Many of you are in businesses directly affected by residential home sales. We had anticipated 6 rate cuts this year, which would have had a direct impact on mortgage rates and, subsequently, home sales. However, the current outlook suggests we might only see one. In most markets, the cost of homes is still on the rise. This might seem discouraging for those of us in any business affected by home sales.
However, there is a positive trend emerging as “homes sold” in all markets are starting to regain momentum. Here are some examples to provide proof:
| MARKET | HOMES SOLD IN MAR | HOMES SOLD IN MAY |
|---|---|---|
| Denver | 855 | 1024 |
| Ft. Lauderdale | 355 | 367 |
| Hudson Valley NY | 201 | 245 |
| Napa Valley | 75 | 96 |
| Portland | 545 | 769 |
| Richmond, VA | 234 | 308 |
| Sacramento | 291 | 386 |
| Santa Barbara | 215 | 219 |
| Santa Fe | 82 | 128 |
| Tacoma | 207 | 253 |
Source: Redfin.com
Homes are selling. There is potential out there. The pie is smaller. You need to be more creative. The “same old, same old” will not get you where you want to be. You need to “hunt,” not “farm”.
Onward & Upward!