What's Up Real Estate - Half Way Through

📉 August Homes Sales: A Rollercoaster Ride 🎢

• New Home Sales: Dropped 8.7% to an annual rate of 675,000 units. Even builder incentives can't fight off those soaring mortgage rates. [Census Bureau]

• Pending Home Sales: Took a 7.1% nosedive. Brace yourselves; we're expecting 3.7–3.9 million units for September's existing home sales. [NAR]

📈 Plot Twist! Some Silver Linings 🌤️

• Home Prices: The Case-Shiller Index climbed 0.6% in July, smashing previous records. Your equity might just be getting a boost! [S&P Global]

💰 About Those Mortgage Rates... 💸

• New High: 30-year mortgage rates hit a two-decade peak at 7.65%. Rising yields globally and nearing $100/barrel oil prices signal inflation might be making a comeback. [Investopedia] [NY Times]

  Dallas' Take: What's the Game Plan? 🎯

  Why Aren't People Selling? 🤷‍♂️

• Holiday Seasons: Life changes prompting moves—like family or job changes—are less likely.
• Affordability Fears: With high interest rates, people worry about affording a new place.
• Data Deterrence: Month-over-month declines make homeowners hesitant to list.
• Lack of Inventory: This is keeping prices elevated, discouraging potential sellers who might want to upgrade.

• What It Means for Buyers 💡

• You've got more leverage than before; less competition and more room to negotiate. But high prices aren't going away soon. Foreclosures and bank repossessions are up, providing some alternate routes if you are willing to gamble. [Attom Data]
• Interest rates are sky-high. Options to buy down rates are temporary and the Fed's dovish turn is uncertain. [Bank Rate]

• So, What's the Move? 💥

  Sellers:

• If you can snag the right realtor who has access to cash buyers and investors, it's not the worst time to sell. Younger homeowners should likely hold, especially if you've got a killer interest rate.

  
  Buyers:
• If you can land a good deal and manage the short-term interest, go for it. For those with less financial stability, it might be smarter to wait and focus on career growth. In short, buy if you're stable, ready, and looking to hold.
  
  Dallas' Bottom Line:
  
  
• If you're in for the short term, selling might be your move. If you're in for the long haul, hold on (or as they say, "hodl").