WEEKLY MARKET UPDATE November 18th, 2024

The real estate market is shifting, and with it come opportunities and challenges. Inventory is up 28% compared to last year—a win for buyers with more options to find the perfect home. However, with 30-year mortgage rates still near 7%, affordability remains a hurdle for many.

Here’s the silver lining: Homeownership is one of the most effective ways to build wealth and financial security. Every journey starts with a first step, even in a challenging market. With the right strategies, buying a home can still be within reach, and I’m here to guide you every step of the way.

Inflation and Market Impacts

October’s inflation numbers sent mixed signals:

• “Core” inflation (excluding food and energy) held steady at +3.3% annually.
• Rising food and fuel costs pushed “headline” inflation up to +2.6%.

Why does this matter? Inflation influences interest rates, which directly affect mortgage costs. The Federal Reserve will announce its next rate decision on December 18, and there’s a chance we could see another rate cut. If that happens, it could ease some pressure on buyers and sellers.

Why This Matters for You

• For Buyers: More inventory means more choices and possible future rate cuts could lower monthly payments.
• For Sellers: With more competition, pricing and presentation are crucial to standing out.

Do you have questions about the market, or are you ready to take the next step? Let’s connect! Together, we can take advantage of today’s opportunities.

Here’s to a great week ahead! Let’s make it productive and positive.

#RealEstate #MarketUpdate #Homeownership