MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 9/2/2024 – 9/9/2024

Did You Know?

* Nearly half of online property inquiries to agents are simply ignored. A recent survey found that of those that got a response, the median time to hear back was a reasonable 39 minutes. The average time, though, was less reasonable: 8 hours and 17 minutes. (Miami Herald)

* An estimated 26 billion pounds of likely perfectly safe and edible food is thrown away each year because the date on its label has passed. Refrigeration may be entering a new era…..might that ubiquitous Sub Zero or Gaggenau fridge be on its way out? More than a sixth of the world’s fossil fuel energy is used for refrigeration already. The artificial cooling we’ve built for our food to live in and travel through is already 5.2 billion cubic feet in size and expanding rapidly. What many deem ‘fresh’ could be quite old, preserved via cooling….new tech may change this. And our kitchens. (FAST COMPANY)

* Everyone wants to live a happy life. The way to experience that is through finding ways to be of service to one another. Helping others is scientifically proven to benefit our well-being; it connects us to one another and helps us find a greater purpose in life. It doesn’t just improve your mental health but your physical health, too. Help can be achieved many ways…. by listening to your loved ones, holding the door for someone, collaborating at work, sharing your ideas and unique perspective, and encouraging others to be their best. Every day, there are countless ways to help, meaning there are countless opportunities to experience happiness. Closer to home, personally I have found that agents who are self-obsessed, entirely focused on their own gain and well-being are often anxious, paranoid, miserable, whilst those who genuinely give of themselves, share, collaborate, etc are significantly happier…..

* The 10 fastest-growing U.S. suburbs with home values under $500,000:Mooresville, N.C.
Hamtramck, Mich.
Buckeye, Ariz.
Union City, Ga.
Canyon Lake, Texas
Olive Branch, Miss.
Maricopa, Ariz.
Clermont, Fla.
Leesburg, Fla.
Goodyear, Ariz.  (CNBC)

Mortgage Rate Updates

The average rate on a 30-year fixed mortgage held steady at 6.35% as of September 5th, remaining at its lowest level since mid-May 2023, according to Freddie Mac. This decrease aligns with falling long-term Treasury yields amid a softening labor market, as weaker-than-expected private job growth and rising job cuts fueled speculation of aggressive Fed rate cuts. In the same period last year, the rate on a 30-year benchmark mortgage was 7.12%. “Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report,” said Sam Khater, Freddie Mac’s Chief Economist. “Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments.”.

Source: Freddie Mac