It’s unbelievable Thanksgiving is here. I’ve had a fair degree of contact with current college students and recent grads, I can’t express to them enough how time accelerates the older one gets. The fact I’m now 50 years old… it seems like 3 years ago I was celebrating my 40th.
As I stated on the opposite page, interest rates have dropped a bit. Although I’m hearing rumbling from a few here-and-there, it would appear the Fed is done raising interest rates. If you consult the chart you’ll see just how drastically the Fed acted in their quest to battle inflation. Rates peaked at around 7 7/8 earlier in November for a 30-year fixed mortgage, as of Saturday, November 18th, rates dropped all the way down to 7%.
Like I’ve told many people, once rates drop to 5% or below, look for the market to absolutely take off again. If you’re considering buying, the next year is going to be a remarkable time. You may want to get creative with a buydown program but do not expect the market to “adjust”. Dallas will probably never again be an incredibly affordable metropolitan area.
2024 is going to look a lot like the late 20-teens, although it would appear listing inventory will remain low and keep average days on market relatively low. Interest rates affect both buyers and sellers, and unless a seller is downsizing or paying cash, the notion of a higher monthly payment may be prohibitive. I’ll have a larger update in December.
Kacie and I will be enjoying our 3rd consecutive ski trip to Big Sky, MT early next month. We always take early trips because Airbnb rates sometimes triple after Christmas. There’s a chance of limited snow, but it’s such a massive mountain and they are able to at least make some snow. It’s unfortunate we didn’t discover Big Sky 10 years ago when it was affordable; like everywhere else, Californians have brought their cash and have caused prices to skyrocket.
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