If you're trying to sell your home, offering concessions to interested buyers like dropping the price might be the best way to pique their interest. Existing home sales dropped for the 11th straight month in December, data from the National Association of Realtors showed. Home sales dropped 1.5% last month from November, and were 34% lower than they were the year before. That's the lowest rate in more than a decade.
High mortgage rates, as well as low inventory that have kept home prices elevated, have hit buyers hard, forcing many to sit out on the sidelines and wait. Though the average rate on a 30-year fixed-rate home loan has eased to 6.15% from more than 7% in November, that's still much higher than the 3.56% it was this time in 2022, according to data from mortgage originator Freddie Mac.
Stocks are on the rise today as investors try to recoup losses from yesterday's trading session. Earnings season continues to chug along as investors digest statements made by policymakers at the World Economic Forum in Davos, along with economic data that showed the resiliency of the labor market.
Tech earnings will be kicking into high gear soon with Microsoft reporting earnings next week. Higher interest rates have caused tech companies to stumble, as many announced layoffs and workforce reductions as cost saving measures. Today, Google announced it would be laying off 12,000 employees, roughly 6% of its workforce due to the "economic reality" the company faces today.
Layoff announcements like this can be concerning, and you might be worried that your job could be at stake. And while many tech companies have announced layoffs recently, it's important to remember that the job market is still going strong, unemployment is still low, and a recession—if we even have one—is not yet here.
- Kristin
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