MOONDOC MARKET MINUTE
January 2024
Hi Everyone!
Happy to be here with you in 2024! Listen guys, we survived a really wild ride in 2023. I think you all deserve a pat on the back. Last year we saw the fastest rise in rates…Ever. We experienced inflation go absolutely bonkers, narrowly avoided a bank run and we endured two heart wrenching international wars. Now we get to do it all again… in an election year. Hooray.
Jokes aside I do think we managed really well all things considered. Last newsletter we called the top in rates (Before the Fed basically said as much) and we were quickly rewarded with rates descending across the board. That decline definitely created a change in market dynamics and ultimately it's feeling like a more optimistic place. I actually just signed a contract myself so I'm definitely putting my money where my mouth is.
Looking forward to 2024 I see a few things happening. The Fed will cut rates multiple times this year. While they may not offer the 6 rate cuts Wall Street seems to be anticipating, they will be material and will make a meaningful impact on mortgage rates. This in turn brings out more buyers for obvious reasons and more sellers because the gap between their old rates and potential new rates become smaller and makes upgrading to a bigger/better/newer homes make more sense. At the end of the day I see transaction volume going up and prices trending higher.
It will be interesting to look back and see how these predictions turn out. As Outkast pointed out in their 2000 hit “Ms. Jackson,” “You can plan a pretty picnic but you can't predict the weather...”
As always, buy good properties, in good places, at good prices.
Connect for proper representation.
Max
---
Every day New York State returns $1.5M in lost money? See if you have any lost money at the below websites. Let me know if you find some!
---
