Nuwave Rate Update - 10.21

I look forward greatly to the day you receive this email in your inbox with news of rates falling. Unfortunately, today is not that day.

As expected, the mortgage market has priced in the 75bps - 100bps rate increase that is predicted to be announced at the next FED meeting, Nov 1.

Year-over-year inventory continues to climb, up 34% year-over-year. This adds more leverage for those buyers who are still looking for a home. To all our buyers, I continue to recommend asking for major concessions form the seller to offset both discount points and closing costs.

Home sales are down 25% year-over-year as well.

Realtors reading this, you are not alone. We are all feeling the impacts of the FED on our business. If you are interested in lamenting over a beer, give me a shout 615.969.6889 and we can talk through strategies moving forward :)

My best advice is to batten down the hatches, spend time with those you love, and ride out this time period. The only constant in real estate is that it is cyclical.

Cheers to you all.