This is a YouTube video titled "IT'S ELECTION DAY! 🇺🇸" containing a monologue by Tim Ferriss discussing the current state of the housing market on election day, including new home listings, mortgage rates, and buyer activity as of November 19, 2024.
It's election Day, and we'll keep you posted on the results and what that does to the mortgage market. There was so many things we can control. I want to focus on the things that we can control. So Ripto.com came out with an interesting study that shows that new home listings are up 29.2% compared to this time last year. Now we're still down 21% from pre pandemic normals, but this is a big step in the right direction. So for the first time, there's actually more and more inventory spiking back up. And mortgage rates did go up a bit in October, which has slowed new home buyer activity down, kind of kept it at bay. This is the window where you have a little bit less buyers and a lot more inventory. You can get your back best deal in your new home right now. Because as rates drop to 20, 25, which is certainly the projection, more home buyers jump back in, they gobble up that inventory. Then we have the same problems we've seen the last couple of years.
