And just like that, it's October 2024!

Were in the last quarter y'all!

Sep 19, 2024

EDITORS NOTE….YES, I HIT THE WRONG BUTTON AND THIS POSTED EARLIER AND INCOMPLETE! You may have gotten this earlier. This is the updated version.

Hello October!

I truly cannot believe that it’s already October! September flew by for me. In fact, it actually started in late August when I left for Spain and took a two-week vacation—the longest vacation I’ve ever taken in my career. If you’ve never been to Spain, I highly recommend it. They have a fantastic train system, so getting around is quite easy, and I must say, the food is amazing.

A little bit more about me since we’ve never met, lol… I recently lost 30 pounds and was very concerned about maintaining that during my vacation. Surprisingly, I ended up losing weight due to all the walking and, more importantly, the food there. You may not know this, but Europe doesn’t allow many of the food additives that we have in our food here in the United States. So, I lost weight and had a great time!

While visiting another CENTURY 21 office in Spain, I learned that they don’t require a real estate license there, which kind of freaked me out. I also discovered that the same property can be listed by multiple agencies at the same time. It was definitely a learning experience.

That being said, I am now back in the office and have been for a couple of weeks, ready to get down to business. I understand that my business will likely lag at the beginning of October, but that’s to be expected as part of taking a vacation.

September’s market was interesting. As anticipated, it slowed down after the second week of August and remained slow through the beginning and end of September due to people going back to school, etc. We are hearing talk of rates going down, and as of the writing of this draft, the rates just dropped yesterday. I’m not sure how that will affect home loans, but it does bring optimism to the market for homebuyers and sellers. Overall, listings are taking a bit longer to sell, and concessions are being made.

Speaking of concessions, on August 17, we started using the new concessions requirement rule that was implemented after a recent lawsuit against the National Association of Realtors. Some people are grasping it while others aren’t. Personally, I love it. It makes the process more transparent for buyers and sellers and is actually helping to weed out some bad agents. If you’d like more information on how it works, just give me a call. My number is below.

Looking ahead, we’re in the last quarter of the year, and many agents will take this time to prepare for the holidays or go on vacations. Personally, this is when I start kicking it into high gear to close out the year with a bang. I have several clients lined up for the remainder of the year, as well as many listings coming up. We’ve had several successful closings over the past couple of months, and we still have more on the calendar. From a business standpoint, I’m having my best year ever, and I’m incredibly thankful for it.

So, to wrap this up for October, it’s not all gloom and doom as you might hear from some other agents. It’s actually been a really good year in real estate, and I hope that trend continues!

The bottom line is that it’s still a good time to buy and sell. If you're curious about the current market conditions or have any real estate questions, don't hesitate to reach out. I'm here to help you navigate this market and make the most of your real estate purchase or sale. 407-948-8295I

I know many of you might be worried about selling before you buy and might need to use your equity in your current home to purchase. Well, there’s a fix for that! Watch this video I just created with my favorite human, Susie Carlton of Element Home Loans!

Sellers, wanna try out something really neat? If you own a home and would like to keep track of your equity and value, I have access to a really cool product called HomeBot. You can sign up here: HOMEBOT AI. I love this technology! It gets delivered once a month and the info is easy to read and understand. It’s a free app to use. I highly recommend you try it out. I have 500 spaces available and they are first come, first served. As always, you can always call me to get a personal evaluation of your home. 407-948-8295.

RECENT HOME SALES

Falling Mortgage Rates Are Bringing Buyers Back

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.

After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower mortgage rates are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at Bright MLS, says:

“A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.”

The best part? You can take advantage of that renewed buyer interest.

As Rates Fall, Buyer Activity Goes Up

The graph below illustrates the relationship between falling mortgage rates and rising buyer activity. The orange line represents the average 30-year fixed mortgage rate, while the blue line shows the Mortgage Bankers Association (MBA) Mortgage Application Index, which tracks the number of mortgage applications.

As you can see, as mortgage rates (orange) come down, the Mortgage Application Index (blue) rises, showing more people start to re-engage in the process (see graph below):

What This Means for You

According to the National Association of Realtors (NAR), home sales increased in July, which was a welcome shift after four straight months of declines. If you're a homeowner thinking about selling, this uptick in buyer activity works in your favor.

More buyers means more competition, which can lead to higher offers and shorter time on the market for your house. And, according to Edward Seiler, AVP of Housing Economics at the Mortgage Bankers Association(MBA), this trend is expected to continue:

“MBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and lead to increased activity in the housing market.”

All in all, the market is becoming more accessible to a wider range of buyers, which could result in even more people looking to purchase a house like yours.

With more buyers entering the market, now’s the time to start getting your house ready to sell.

Bottom Line

The recent decline in mortgage rates is already driving more buyers into the market, and experts project this trend will continue. Let’s work together to take advantage of this increased buyer demand and get your house ready to sell.

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FIND OUT YOUR HOME’S ESTIMATED VALUE. CLICK HERE!

I have known Susie Carlton for over 15 years and she is one of my favorite humans! She’s caring, smart, and simply the best! I trust her with my own family! Check out the program below. It’s kind of amazing!

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