MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 12/9/2024 – 12/16/2024

Did You Know?

* If you thought inflation was bad in the US, Russia’s rate is now 8.9%. (CNBC)

* I have generally been a bit skeptical of Crypto because I see so much speculation, but some of the world’s great economists have a very positive view on this subject.  Here is one about Bitcoin to help balance out things:

“Bitcoin has proven itself over the last 10 
years. It hasn’t been hacked. It’s by and 
large, therefore, worked on an operational 
basis. It has built a significant following. 
It is an alternative, in a sense, storehold of 
wealth. It’s like a digital cash. And those 
are the pluses.” – Ray Dalio

* COMPASS Miami’s Eric Farmelant was named the gold real estate agent winner in the Miami Herald’s Miami-Dade favorites competition. The other COMPASS winners include : Andres Perez-Cervera, Ivan and Mike Team, Opes Group, Alex & Joe Team, Smith Formosa Team, and Nancy Batchelor……congrats all!  SEE ALL HERE (Pages 59-70)

*  35% of U.S. households count as mass affluent (investable assets of $100,000 – 1 million), and 10% are above that. But in terms of assets, the mass affluent account for just 27% of investable wealth, while the top 10% of the population accounts for 70% of it. (WSJ)

* The IRS allows real estate agents to deduct ordinary and necessary business expenses, including: Mileage at the IRS standard mileage rate;
Marketing and advertising costs;
Fees associated with your home office;
Costs of continuing education to maintain your real estate licensure.

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage eased to 6.6% as of December 12th, 2024, marking a third consecutive weekly decline to the lowest level since mid-October, as growing market consensus anticipates a rate cut this month. “The 30-year fixed-rate mortgage decreased for the third consecutive week. The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds,” said Sam Khater, Freddie Mac’s Chief Economist.

Source: Freddie Mac