Real Estate News 02/9/2024

Today’s News Synopsis:

Both buying and selling activity tend to pick up as winter turns to spring. However, it will be interesting to observe how buyers’ mortgage rate expectations play into home buying activity. Some buyers may choose to hold off, expecting that rates will fall to a more friendly level.

In The News:

Realtor.com – “‘Freddie Mac mortgage rates remain steady at 6.64%“ (02-08-24)

“Mortgage rates have hovered around the 6.6-6.7% range so far in 2024, but buyers are feeling optimistic about the rest of the year. ”

Redfin –  “Housing Market Update: Pending Sales Post Biggest Decline in 4 Months, Dampened By Rising Mortgage Rates” (02-08-2024)

“High mortgage rates and harsh weather are pushing down home sales, but some house hunters are touring and getting a feel for the market. ”

NAR –  “Young Adults Are Living at Home, but Homeownership Could Be Their Next Address” (02-07-24)

“After dropping for two consecutive years, the share of young adults living at home is back on the rise. But, before parents despair, there may be a silver lining to young adults boomeranging—this might make it easier to save for a down payment on a home.”

CNBC –  “Here’s who qualifies for the home office deduction on this year’s taxes” (02-08-2024)

“If you were fully remote or a hybrid worker in 2023, you may be curious about the home office deduction for your tax return.”

CNN Business –  “How empty office space became the new bogeyman on Wall Street” (02-09-24)

“Remote work can be amazing for employees. Less time in stuffy offices and commuting on crowded highways means more time and energy for everything else in life.”