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September 2024
F I N A L T H O U G H T S
"expect slower paths"
Mark Palim, VP and Deputy Chief Economist at Fannie Mae, explained that mortgage
rates weakened in August as a result of bond market participants' expectation that economic
growth and inflation will proceed more slowly after taking in recent economic data.
"remains sluggish"
Sheharyar Bokhari, Senior Economist at Redfin, reveals that although the market is
generally slowing, more first-time homebuyers are starting to enter the market due to
declining mortgage rates and a rise in the number of properties available.
"all-cash offers"
Annie Foushee, a Redfin agent in Denver, disclosed that homes requiring renovations
continue to attract all-cash offers from investors, while in an effort to reduce their
mortgage payment, traditional buyers are making sizable deposits as the typical down
payment for U.S. homebuyers hit a record high in June.
"advantage of renting"
Ralph McLaughlin, Senior Economist at Realtor.com, talks about how renting a starting
home remains cheaper than buying one in every major U.S. metro area—in line with the
downward trend in rents and the upward trend in home prices seen in Q1.
"weary of committing"
Julie Zubiate, a Redfin Premier agent in the Bay Area, explained that many homebuyers
are either priced out of the market or hesitant of committing to such large monthly
payments because home prices, insurance rates, and mortgage rates have skyrocketed.
FINAL THOUGHTS
In this month's Final Thoughts, experts from Redfin, Realtor.com, and Fannie Mae
elaborate on 2024 market trends, the state of mortgage rates and their forecast
for the remainder of the year, how homebuyers are feeling about purchasing, and
the advantages of renting as opposed to buying for the best financial investment.
