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ON THE
HOUSE
03.01.24
What the Labor Market and Home Prices Data Tell Us
“A dream written down with a date becomes a goal. A goal broken down into steps becomes a plan. A plan, backed by action, make your dreams come true.” – Greg Reid
Watch this Tedx Talk from Greg S. Reid, an award-winning author, entrepreneur, and the CEO of several successful corporations, where he talks about turning obstacles into opportunities!
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Brace yourselves! The Spring/Summer homebuying season is right around the corner and many buyers are ready to flood the market as soon as rates drop.
My advice to beat the rush of buyers: get pre-approved NOW!
A pre-approval in your back pocket will help give you the competitive edge you need when the time is right to make your move.
Beat the Rush
when Rates are Cut
Industry Insights
Jobless claims fall to 5-week low, shows the economy is growing
Recap: In a noteworthy development for the U.S. economy, initial jobless claims unexpectedly dropped to a five-week low of 201,000, suggesting the labor market remains robust despite the Federal Reserve’s efforts to slow economic activity with higher interest rates. This dip, partly influenced by a reporting anomaly in California, underscores the enduring strength of the job market, even as the broader economy faces pressure from monetary tightening.
While some might view the situation with a hint of skepticism, considering the potential for inflationary pressures, it’s clear that for now, the job market is holding its ground, offering a glimmer of resilience amidst economic uncertainties. As the Dow and S&P 500 look to open higher, it’s a reminder that the U.S. labor market continues to navigate through the Fed’s cooling measures with surprising agility.
My Take: The job market continues to surprise me. We got another better-than-expected jobless claims number. The US labor market is resilient. We are seeing layoffs in retail. Let’s see how this plays out in second quarter.
Read More About It Here: www.marketwatch.com
December Home Prices All-Time High
San Diego in the lead
Recap: Home prices in the 20 largest U.S. metros hit a record high for the 11th consecutive month due to a persistent shortage of resale homes, with the S&P CoreLogic Case-Shiller 20-city price index showing a 0.2% increase in December and a 6.1% rise over the last 12 months.
San Diego experienced the highest year-over-year price gains at 8.8%, while all 20 major markets reported yearly gains. Despite high mortgage rates reaching 8% in 2023, early signs of demand recovery and the severe home shortage suggest prices may continue to rise. Analysts are forecasting robust home price growth in 2024, with predictions of a 5% increase, far more optimistic than previous expectations.
My Take: According to Case-Shiller home prices hit a new all time high in December. San Diego specifically posted the biggest year over year gain up 8.8%. I believe we will repeat a similar number this year.
Read More Here: www.marketwatch.com
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If I could give ONE TIP to all homeowners: stay up to date on your home’s equity!
- Hook up with your realtor and ask for a CMA about every six months. This isn’t just fancy real estate talk; it’s a snapshot of how your home measures up to others in the neighborhood that are either on the market or recently sold
- Understanding your home’s value gives you a clear picture of where you stand financially. It’s like having a financial health check-up for your biggest investment.
- Knowing your equity can open doors—literally. Thinking about a new loan, refinancing, or maybe tapping into a home equity line of credit (HELOC), selling or making some upgrades? Knowing the value of your home can help you time these decisions right, ensuring you get the best bang for your buck.
- Regular CMAs help you spot trends in the real estate market, so you can predict changes in your home’s value. This is clutch for planning your next big move or investment.
Recap:In the end, it’s all about getting the most out of your home. Staying in the know with your equity situation means you’re ready to make moves that benefit you in the long run.
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