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Mortgage Rates Continue to Spook Buyers
Splits and Caps Daily: Action for Agents
October 30, 2024
📈 Market Move:
Fall Frights
Mortgage rates are back to their spooky 7% mark, making it the third fall in a row to see rates creep up just as the real estate world was hoping for a late-year rally. It’s a one-two punch with rising home prices—bumping the average mortgage payment by $100 last month alone—putting a damper on affordability and cooling off home sales.
The Fed's recent rate cut didn’t give much relief either, as any boost seems to have been absorbed by the summer slowdown. With some big economic reports due this week, including job numbers, there’s hope rates might ease, but a few wild cards, like the election and recent natural disasters, could throw the data for a loop. Buckle up; it’s a turbulent end to the season.
🌟Quote of the Day:
"Do not be embarrassed by your failures, learn from them and start again." – Richard Branson
âš¡ Quick Win:
Level Up Your Testimonials: Spend 10 minutes today gathering short video testimonials from your happiest clients. Authentic video reviews build trust fast—more trust means more deals!
🎉 Fun Fact of the Day:
"Free Land" in the Wild West: The U.S. government once gave away land for free under the Homestead Act of 1862. All you had to do was farm it for five years. Talk about a deal—imagine if that still existed today!
📚 Book Recommendation:
"The Lean Startup" by Eric Ries – Got a new idea and want to build it right? This book’s the ultimate playbook for launching and scaling without burning through time or cash. Ries breaks down how to test fast, pivot faster, and build something real from scratch. If you’re aiming to grow your real estate game like a smart, scrappy startup, this is your go-to guide.
Want to level up even more? Hit the Agent Bookshelf for top reads, Agent Articles for real estate gold, and Agent Resources for the tools to boost your biz—go get it!
Time to sign off! Keep your hustle strong, stay adaptable, and remember—the best deals are made by those who never stop moving forward. Let’s make waves!
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