Maggie's Market Minute: A Perfect Storm of Booming Confidence and Lower Rates

Hold onto your umbrellas! Consumer confidence shot up by a whopping 29% in just two months, marking the most significant surge since 1991. The stock markets are booming, with the S&P 500 hitting a record high yesterday following an unexpectedly robust jobs report. Mortgage rates? They're currently chilling at their lowest point since May 2023. With all these factors at play, there's an exuberance, and a wave of eager buyers flooding the market. The days of homes sitting around with no takers seems to be fading fast. Now, many new listings are flying off the shelves within days, often sparking bidding wars and multiple offers. Homes that lingered on the market last year are suddenly hot commodities, some even selling over asking. And guess what? This isn't just happening in the ritziest neighborhoods; it's even reaching downtown. Below is a quick rundown of how the action is unfolding across the city.

Only time will tell how long this is going to last, but for now we are savoring the rainbow after what has been a stormy 2023 in the housing market 🌈.

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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