MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 12/2/2024 – 12/9/2024

Did You Know?

* In October, the median sales price for a single-family home in the U.S. was $437,300, up from $426,800 a month prior. (CNBC)

* About 4 million homes are expected to be sold by the end of 2025, an annual increase between 2% and 9% from 2024. (CNBC)

* Friday’s jobs report virtually cements that the Federal Reserve will approve an interest rate cut when it meets later this month. Whether it should, and what it does from there, is another matter.

“People often say that motivation doesn’t 
last. Well, neither does bathing — that’s 
why we recommend it daily.” 
– Zig Ziglar

* 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 6.69% as of December 5, 2024, marking the lowest level since mid-October. This decline aligns with Fed Funds futures, reflecting a growing market consensus, with most investors expecting a rate cut this month. “This week, mortgage rates decreased to their lowest level in over a month. Despite just a modest drop in rates, consumers have clearly responded, as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist,” said Sam Khater, Freddie Mac’s Chief Economist.

Source: Freddie Mac