This is my favorite time of the year.
There is no better attitude than one of gratitude. I wish I didn’t need a holiday to remind me of that, but apparently this year I do.
My intention is to lean into that this week, and my hope is I can hold on to it as my default going forward. This video helped me snap out of my funk – I hope it helps you too.
And, if you watched it…who are you inspired to reach out to?
🙏
This week: I’m already in a food coma (the anticipation is killing me), and I’m sure most of you are taking it pretty easy this week as well, so once again I’m keeping it on the lighter side.
Market Snapshot
The heat is already rising in the housing market.
| Nov. 12-18 | Prev 4 Week Avg. | % Change | Nov. 5-11 | |
|---|---|---|---|---|
| New Listings | 542 | 567 | -4.32% | 583 |
| New Pending Sales | 747 | 731 | 2.15% | 721 |
| New Sales | 630 | 623 | 1.08% | 553 |
| Active Inventory | 2,395 | 2,669 | -10.27% | 2,558 |
| 30 Year Fixed Mortgage | 3.10% | 3.08% | 0.81% | 2.98% |
With inventory lower than it’s ever been, buyers are starting to get antsy again.
The cooling off that we’ve experienced since July is officially over. Bidding wars are back in style.
Mortgage rates continued their trek higher most of last week but started retreating lower again on Thursday and Friday after threats of more lockdowns came out of Europe. The recent surge over there is pretty alarming…
COVID is making a comeback all over, including the US. That’s bad for the economy but good for mortgage rates.
The reverse correlation between COVID case counts and mortgage rates is apparent (cases go up, rates go down, and vice versa)…
In The News
- Will all the new policies work to bring housing costs down in San Diego?
- The trolly extension, with nine new stops, is finally here.
- More than 1,000 people in San Diego will have a Thanksgiving meal thanks to SD Rescue Mission.
- Biden taps Jerome Powell for a second term as Fed Chair.
The Week Ahead
- It’s a short week, but it’s not lacking for potentially market-moving news. The release of the minutes from the last Fed meeting, the existing home sales report, and results on GDP for Q3 all have the potential to make some waves this week.
