MOONDOC MARKET MINUTE
November 2023
Hi Everyone!
I love November as it marks the start of our planning for the upcoming year but closes with Thanksgiving and reflections of gratitude. Wishing you all a happy November I hope you find it as cathartic as I do.
As far as our beloved subject of real estate, I am right here and now declaring a top to the Federal funds rate. I think the Fed is done raising. While that doesn't mean that mortgage rates cant go higher it does mean that high rate volatility especially to the upside is likely behind us. All markets like certainty, so I think a slow and steady drift down in rates and increase in sales volume and inventory is likely on the not so distant horizon.
High quality units that are priced well are moving but we continue to see apartments wallowing where there is poor pricing, marketing or an obvious and immutable deficiency. It remains a need based market, instead of a want based market. If I am right about rates it is a really good time to begin looking to buy, as good quality can be snagged at a decent price and the possibility of a much cheaper refinance down the line is a far more reasonable assumption today than it was just a few months ago.
Connect for proper representation.
Max
