Is Now the Time to Buy or Wait? | 1-Minute Market Update w/ Martin
Is the real estate market turning colder than the approaching autumn breeze? On this week's real estate market update, airing on August 23rd, 2024, we tackle head-on the perplexing trends in the housing market. Mortgage applications are on a downward spiral, dropping 5% from last week and a significant 8% from last year. This episode unearths the curious paradox of fewer active home searches despite more Google inquiries—and what this means for both buyers and sellers. We examine the current price landscape, where the average home now demands nearly $390,000 and the typical monthly mortgage payment has inflated to $2,587, spurred by interest rates at 6.49%.
But that's not all—find out why homebuyers are hesitating, leading to unprecedented spikes in home availability and canceled purchase agreements. With active listings surging and new constructions plummeting by 6.8% since July, the market is more complex than ever. Should you wait for rates to drop further or seize the current opportunities? We dissect expert opinions, explore broader economic factors like job creation and unemployment, and predict the future trajectory of the housing market. Tune in for practical advice and critical insights that could shape your next big real estate move.
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