Real Estate Market Today☀️August 2023: ROK Realty Report

Robert O'Keefe - ROK Realty Group
📱 (201) 374-7334 (Text/Call)
📧 robert@rokrealtygroup.com
🔔 Subscribe: https://www.youtube.com/@rokrealty

💡💡 ROK Realty Report: August 23' Close Out Summary 💡💡

🔑 Key #1: Mortgage Rates and Buyer Behavior
Discover how mortgage rates reaching the 7% range have influenced buyer activity in the market. We'll highlight the impact on existing sales, which were down 2% this month and 16% from last year. Plus, find out the extent to which prices have adjusted.

🔑 Key #2: Market Strength and Low Inventory
Learn about the role of low inventory in keeping the market strong, even amid certain challenges. We'll explore how inventory levels have fluctuated and how it's affecting the supply-demand dynamics in real estate. Also, keep an eye out for the change in days on the market.

🔑 Key #3: The Underrated Stat: Mortgage Applications
Uncover an important and often overlooked statistic: mortgage applications. We'll discuss why this figure matters and how it can be an indicator of market trends. You won't believe the drop in mortgage applications this year – the lowest level since 1995!

🔑 Key #4: Renting vs. Owning
Take a step back and look at the bigger picture. We'll examine a chart that highlights the current affordability of owning versus renting. It's an interesting lens through which we can understand the real estate landscape and discuss the potential for homeownership.

🔑 Key #5: Commercial Real Estate Insights
Delve into the world of commercial real estate and the impact of rising interest rates. We'll explore the looming challenges faced by investors and potential opportunities that may arise due to changing market conditions.

💡 Fun Fact from the Episode: Did you know that floating-rate debt worth a staggering $682 billion was taken out between 2001 and 2022? The aging of these debts combined with higher interest rates can lead to a significant shift in the commercial real estate sector. Find out more about what this means for investors.

That's a brief overview of what we covered in our August episode. Remember, these insights are just the tip of the iceberg. If you have any questions or want to explore how this information applies specifically to your situation, I'm just an email away.

Don't miss out on valuable opportunities in the real estate market. Reach out to us with your queries, concerns, or ideas, and we'll be thrilled to consult with you further.

Robert O'Keefe - ROK Realty Group
📱 (201) 374-7334 (Text/Call)
📧 robert@rokrealtygroup.com
🔔 Subscribe: https://www.youtube.com/@rokrealty