Real Estate Market Today: July 2024

🏡 ROK Realty Report: Real Estate Market Overview – July 2024

Welcome to the July 2024 edition of the ROK Realty Report! 🌞 As we navigate the summer, it's crucial to keep a pulse on the real estate market to make informed decisions. Here, we break down the key stats, trends, and insights to help you stay ahead.

📊 Market Highlights:

📉 Mortgage Rates:

• Mortgage rates have decreased to 6.8% this month, a welcome relief from last month's 7.1%.

• Experts from Fannie Mae, MBA, and NAR predict rates to hover around 6.83% in Q3 and lower to 6.67% by Q4.

🏠 Home Sales & Inventory:

• Home sales saw a slight decline to 0.7% last month, marking a 2.8% decrease from a year ago.

• Inventory levels are on the rise, up 6.7% from last month and 18.5% year-over-year, offering buyers more options.

💵 Home Prices:

• Home prices continue to rise, showing a 5.8% increase from last year.

• Historical data indicates that real estate appreciates on average by 4.5% annually.

🤔 Is Now a Good Time to Buy?

Deciding whether to buy real estate now is subjective and depends on personal circumstances:

📉 Market Skepticism: Only 14% of people currently believe it's a good time to buy, largely due to concerns over high monthly payments and affordability.

🧠 Emotional Bias: It’s essential to remember that real estate predictions often miss the mark due to emotional biases. Historically, the market has defied pessimistic forecasts, showing consistent growth.

🧩 Personal Circumstances Matter

The suitability of buying real estate varies greatly among individuals:

• 🚫 Not Ideal Situations: An individual with an active lease or an elderly person with limited capacity for maintenance may find it unsuitable to buy now.

• ✅ Ideal Situations: Conversely, those on a month-to-month lease or living with family might find it a perfect time to invest in homeownership.

💡 Final Thoughts

The essence of a good market strategy is recognizing opportunities in the current market. Human error is common, and strategic planning can uncover lucrative deals. Here at ROK Realty, we are committed to helping you create a tailored plan to capitalize on these opportunities.

Reach out to us to discuss your future plans and let's strategize for your success in real estate. Thanks for tuning into the July 2024 report. Have a great day! 🌟