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IT'S ALMOST AUTUMN!
The cozy season is almost upon us and with it, cooler breezes today.
Next week, the weather begins to dip into the 60s and I could not be happier.
How about you?
THIS MONTH: AUTUMN VIBES
Speaking of happiness, this month we begin rolling out our Autumn newsletters which include October/ Halloween, and November/ Thanksgiving.
I so enjoy sourcing and sharing articles to help you make the most of your holidays and home spaces and I especially love the Fall.
Because at last, the time has come to don the flannel and the plaid, light a cinnamon scented candle, bask in crisp misty mornings, bake some pumpkin bread, make some apple cider, and maybe even dance under the light of a harvest moon!
Therefore, articles that help you celebrate some or all of the images above are what I am sharing down below. I hope you will enjoy these and the events I've included in the calendar section of this newsletter.
ON THE REAL ESTATE FRONT
The big news of the month of course is the reduction in mortgage interest rates.
As of today, these are:
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30 year fixed - 6.3%
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15 year fixed - 5.9%
According to Sam Khater, Freddie Mac's economist, "mortgage rates fell again this week due to expectations of a Fed rate cut."
The Federal Reserve is expected to engage in continued easing following their September meeting.
"The time has come for policy to adjust," said Federal Reserve Chairman Jerome Powell after the most recent cuts.
Having said that, the Summer market was sluggish due to various continuing market challenges including interest rates. However according to Realtor.com's Senior Economic Research Analyst Hannah Jones, "falling mortgage rates have infused some much needed energy into the market. Buyers may be eager to take advantage of the lowest rates in over a year and secure a home before the Fall."
So if you are interested in finding your dream home before the holidays, now is the time to act.
To get ready, here are some key reminders to help you get the best deal and further lower your monthly payments:
- Pay off existing debt
- Improve your credit score
- Increase your down payment
AND TO SELLERS AND BUYERS, A REMINDER FROM LAST MONTH:
SELLERS, with more buyers being able to purchase homes, I'd be so happy to help you list yours, and help you find your next one.
BUYERS, with a drop in interest rates, and a slight uptick in inventory, you will have more choices to consider when making an offer.
SELLERS AND BUYERS, I am here to help both of you make the most informed and best possible choices in this important investment. Just call or text or email me today!
MARKET INSIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the Month of July:
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Pending Sales - increased by 5.5 month over month [while in the regional South they increased by 6.5%]
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Existing Home Sales - decreased by 1.3% - month over month
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Home Prices - increased 4.2% - year over year
Ongoing Challenges:
- Interest Rates
- Affordability
- Inventory Shortages
- Insurance Rates
The month of July continues to trend toward a Sellers Market with 4.0 months of Inventory.
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