🚨 Breaking News Update 🚨 Congress Passes Last-Minute Spending Deal and Extends NFIP Authority!
Following an immense advocacy effort by the National Association of REALTORS®, Congress successfully passed a crucial spending deal, preventing a government shutdown. The deal also extends the National Flood Insurance Program (NFIP) authority.
In this monthly Real Estate Market Update for October, I, Shemeika Fox, your trusted Santa Cruz real estate expert, bring you the latest developments impacting our local real estate scene. We’ll delve into vital topics such as interest rate updates, the buying vs. waiting dilemma, and potential implications of averted government shutdown on Santa Cruz’s real estate economy.
👉 But before we begin, make sure to hit the like and subscribe button for the latest insights on the evolving Santa Cruz real estate market!
📈 Interest Rate Trends: In just a month, we’ve witnessed a significant shift in mortgage rates. After reaching a 23-year high in August, rates surged even higher in September. Despite the Federal Reserve’s recent decision to maintain rates, house prices are rising due to low inventory, impacting both buyers and sellers.
🔍 Market Insights: As we step into October, seasonal trends offer advantages for potential homebuyers. Home prices usually ease from summer highs, and there’s a decline in buyer competition as the holidays approach. Lawrence Yun, NAR Chief Economist, notes the importance of adapting to current rate conditions for a stable housing market.
🛠️ Housing Market Stability: Although the Santa Cruz housing market grapples with a shortage of available homes, there’s a silver lining—rents are easing, altering monthly cost considerations for first-time homebuyers. Buying a starter home can now be more cost-effective than renting.
💼 Government Shutdown Implications: While the government has averted a shutdown, understanding its potential impact on the real estate economy is crucial. Uncertainty during a shutdown can reduce consumer confidence, leading to delayed transactions and a slower housing market.
📊 Santa Cruz Housing Market Update – September 2023: For a comprehensive view of the Santa Cruz housing market’s recent statistics and trends, watch the video for details on sales-price-to-list-price ratio, days on market, median sales prices, and more.
🌟 Your Real Estate Journey: At Fox Realty Group, we’re here to guide you through the ever-changing real estate landscape. Don’t let current interest rates deter you—your dream home or ideal sale is still within reach. Reach out for a confidential consultation tailored to your goals.
👋 Stay Connected: Follow me on all my social platforms for the latest real estate updates and insights. Your support means the world to me. Until next time, take care, and I look forward to assisting you soon!
Stay tuned for future updates, expert insights, and exclusive content to stay well-informed and confident in your real estate decisions. Remember, I’m Shemeika Fox, your Santa Cruz real estate expert and personalized real estate concierge, here to assist you on your real estate journey.
Like and subscribe to our channel to stay updated on the Santa Cruz housing market. Have a fantastic day, and may your real estate endeavors be fruitful and rewarding!