Feb. 10, 2024
Real Estate Update
National news and local views for the week ending Friday, February 9, 2024
Welcome to this week's talking points on real estate market trends. As always, we are here to answer your questions and concerns about buying, selling, or renting a home on Florida's Treasure Coast. -Eric Slifkin, Broker Associate
National Real Estate News
Fed holds rates steady
The national inventory of homes for sale is improving. Usually, inventory levels start to fall in Sept/Oct seasonally and decline until Jan/Feb. But in 2023, inventory kept rising until Dec! The net result is that the inventory in Jan 2024 was up 8% year-over-year. More homes for sale = more options for buyers & more transactions.
Fed in Grinch mode
Jerome Powell and his fellow Fed members have done everything possible to 'push out' rate cut expectations. The market is now only putting a 17% probability on a rate cut on March 20, and average 30-year mortgage rates have climbed back to nearly 7%. Let's hope that the Fed's 'higher for longer' chatter doesn't lead to a repeat of 2023's very disappointing spring selling season.
Protect your (financial) rep.
You'll want to move house someday, and when you do, you'll want a credit score that says, "Lend to me! I'm responsible!" Stay on top of your credit score (most credit card companies and many banks offer free monthly reports), always pay your bills on time (autopay is your friend), and try to keep your credit utilization (your balance divided by your credit limit) modest.
today! Thanks for visiting this week's talking points on real estate market trends. As always, we are here to answer your questions and concerns about buying, selling, or renting a home on Florida's Treasure Coast, and we are always happy to meet with you to discuss your wants and needs with no obligation. -Eric Slifkin, Broker Associate at Keller Williams Realty