REDFIN WARNING: Demand and Mortgage Rates PLUMMET - Video

In July 2024, the housing market is throwing everyone for a loop. Despite mortgage rates dropping to 6.78%, pending home sales nosedived by 5.7% year-over-year, marking the biggest decline in nine months! Even though the median monthly housing payment dipped to $2,667—the lowest in four months—new listings barely increased by 4%. Homes are lingering on the market for over 30 days as buyers, spooked by the upcoming presidential election and overall economic uncertainty, hesitate to commit. This has people wondering, "Will home prices drop soon?" and "Should I buy a house now?"

Interestingly, turnkey homes in desirable areas are still hot commodities, suggesting that while the general market is sluggish, high-quality properties are still in demand. This selective buying behavior points to an underlying resilience in certain market segments despite broader hesitancy.

The potential for a housing market crash looms as a concern. The real estate sector is a significant economic driver, and its fluctuations can impact everything from construction jobs to consumer spending. Keeping an eye on rate changes, economic forecasts, and political developments is crucial for both buyers and sellers navigating this unpredictable landscape.



#ohiorealestate #Housingmarket #realestateinvesting #redfin
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Jasson Farrier is a licensed real estate agent in Ohio under Kiger Realty.

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Helpful links from today’s video
https://www.redfin.com/news/data-center/
https://www.redfin.com/news/housing-market-update-pending-sales-monthly-payments-down/
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Housing Market Data Links
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Resiclub Housing Analytics ➡️https://www.resiclubanalytics.com/subscribe?ref=iyay1hLJGJ
Redfin Housing News/Data ➡️ https://www.redfin.com/news/
Zillow Housing News/Data ➡️ https://www.zillow.com/research/data/
Central Ohio area housing reports: ➡️ https://www.columbusrealtors.com/housing-reports/
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IG: ➡︎ @jasson_farrier
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Disclaimer:
Jasson Farrier is not a practicing tax accountant or a licensed attorney or financial advisor. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only. This is not a suggestion to buy or sell real estate. By viewing you agree to do your own research and make decisions based on your own free will.

00:00 Redfin Update
04:02 I will buy a house if my candidate wins
05:05 Why hoe prices wont crash
06:17 what happens if the fed cuts rates
18:27 Media sales price, inventory of homes for sale, new listings, demand
24:36 Columbus Ohio Housing Market
29:21 Rockingham County NH Housing Market
33:16 Denver,Co Housing Market
37:22 Tulsa OK Housing Market
41:39 Toledo OH Housing Market
45:53 Bloomington IN Housing Market
48:34 Jonesboro AR Housing Market
52:26 Houston TX Housing Market
54:20 Detroit MI Housing Market
56:26 Boise ID Housing Market