Buyers and Sellers beware as your job of selecting the best agent continues to get complicated by artificial intelligence.

Since we last talked about the influence of AI in real estate, the stakes have risen. I am now getting multiple solicitations a day with the promise of replacing ALL initial contact with potential clients with AI managed responses!

Dept Profiles

Something I have talked about before is someones overall debt profile. At what point to people start making financial decisions that will effect our markets when they are stressed by some sort of debt? With car repossessions spiking, could this effect the real estate market?

https://towindustryweek.com/22-repotimes/8477-car-repossessions-surging

Lumber Prices

Prices drop as demand falls. Not a great indicator for construction.

https://www.calculatedriskblog.com/2023/08/update-lumber-prices-down-29-yoy.html

Housing Starts

Single family starts are down, but multifamily construction is peaking.

https://www.calculatedriskblog.com/2023/08/july-housing-starts-record-number-of.html

https://www.realtor.com/research/new-home-construction-august-2023/

Mortgage Rates Hit 20 Year Peak

Buyers will continue to leave the market or adjust their price range downward.

https://www.realtor.com/research/freddie-mac-mortgage-rates-aug-17-2023/

https://www.nar.realtor/newsroom/almost-60-of-metro-areas-posted-home-price-gains-in-the-second-quarter-of-2023