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We’ve gathered some key insights from the latest Street Talk Radio Show, but this is just the beginning! Don’t miss the full episode on the podcast for even more details.
The Big News: Interest Rates
Spoiler alert: The Fed's rate cut was 0.5%! While many anticipated a 0.25% cut, some predicted a 0.5% drop, and that's exactly what happened. This cut doesn’t directly affect mortgage rates, but current mortgage rates are already at their lowest since March of last year. Why? It’s a response to the expectation of the Fed easing rates after its tightening campaign.
Inflation numbers are hitting expectations but remain a bit volatile.
Days on Market (DOM) Trends
Let's dive into the numbers.
National statistics show homes average 53 DOM, and 20% experience price cuts.
In the Pacific Northwest:
January DOM: 52
June DOM: 28
Current DOM: 34
Although multiple offers are becoming less frequent, they still occur. While lower rates could inspire more activity, a sense of urgency from buyers isn't expected to spike just yet.
Election Year Impact
Does the upcoming election matter?According to the experts, the real estate market will remain consistent regardless of who’s in the White House. Real estate continues to be a wealth builder and a sound long-term investment.As the saying goes:
"Don’t wait to buy real estate. Buy real estate and wait."
Location & Climate Concerns
Did you know?
25% of buyers are considering weather patterns in their home-buying decisions.
So, how insulated is the Pacific Northwest from this mindset? Tune in to hear the panel's thoughts on this fascinating trend.
This is just a snapshot of the rich discussion from our show! Check out the podcast page to catch the full episode with Chris Davies, CC, and Dylan Wolf for more in-depth insights into the current market.
Don’t miss it!
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