July Market Update & Newsletter
As we reach the halfway point of the year, it’s remarkable to see how quickly time has flown by. Looking ahead to the second half of the year, one major event stands out: the Presidential Election in November. How might this impact the housing market?
Historically, home sales typically decline by about 10% in October and November. However, during election years since 1963, this drop has been more pronounced, averaging around 15%. As a result, we can expect to see fewer home sales this year. The silver lining is that the year following an election generally sees an increase in both home sales and home prices. This trend creates opportunities for sellers, though it may pose challenges for buyers due to higher prices impacting affordability. Keep in mind that these are national numbers, and our market is a little different.
Another factor to consider is the potential decision of the Federal Reserve to lower the Fed Rate. Many economists are predicting this move due to easing inflation and a softening job market. While this won’t have a direct impact on mortgage rates, it sends a signal and could indirectly benefit them. It’s worth noting that the Fed has made rate adjustments in every election year since 1980, except for 2008 when rates were at 0% due to the aftermath of the Great Recession.
Interest rates have been declining over the past few weeks, ranging between 6.5% and 6.75%. Lower rates continue to spur demand, as evidenced by the high turnout at open houses and the multiple offers on homes, particularly those priced at $650,000 and below. This trend is likely to persist through the end of the year.
It’s been an eventful year for real estate, and significant changes are on the horizon, especially with new regulations stemming from the Missouri lawsuit. It’s crucial to stay informed and navigate this journey together. As always, I’m here to assist you in any market, whether you’re buying or selling real estate.
Stay cool during these hot summer days ahead. And remember, I’m never too busy for your referrals!
It’s a good life.
Chris
Monthly Home Maintenance Tips
- Check your deck or patio for any loose boards or nails and make necessary repairs to prevent accidents.
- Check and clean or replace your HVAC filters to ensure optimal cooling efficiency during the hot summer months.
- Inspect and clean your gutters and downspouts to prevent blockages and water damage from summer storms.
- Water your lawn and garden early in the morning to minimize evaporation and ensure your plants are hydrated in the heat.
Recipe of the Month | Strawberry-Jalapeno Chicken
By Delish.com
Ingredients
- 2 Tbsp. neutral oil, divided
- 4 boneless, skinless chicken breasts (about 2 lb. total)
- 1 tsp. freshly ground black pepper
- 3/4 tsp. garlic powder
- 2 1/2 tsp. kosher salt, divided, plus more
- 2 Tbsp. chopped fresh cilantro, plus more for serving
- 16 oz. strawberries, stemmed, halved, sliced, divided
- 3 jalapeños, seeded, chopped, divided
- 2 shallots, chopped, divided
- 1/2 c. plus 1 tbsp. balsamic vinegar
- 1 chipotle chile in adobo, chopped, plus 1 tsp. adobo sauce
- 2 Tbsp. BBQ sauce
- 2 Tbsp. honey
Directions
Step 1: In a large skillet over medium heat, heat 1 tablespoon oil. Pat chicken dry; season both sides with pepper, garlic powder, and 2 teaspoons salt. Add chicken to skillet and cook, turning occasionally, until golden brown and an instant-read thermometer inserted into thickest part registers 160°, 7 to 8 minutes per side. Transfer chicken to a plate.
Step 2: Meanwhile, in a small bowl, toss cilantro, 1 cup strawberries, 1/3 cup jalapeños, 2 tablespoons shallots, 1 tablespoon vinegar, and 1/2 teaspoon salt.
Step 3: In same skillet over medium heat, heat remaining 1 tablespoon oil. Cook remaining jalapeños and shallots and a pinch of salt, stirring occasionally, until shallots start to soften, about 2 minutes. Add remaining 1/2 cup vinegar and stir to deglaze, scraping bottom of skillet. Stir in chile, adobo sauce, BBQ sauce, honey, and remaining strawberries. Cook, stirring occasionally, until sauce has thickened and strawberries have started to cook down, 7 to 8 minutes.
Step 4: Return chicken to skillet to heat through. Spoon strawberry salsa over. Top with cilantro.
It’s Summer: Three Things for Homebuyers to Keep in Mind this Season
Grab the sunscreen – summer has officially begun! It’s the time of year where people enjoy road trips, vacations, days by the lake, dips in the sea, time in the sunshine, and so much more. It’s also a time when many start the journey toward buying a home. If that includes you, here are three things to keep in mind.
- More homes are on the market now – Buying a home this summer across the U.S. likely means you have more options to choose from compared to a year ago. According to data from the latest RE/MAX National Housing Report, housing inventory increased 40% in May 2024 compared to May 2023. The report also found a 15.1% year-over-year increase of newly listed homes during the month. The best way to understand local market conditions – and understand how they may impact your purchase – is to reach out to me!
- The timing of closing on a home (and moving) can vary – From start to finish, the process of buying a home – from making an offer to moving in – can take some time. When purchasing a home this summer, consider your calendar and how soon you’d like to be in your new place. While some summertime homebuyers will close on their transaction during this season, others may be looking at a fall move. Factors that can impact timing include your financing (i.e. how quickly you secure a mortgage loan), items raised during inspection, the timeline of the seller’s departure, and more. Getting pre-approved for a loan in advance can speed things up. Pre-approval is helpful to do at the very beginning of the homebuying process, as the lender will assess your financial factors and determine what type of loan you qualify for. From there, you have a better idea of a homebuying budget, which is helpful as you start to browse potential properties.
- A real estate agent can expertly guide you through – A trustworthy real estate agent, such as myself, brings valuable experience, expertise, and skills that can help ensure a smooth transaction. That way, you can spend more summer days doing the things you love (in your new home!). The sooner we start working together, the sooner I can help find your new place, advocate on your behalf, and get you on your way to being a homeowner!
Ready to start the homebuying process this summer? Let’s connect!
