Overall housing starts rose 1.9% to a seasonally adjusted rate of 1.37M units. NAHB chair: A lack of for-sale existing homes supported new construction demand.
Freddie Mac Chief Economist: “New data indicate inflationary pressures are receding” – which, along with lower mortgage rates, may lure more homebuyers into the market.
These investors often rely on data- and technology-driven tools to find neighborhoods where buying in bulk is likely to pay off, then typically make cash offers.
Last week, it was 7.5%. It’s the third weekly drop in a row, good news for buyers facing persistently high prices and a near-historic low number of for-sale homes.
NAR Chief Economist Yun: Except for office space, commercial property rates are expected to stabilize, though higher interest rates are impacting commercial loans.
NAR attorneys: Real estate professionals should maintain clear communication with clients about the services they provide and how they get paid.
Advocacy efforts will focus on keeping must-have programs going, like flood insurance, and pushing for programs that increase listings and boost fair housing efforts.
Economist Lawrence Yun predicts that home sales will rise by 15% next year, and by spring, mortgage rates will hover in the 6% to 7% range.
Mentoring isn’t a “one size fits all” thing. Brokers start the process by identifying needs and supporting the agents who could benefit from mentoring.
Florida Realtors economist: Understanding the financial impact of current mortgage rates can help Realtors relate to their clients’ all-important number: their monthly payment.
