory ↑ 0.9% 704,000 Inventory growth is slowing. Altos Price Reductions ↑ 0.5% 39% Likely going over 40% in teh coming weeks Altos Rates ↓ 0.2% 6.4% Downward trend continues. MND We continue to see local markets diverge in terms of supply and demand. For Buyers: Buyers are encouraged by Powell’s recent announcement, suggesting a potential rate drop in September. Lower rates typically boost demand, making now an opportune time to act. For Sellers: Median sales prices are starting to decline, with price reductions expected to surpass 40% in the coming weeks. While buyer demand is likely to increase with lower rates, this shift may take some time. For Investors: In July, 17% of closings were investment properties (NAR). Additionally, New Home Build-to-Rent starts have risen 10% compared to the same time last year (NAHB). The market signals that now might be a good time to invest in real estate. Ask us about our Market Spotlight presentation. Each week, we assemble a series of graphics and charts you can use to help your Buyers, Sellers, and Investors make informed real estate decisions. |
| Finally, the News We’ve All Been Waiting For |
Last Friday, Federal Reserve Chairman Jerome Powell delivered the news we’ve all been anticipating: “The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.” — Jerome Powell On this news, interest rates have dropped, making it an excellent time for buyers to take advantage of the current market conditions. We have several powerful tools at our disposal to help you negotiate the best deal and capitalize on this opportunity. If you’re considering a move or looking to explore your options, now is the perfect time. Let’s connect to discuss how we can make the most of these favorable conditions. |
