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Whitelaw and Sons Real Estate Morgan Hill
reaching your real estate goals
Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Oct 25, 2023

Born and raised in Silicon Valley, Robert has helped clients successfully buy, sell and invest in real estate throughout Santa Clara County. Robert uses his local market knowledge to help clients across Silicon Valley!

As interest rates snuggle up to 8%, we find ourselves in a place that we have not been in 23 years!

 

qualified buyer interest rates​The Status Quo

An entire generation of business people, home buyers and home sellers have become comfortable with interest rates in the sub 5% range. Despite the longer history of rates being higher on average, buyers are not willing to jump into to days market. With this higher rate, the number of buyers willing to jump in will drop.

Prices Are Likely To Give

If we stick to basics, it is about supply and demand. With interest rates on the rise, which reduces the number of buyers in the marketplace – that should result in a drop in prices, assuming that the inventory does not also drop to match demand. This is what happened with the last drop in buyer interest. There were fewer buyers, but the inventory dropped by more than buyer participation.

Pressure On Sellers

The factor that might just change it all is the economic pressure on home owners. That was the missing element last time around. However, if more homeowners end up in a position where they need to sell, rather than it being a choice – that would boost inventory and ultimately lead to lower prices.

So What Might Put Pressure On Sellers

We touch on it in todays podcast. There are many things happening that spell tougher economic times ahead. Huge auto loan defaults, indicators of recession continue to build.

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Don’t miss out on the wealth of knowledge waiting for you at “Real Estate Realities with The RebelBroker.” Subscribe now to our podcast and embark on a journey of enlightenment. Our weekly episodes are designed to empower you, providing you with the tools necessary to thrive in California’s dynamic real estate market. Whether you tune in during your commute, your morning jog, or your moments of relaxation, you’re investing in your real estate IQ, ensuring you’re ahead of the curve in this ever-changing industry.

Check Out The Last Show!

NAR SETTLEMENT

NAR Settlement – For Buyers and Sellers

The NAR settlement, once it is approved, is set to go into effect in the middle of July 2024. This will completely change how Buyers agent are compensated and we can count on chaos while the systems adjust to the new reality.

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Just enter your address and get access to your instant home value estimate, but also amazing tools to evaluate refinance options, your equity, ways to levarage your homes equity, how to pay your home off faster… and so much more!

Schedule A Consultation With Robert!

 

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