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If you're a home buyer in 2023, and you're frustrated about understanding what is happening with interest rates. When are they going to drop? Then, this market update is for you.

Buyers are still buying homes even though interest rates are rising, sellers are getting more money than ever. And here's why!

Over 339,000 jobs were created in the United States in May of this year. How does that affect real estate? Keep reading to find out.

The Real Estate Market is on the rise again as Spring Market turns into fifth gear, and we start seeing more properties hit the market than we've seen in the past several months. This is great news. It's actually bittersweet news to many buyers because as buyers see more homes come to the market, you better believe it, other sellers think to themselves, “let me put my house on the market and get into the market as another buyer as well”.

This is the May Market Update for Brooke Team, which services Connecticut, Massachusetts Rhode Island, Florida, and now New York, I'm going to give you everything you need to know to make an informed decision about either making a move or selling your house in the next 12 months. Well, it's really easy to turn on the TV and see what the news says and look at all the headlines out there that show that housing prices have cooled over the last six months. And there's massive concern about that, is the housing market crashing right now? What's going on? Let me show you this graph, it's probably pretty helpful for many to see in a visual form what's going on in the real estate market.

 It's a very challenging time to buy a house right now

Well, I wish I just had good news to report but accurate news is actually what people need. 

Well, either the US government is bad at forecasting or it just doesn't know what's going on in the economy. What I'm talking about is Jobs Report that was just released. We were expected to have about 150,000 jobs added to the economy, but in reality, guess how many showed up? 517,000 jobs! Which decimates any expectations that we had about the economy or the employment rates. In fact, unemployment decided to dip. This is in response to a US government that has been increasing interest rates on short-term loans in order to slow down the economy. But in reality, the economy is doing fantastic. Well, just to make the numbers even more confusing, ‘inflation’, this big thing that we've been trying to tackle that can actually affect our mortgage interest rates, well inflation just dropped again. Which means that the interest rates are working, which show us that all of a sudden inflation is dropping. That means that, yes, those prices for eggs are probably going to start to come down along with gas and everything else that we're seeing. But the American economy is strong, which means that jobs are going to keep getting created as long as people have that demand. Well, what happens when you keep creating more jobs and inflation goes down, wages go up and actually mortgages get cheaper, which you bet, this is what's going to happen. Mortgage rates are going to drop and even more buyer demand is going to hit. Well, how do I know this? Mortgage applications have soared into this new year. So now we're seeing more and more people going out there and talking to their lender and say, “Hey, listen, what can we afford for a house now?” And we're finding that so many are deciding, “Hey, let's jump in and get back into the real estate market”.

Happy New Year, everyone. This is David Brooke and welcome to the Brooke Team Market Update for January 2023. Well, there must have been a lot of New Year's resolutions being made by home buyers because all of a sudden our phones have started to ring a lot more than they had in the previous months because interest rates had ticked up quite a bit. We had seen buyers pull back and they were concerned about what the market was going to do; but now as the spring market has started to approach, buyers are coming back in and sellers are asking, “Should I list my house?” But they've each got a couple of questions that we're going to help you answer right now.