The Real Estate Market Today July 2023: ROK Realty Report 🏠

Robert O'Keefe - ROK Realty Group
(201)-374-7334 (Text/Call)
robert@rokrealtygroup.com

In the ROK Realty Report for July 2023, host Robert O'Keefe discusses the current state of the housing market. Despite high mortgage rates, property prices continue to rise, making it a great time to sell. Inventory is down from last year, with homeowners reluctant to give up their low interest rates. First-time homebuyers and all-cash sales are still a significant portion of transactions. Robert O'Keefe provides his contact information for individual questions. He also shares a success story of finding an off-market property for buyers through strategic planning. Buyers are getting creative with financing, and it's predicted that home prices will appreciate in the coming months. Overall, buying now is a wise financial decision, and it's an opportune time for sellers due to low inventory.

🔑 Key Takeaways
1️⃣ Low inventory: The market is still facing a shortage of available homes, but don't fret! Robert shares some fantastic strategies for buyers to navigate this challenging landscape.

2️⃣ Golden Handcuffs phenomenon: Homeowners are holding onto their low-interest rate mortgages, resulting in a constrained inventory. Find out why and how this affects both buyers and sellers.

3️⃣ Financing creativity: Buyers are exploring alternative financing options like cash and adjustable rate mortgages.

4️⃣ Price projections: We'll give you a sneak peek into the forecasts from Zillow, Freddie Mac, and CoreLogic, and why despite higher interest rates, it's still a great time to make a move in the market.

5️⃣ Success story: Robert shares a heartwarming story about finding an off-market property for a happy buyer. It's proof that with the right strategy, dreams can come true!

Fun fact from the episode: Did you know that almost half of all mortgages currently have a rate below 5%? That's a whopping 64% of mortgages with rates below 5%! It's clear that low rates are still a big factor in the market.

In closing, we wish you an amazing rest of the summer and hope you find this episode as informative and insightful as we do. Remember, if you have any specific questions or need personalized advice, Robert O'Keefe is here to help!