We remain in a paradoxical environment where the ongoing strength of the U.S. economy raises concerns for the housing market. Strong jobs numbers last week were followed by equally strong inflation numbers this week, and then retail spending numbers exacerbated concerns that any rate cuts from the Fed would not come until the second half of the year, if at all. As a result, the bond market has sent interest rates climbing as investor demand for treasuries declines. The 10-year note has now surpassed 4.5% for the first time in nearly 6 months and mortgage rates have followed them north of 7% again.
Housing Inventory Thaws, But Supply Still an Issue:
Housing supply remains the largest obstacle to more home sales. Fortunately, the inventory shortage has begun to thaw very slightly of late. New listings have been growing on a year-to-year basis providing more options to buyers that are finally beginning to replenish closed transactions each month. However, the number of homes reaching the market are still too few to prevent rising competition as we enter the Spring Homebuying season. The median number of days a home takes to enter into escrow has fallen into the teens in recent weeks and nearly half of all the transactions are closing above list price once again. Home sales are expected to moderate in response to this more recent jump in interest rates, but the strong economic data and low levels of unemployment continue to put pressure on a housing market that is near historic lows for supply. (April 22, 2024)
Earning Referral Fees
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Get 50% Referral Fee on Transactions Closed Within 12 Months
Terms & Conditions –
- Referring agent is entitled to a 50% referral fee of the total net commission after company dollars have been collected, based on the customer/principal side of the transaction.
- The referral fee on each customer/Principle will only be valid from transactions closed within a 12-month period of the initial referral request submitted.
- Referring agent license registration with the Company must be current at the time of referral fee disbursement.
- Terms and conditions may be modified by management without further notice. See the compensation exhibit and fee schedule on Virtual Agents for pricing details.
