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September 27th: Real Estate Market Update
The Federal Reserve recently cut interest rates by half a percentage point, marking the first reduction since 2020. While this move was expected, mortgage rates didn’t immediately drop. However, with rates staying near their lowest in two years and home prices softening, housing activity is likely to pick up in the fall as borrowing becomes more affordable. The Fed’s rate cut of 50 basis points was a unanimous decision, with more reductions expected this year. The focus is shifting to the labor market, and further rate cuts are projected over the next 15 months, including an additional 100 basis points by 2025. While rates briefly ticked up after the announcement, they’re expected to decline again by year-end if inflation continues to ease. In housing, sales slowed in August as buyers hesitated, but pending sales are up, signaling stronger activity in September. California home prices saw modest growth in August, continuing a trend of smaller gains. Prices may soften further as the year ends but should still show year-over-year growth. U.S. residential construction rebounded in August, with housing starts up by 9.6%. Single-family home construction saw a sharp increase, but it remains to be seen if this momentum will continue as existing homes become more available. (Source: California Association of Realtors)
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September 10th: Real Estate Market Update
Real Estate Market Trends: September 10, 2024 Quiet Before Fed Meeting:As the Federal Reserve prepares to meet next week, markets are optimistic about a possible rate cut. Homebuyer demand has picked up, but rising prices are keeping some buyers cautious. Lower rates are expected to further boost demand in the coming months, with more inventory gradually becoming available. Labor Market Shows Improvement:Job growth remains positive, and the labor shortage that has fueled inflation is easing. Fewer job openings suggest that inflation may continue to trend toward the Fed’s 2% target by the end of the year. Interest Rates and Mortgage Trends:Mortgage rates have improved, with the average 30-year fixed rate at 6.27%, a significant drop from earlier this year. VA and FHA rates have dipped below 6%, potentially unlocking more housing inventory. Mortgage Applications & Sales:Although still below peak levels, mortgage applications and pending sales have seen double-digit growth. Some regions, like the Central Valley, are outperforming others in demand. Construction Slows:Construction spending fell 0.3% in July, with single-family home building down 1.9%. However, lower interest rates may revive builder sentiment in the coming months. Homebuyer Sentiment:Despite more optimism about falling mortgage rates, homebuying sentiment remains flat, with only 17% believing it’s a good time to buy. However, with rates moderating, sentiment may improve soon. (Source: California Association of Realtors) As always, feel free to get in touch with me with any questions - I am happy to help you or your friends and family. - Anastasiya
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Welcome to my Newsletter
Welcome! I'm thrilled to introduce you to this new space where I'll be sharing weekly insights, tips, and updates that will guide both buyers and sellers through the exciting world of real estate. Whether you're a first-time homebuyer, seasoned investor, or looking to sell your property, this newsletter is crafted with you in mind. As a seasoned real estate professional, I've always believed in empowering my clients with knowledge and resources. That belief is what inspired the creation of this newsletter. It will serve as the primary hub for my weekly videos, providing you with the latest market trends, expert advice, and invaluable information to help you make well-informed decisions. For buyers, the journey to finding your dream home is both exhilarating and challenging. Through this newsletter, I'll walk you through the entire process, from understanding current market conditions to securing the best mortgage rates, and from viewing properties to making competitive offers. My goal is to equip you with the tools and confidence you need to turn your homeownership dreams into reality. Sellers, you'll find tailored content designed to help you navigate the complexities of selling your home. You'll learn the art of staging, effective marketing strategies, and how to set the right price to attract serious buyers. The tips and guidance provided here are aimed at ensuring you get the best value for your property with minimal hassle. I'm excited to embark on this journey with you and invite you to join me every week as we explore the dynamic landscape of real estate together. Stay tuned for engaging videos, insightful articles, and special features that will elevate your buying and selling experience. Here's to making informed, confident real estate decisions—one newsletter at a time!
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