Maggie's Market Minute - A Bit of a Rollercoaster Ride

Last week was a bit of a rollercoaster ride, with the economy finally showing signs of cooling down….this news is exactly what both the financial markets and the real estate market have been eagerly anticipating. Here’s what happened: The Fed left the interest rate unchanged after the meeting on November 1st Manufacturing cooled Employment declined New hirings cooled Jobs report was weaker than expected Unemployment rose to 3.9%, up from 3.8% The stock market is buoyant as it appears we are done with rate hikes and have continued to rally for 4 consecutive days. mortgage interest rates saw a sudden drop down to 7.38% (and it is holding steady) after climbing to a 20-year high at 8% in October. Lower rates + stock market rally = great news for the housing market Now, for the nitty-gritty. House prices are down 2% YoY and condos are down 3% YoY, but things have been relatively flat recently. September saw a burst of new listings, more than we've seen in a while. Although it tapered off since then, it sparked a boost in sales last month. October typically sees the peak of price reductions. This year, a whopping 350 listings had their prices adjusted last month. Follow the link below for a complete market report. As we head into the slowest period of the year, many properties are being pulled off the market. It's a golden opportunity for savvy buyers who want to stay in the game – less competition and room for some aggressive negotiation. Time to take a second look at those homes that have been on the market for a while!

Are you, or someone you know, ready to move? Let me know - I can help! Cheers, Maggie

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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