People Are Ripping Up Their Home Deals
Amazing news! According to a Fox Business Network article, 60,000 Americans backed out of their home purchase agreements in July 2024. The reasons? High prices and concerns about the upcoming U.S. presidential election in November.
These canceled deals accounted for 16% of all homes under contract!
Redfin, a technology-driven real estate firm, also reported that pending sales fell to their lowest level for any month on record, except for April 2020, when the COVID-19 pandemic first disrupted transactions and the supply chain.
The economic outlook for the rest of 2024 isn’t very encouraging either. The economy is expected to lose momentum as high prices and elevated interest rates weaken domestic demand. Additionally, J.P. Morgan estimates a 35% chance that the global economy will enter a recession by the end of 2024 and a 45% chance by the end of 2025.
These complex GDP growth projections suggest that while the U.S. economy will grow, the rate of growth is uncertain.
On the bright side, the Federal Reserve is likely to lower interest rates in September. This could encourage spending and stimulate the economy. Lower interest rates also tend to make mortgage rates more affordable, creating more opportunities for homebuyers.
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So, how can individuals navigate this economic uncertainty? I’ve always believed that taking control of my future puts me at an advantage. Working for a company leaves everything I have at risk—layoffs, reorganizations, business failures, weak leadership, market trends, cash flow issues, and more all threaten job security.
If you’re interested in exploring what it means to take control of your future, give me a call. We can discuss the options available to help you shed the uncertainty of corporate America.
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