Is the best real estate market opportunity since 2008 about to start?
Real estate billionaire Grant Cardone gave an extensive interview with Yahoo! Finance, and detailed why he feels we’re heading for a great opportunity to buy real estate. Cardone stated, “I believe we are entering the BEST real estate market opportunity since 2008. With the Fed raising interest rates, it has sidelined home buyers, which means prices are going to pull back. If you are an end-user looking to enter the housing market, now is a great time to buy a house cheaper than it would have been at the beginning of the year.”
When asked about what his plans were for the rest of the year, Cardone stated, “I am an aggressive buyer through the end of the year and next year of income-producing real estate.”
FOMC meeting minutes released, minimal impact on markets
As previously announced the Federal Reserve released the minutes of their meeting on January 31st and February 1st. The details were about what markets expected. The Fed is completely committed to lowering inflation, and will continue to raise interest rates until they accomplish their goal. Most analysts had been hoping that inflation would cool and rates would start to come down earlier rather than later. Unless there are dramatic changes in inflation data, the Fed is very unlikely to waiver in its goal.
The national average for a 30-year, fixed rate mortgage ended Wednesday’s session at 6.88%, up 0.01% from Tuesday*.
What’s the latest on the housing market in San Francisco?
San Francisco is known for some of the most expensive real estate in the country. However, the current real estate market is cooling off.
Housing inventory in the Bay Area is actually up, barely, 0.01% year-over-year. The median home sale price of $1.3 million in January was down 9.36% from last year, and down 3.11% from December 2022. Homes in San Francisco are also sitting on the market a bit longer with a 55-day average in January. That’s up from 24 days a year ago.
While nationally, the median home sale price has barely budged, select markets are seeing a bit of a downturn. If a market like San Francisco is already seeing home prices soften, could the rest of the country follow? Only time will tell.
*National average rates accurate as of 2/22/23 from Mortgagenewsdaily.com and are not advertised rates from Guaranteed Rate.
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