LET’S GET BACK TO NORMAL.
Good morning everyone, as we begin a new week, we find the markets returning to what we now consider normal. If you had shut down the Friday before the 4th of July and went on vacation until Friday July 14th you would have thought “Nothing much happened while I was away”. We find ourselves today two weeks past the couple of the economic reports that had a major impact on the rate market. Then we got inflation reports that helped turn that around.
The market today is better than it was on that Friday before the 4th!
So, what do I tell my clients?
DON’T GIVE UP THE FIGHT! Rates are volatile, this proves it. Peaks are not as high, and valleys are getting lower. Inventory is declining, and so are days on the market. Here in our market buyers have flexibility and options with sellers that are not happening elsewhere. We still have an abundance of buyers, once rates fall, competition will increase and those inventory numbers will drop, and pricing will tighten. So act now!
What’s Happening this week
This is a quiet week with Economic numbers. We saw the builders’ survey as strong confidence in the market and Retail sales are weakening.
Today we have Housing starts and building permits.
Tomorrow the Philadelphia Fed Survey and initial and continuing jobless claims. Thursday brings existing home sales numbers. We will also see a rate decision from China (like our Fed).
Please call me with any questions 401-952-4048 or if I can help you or your clients in any way
John
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