Mortgage News
Economic Growth less than Hopeful pushes rates back up.
Expect volatility potential to remain elevated through the 2nd half of next week at the very least with each day between now and then at risk of fairly substantial movement. The riskiest days are this Friday, next Wednesday, and next Thursday due the jobs report, election, and Fed announcement. The good news is by the time you offer on a home this week and your lender processes your file, we should see rates stabilize and you'll see a sweet spot to lock your rate!
My top 5 things to do in November!
1. VOTE! If you didn't do mail-in or early voting, get to the polls! Nov. 5 Here's all you need to know about voting in Michigan
2. Restaurant Week in GR Nov. 1-9
3. Fall Craft Fairs! All of November
4. Christkindl Market - at the Downtown Market - Nov. 15 - Dec. 22
5. Traverse City Beer Week - Nov. 8-15
Putting the 'Tea' in Realty
It's a weird thing to be in a buyers market without any buyers. Most are speculating it's due to the unease of election results. However, this past week brought buyers out of the woodwork. Perhaps it's due to early voting and their minds have moved on or perhaps the thought of moving in snow is getting the boots on the ground. Whatever the reason, we are now starting to see the homes that were sitting getting scooped up by savy buyers getting ahead of the after-election rush. This buyers market is temporary and economists are expecting a spring like 2022 (i.e. madhouse). So if you are or know someone looking to buy, the time truly is now. (I know you hear that all the time!). But here's the reason why: Interests rates may come down a bit more, but if we do see a drop, it's going to bring buyers back to the table that were pushed out of the monthly cost of home ownership due to the high rates. The more buyers --> the more bids --> the higher the cost. Don't end up in a bidding war and having to limit your options for repairs and help at the closing table simply by waiting on rates when you can easily refinance later!