And just like that, it's September 2024!

Are we calling it Autumn now?

Sep 01, 2024

Hello September!

September….things cool off a little, including the real estate market. This one is shaping up to be just that. August hit the breaks on sales a week into the month, right on schedule as kids were back in school. We finished closing up the sales we wrote in July and closed in August. Luckily, most of our sellers have gone under contract, but there are a few that missed the mark and are feeling the slow down. For them, it may take a little longer to sell, but I don’t forsee them selling for less, which is a good thing.

This biggest change has been the commission restructure. Some agents have truly lost their minds and are having a breakdown about it, while others (like me) go with the flow and just adapt to the new normal. If you are not in the know, recent lawsuits now make it against the rules to post and seller paid commission in the MLS to buyers agents, like it has been done for 20 years. Now, buyers must negotiate thier agents commission prior to even looking at your home. You can still offer to pay the buy side of the commission and most sellers are, but its just isn’t as cut and dry as it used to be. Regardless, some would have you think you need to give up your first born or similar. It’s not that hard to navigate, in fact its really just math and paperwork. Personally, I kinda like it because it weeds out the agents that are probably due for a career change. If you have questions about these changes, by all means reach out.

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

What Mortgage Rate Are You Waiting For?

You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we’ve seen in 2024, according to Freddie Mac (see graph below):

And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect.

Expert Projections for Mortgage Rates

Experts say the overall downward trend should continue as long as inflation and the economy keeps cooling. But as new reports come out on those key indicators, there’s going to be some volatility here and there.

What you need to remember is it’s not wise to let those blips distract you from the larger trend. Rates are still down roughly a full percentage point from the recent peak compared to May.

And the general consensus is that rates in the low 6s are possible in the months ahead, it just depends on what happens with the economy and what the Federal Reserve decides to do moving forward.

Most experts are already starting to revise their 2024 mortgage rate forecasts to be more optimistic that lower rates are ahead. For example, Realtor.com says:

“Mortgage rates have been revised slightly lower as signals from the economy suggest that it will be appropriate for the Fed to begin to cut its Federal Funds rate in 2024. Our yearly mortgage rate average forecast is down to 6.7%, and we revised our year-end forecast to 6.3% from 6.5%.”

Know Your Number for Mortgage Rates

So, what does this mean for you and your plans to move? If you’ve been holding out and waiting for rates to come down, know that it’s already happening. You just have to decide, based on the expert projections and your own budget, when you’ll be willing to jump back in. As Sam Khater, Chief Economist at Freddie Mac, says:

“The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move.”

As a next step, ask yourself this: what number do I want to see rates hit before I’m ready to move?

Maybe it’s 6.25%. Maybe it’s 6.0%. Or maybe it’s once they hit 5.99%. The exact percentage where you feel comfortable kicking off your search again is personal. Once you have that number in mind, you don’t need to follow rates yourself and wait for it to become a reality.

Instead, connect with a local real estate professional. They’ll help you stay up to date on what’s happening and have a conversation about when to make your move. And once rates hit your target, they’ll be the first to let you know.

Bottom Line

If you’ve put your moving plans on hold because of higher mortgage rates, think about the number you want to see rates hit that would make you re-enter the market.

Once you have that number in mind, let’s connect so you have someone on your side to let you know when we get there.

I am happy to come by and check your home out! Call me! 407-948-8295

Share @HOME with David Dorman

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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