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We find ourselves in a bit of a summer lull. Nationally, weekly new listings came in lower. Locally, the MoM change was up modestly at 6.6%, while pending sales slowed and closings were just barely up. The one constant is the continuing positive growth in purchase applications. Last week alone saw an increase of 9.4%, and it was also the third week in a row of positive increases. For the year, we have 13 positive weeks and 14 negative weeks. However, do not be fooled, the positive weeks have been much stronger and the year so far remains firmly on the positive purchase application side. This is in anticipation of The Fed lowering rates, which could happen as soon as this month, but more likely in September. This begs the question. If the 10yr yield is hanging lower, the stock market is at all-time highs, gold prices are at highs, bitcoin is at highs, home prices aren't far from recent highs...what happens when The Fed does lower rates?
I've been pounding the table on preparation. I hope anyone that has even the tiniest thoughts of buying or selling a home are taking the necessary steps to prepare. Preparation does not mean someone HAS TO buy or sell. It simply is what it is, preparation.
If you know anyone seriously considering buying or selling. My advice would absolutely be to start now, because the wave of competition if rates come down significantly will be swift and put the unprepared at a severe disadvantage.
My son's team is hot in the middle of their Cal Ripken Pacific Southwest Regional tournament this week. If you are interested in some good baseball, come support our boys:
All games at Morse Park in Elk Grove
Today - Laguna v. Hawaii Manoa @ 1130
Thursday - Laguna v. Scottsdale @ 1130
Friday - Laguna v. Hanford @ 1130
Saturday - If we make it, single elimination games starting at 9am.
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