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ON THE
HOUSE
01.30.24
Rates Got Higher But There’s A Silver Lining
Let’s start with some stats about New Years Resolutions, which, according to this article by The Ohio State University, 43% of you will quit by the end of January:
- A 2022 poll by YouGov indicated that 37% of Americans said they had a goal or resolution they wanted to achieve in 2023
- For 2024, the Forbes Health/OnePoll survey found that 38% of participants wanted to improve their finances as a resolution
- 20% of respondents say they keep themselves accountable when it comes to sticking to their goals. This is a massive drop compared to last year’s survey, for which 77% of respondents said they would keep themselves accountable.
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Industry Insights
Highest Mortgage Rates in More Than a Month, But There Are Silver Linings
Recap: The recent increase in mortgage rates marks the highest levels in over a month is driven by factors including the lag in Freddie Mac’s weekly survey and bond market corrections. Meanwhile, the housing market shows mixed trends with a rise in new home and construction activity but a decline in existing home sales, and future rate movements remain heavily dependent on upcoming economic data and inflation trends.
My Take: I feel the overall trend is down. However, it will not be a straight line. I am bullish on upcoming Fed rate cuts starting this spring, and the margins shrinking between bonds and the rates we see on the street.
The Coolest Home Feature Ever
Or a Lifetime of Maintenance? You Decide.
Not an industry insight, just an insane video of a lazy river that travels underneath a home. Isn’t this crazy? Is this a house for a super famous DJ or something??
VIDEO
Is The "American Dream" Dead?
This is a question I hear regularly on social media… Is the American dream dead?
No, but it’s different.
Our parents and grandparents’ vision of having the house, the white picket fence, the two kids, and a dog… that’s shifted now. Although housing has become very expensive, I do believe that at the end of the day, people do want to own real estate.
Financial security is still very important to people today, and we’re seeing that real estate is a good vehicle to make that happen. Personally, almost half of my clients are first time home buyers. And I can tell you that in the last 90 days, multiple people bought with a friend, a girlfriend, brother and sister-in-law, etc.
So, I would tell people that the American dream is not dead. It’s just different.
Working with someone like me, or a lender that is an educator first that helps teach potential homebuyers about the mortgage loan process and their finances, is going to be much better equipped to be successful.
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