10/08/2024
No, the sky isn’t falling—there’s no economic recession happening right now. In fact, more people are getting jobs, with 254,000 new ones added last month. Paychecks are also getting bigger, with wages up 4%. More jobs = more people needing places to live and shop, which means more demand for homes, rentals, and commercial spaces.
If mortgage rates start to drop (and more houses show up for sale), buying homes will pick up too. But here’s the catch—those mortgage rates that everyone’s stressing over? Yeah, they’re not directly controlled by the Fed, so don’t waste your energy trying to time them perfectly. They’ll rise a little, then calm down, so don’t lose your cool.
But if you’re in the office space market? It’s kind of a ghost town. Even though there are 2 million more jobs in business and finance compared to pre-COVID times, those jobs are skipping out on office buildings. So, expect a lot more action in the suburbs and places where people can relax and have some fun.
Basically, housing is hot. Offices? Not so much.
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Katie Caragio • REALTOR®
📲 (415) 646-1344
📧 [email protected]
🏢 eXp Realty • Strock Team
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