MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 3/25/2024 – 4/1/2024

Did You Know?

* 53% of Chicago voters rejected the mayor’s plan to increase taxes on real estate transactions of $1 million or more in the recent referendum.

* Yes, if Bentley and Aston Martin can do it, why not Mercedes?  The first branded residence by automaker Mercedes-Benz in the world is coming to Dubai, a collaboration between the luxury car maker and Emirati property developer Binghatti, featuring a distinctive bullet-shape facade. Towering over 1,000ft above the scenic Dubai Water Canal, the 65-story building includes 150 apartments and penthouses.  (MANSION)

“Now you can hire an attorney for $1,500, instead of paying a $50,000 commission,” said Doug Miller, a real estate lawyer based in Minnesota who helped launch the actions that led to the NAR settlement. (CNBC)

* A report is coming out today from Goldman Sachs about single women in retirement. Four of the women profiled in an article in the WSJ revealed those with the most financial security had one thing in common…..they owned a home. (WSJ)

Mortgage Rate Updates

The average rate on a 30-year fixed mortgage was 6.74% as of March 21st, rising by 13bps from the over-one-month low recorded in the previous week, and tracking the rise in long-dated Treasury yields. In the corresponding period of the previous year, the average rate on a 30-year fixed mortgage was 6.42%. “After decreasing for a couple of weeks, mortgage rates are once again on the upswing,” said Sam Khater, Freddie Mac’s Chief Economist. “As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.”.

Source: Freddie Mac