CNBC reports “Mortgage rates are around the lowest in three years, but buyers are suddenly much more cautious about purchasing a home. Competition is cooling, and consequently, sellers can no longer command any price.” Kelley McMahon a Dallas-area agent with Compass said: “I think people are a little more cautious to pull the trigger, and I definitely think that people want to get through the election year, just kind of see what happens.” Find out why the Fall housing shifts quickly to a buyer’s market.
2. LOOK WHO’S KNOCKING
Why buying and selling a house could soon be as simple as trading stocks reports Marketwatch. “Artificial intelligence in housing could completely change the way we buy, sell and live. The question remains: How much of what comes next comes down to algorithms, and how much to process? For now, the onslaught of machine learning in the housing market continues unabated.” With companies like Zillow and Knock, what do you think will happen? Will buyers and sellers disregard relationships, great marketing and top dollar only to get the deal done? Can and will these companies tweak their algorithms putting the real estate professional at a disadvantage only to benefit their bottom line?
3. THE BIGGEST HIT
“One in four luxury apartments in New York City is unsold, according to new data from StreetEasy. It’s a sign that investors are worried that an economic downturn is on the horizon, says Grant Long, a senior economist at StreetEasy. “Demand for high-priced condos seems likely to be an early casualty of a potential future recession,” he said.” Business Insider writes about New data shows 1 in 4 luxury apartments in New York City are unsold — and it could be signaling a recession is near. If you’re thinking about buying or selling it’s crucial to talk to a real estate professional who can synthesize all the data relevant to local markets.
4. ON THE LIGHTER SIDE
The National Association of Realtors reports “Ninety-three percent of Americans say they are happier after buying a home, and 83% would never go back to renting, according to Bank of America’s latest Homebuyer Insights Report, based on a survey of nearly 2,000 consumers. Most owners say they have an emotional attachment to their home, and ownership also has improved their lifestyle and variety of hobbies.” See some of Realtor Magazine’s statistics Why Homeownership Makes People Happier.
5. ATTENTION REAL ESTATE INVESTORS
“It seems like all the talk these days is centered around the inevitable recession. I see an article every day claiming that the end is near. Recently, the yield curve inverted, which many point to as a strong indicator of an oncoming recession. But, there are also many experts who claim the economy is strong.” Just in case, this Forbes article just published today may be worth a quick read: How To Prepare For The Recession As A Real Estate Investor.