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November 10, 2023
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November 10, 2023
Get Ready for Next Week's Inflation Numbers
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Rates moved up a little bit this week, just above 7.5%.
With the blockbuster week of news last week, this week, Wall Street was pretty much trying to digest it all and get into position for next week's inflation numbers. Wall Street is also listening closely to the Fed. When the Fed speaks, traders are listening!
It's as if the Wizard of Oz is pulling the strings behind the curtain, dictating the market. Traders never want to be on the wrong side of the equation, so they are listening. Because of all the conflicting reports that have come out this year, Wall Street appears to be of the belief that the Fed may know something a little bit more than the actual numbers that are being reported.
In Bill's opinion, there are definite cracks in the economy, and the job and consumer sentiment is lower for the 4th month in a row. Zip Recruiter said that their revenue is down over 30%, reflecting weakness in the labor market. This should lead to lower rates in 2024.
The reality is this: real estate is long term. It's almost impossible to time the market for a low point. Right now, the real estate market, in Bill's opinion, is in the pit stop on idle, getting ready to rev up the engines for when rates drop.
Being in real estate on both the mortgage side and the appraisal side for over 35 years, Bill believes there are great opportunities right now for sellers to move up and buyers to purchase.Or they could be left at the starting line down the road!
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