Watch the original video: Happy Friday. September 13, 2024 Market Update
September 2024 Real Estate Market Update
With the 2024 Presidential Election approaching, many are wondering about its potential impact on the housing market. Interest rates are dropping, and the housing market is turning around in 2025. Here’s everything you need to know.
How Will the Election Affect Interest Rates? 🏦
A lot of people are eyeing the 2024 Presidential Election to see if Harris or Trump will have a big impact on the housing market. Here’s what you really need to know though. The Federal Reserve has the most influence over the housing market because of interest rates.
Does the June & July Slump Indicate a Housing Market Crash? 🏚️
We’ve seen headlines over the Summer about record low home sales nationwide, along with data showing an increase in inventory and a decrease in buyer activity. This has led many to speculate that a housing crash is coming, but I disagree.
You can’t measure the housing market month-over-month. We see a slump in the market during June and July every year, but if you zoom out and look at the last 10 years, the housing market has remained strong, including over the last year with higher interest rates.
Looking ahead to 2025, lowering interest rates are going to put us in a market with record low inventory and record high demand. A housing market crash simply isn’t in the cards for this kind of market.
CORRECTION Since Recording: Governor Newsom Vetoes Bill to Allow Illegal Immigrants Enter Down Payment Assistance Programs
There is no program in California that provides down payment assistance to immigrants living illegally in the state. Claims stem from a misinterpretation of Assembly Bill 1840, which was vetoed by Gov. Gavin Newsom. The bill aimed to modify the California Dream for All program, allowing certain residents to apply for a state loan towards a home purchase. Assembly Bill 1840 proposed allowing undocumented immigrants to participate in the loan lottery if they met other requirements, like having a Social Security or taxpayer ID number. However, the bill did not remove other eligibility criteria.