Mortgage rates in the US have come down from their highs of 8% in October 2023 , but are beginning to slowly rise once again. With housing inventory remaining much lower than demand, the advent of buying a home can seem impossible for many Americans.
Compass Founder and CEO Robert Reffkin (COMP) joins Market Domination to break down the current situation with the housing market and what home buyers, sellers, and investors need to keep in mind when entering the housing market at this time.
In terms of one of the bigger problems for the housing market, Reffkin mentions the weight of rates: "I think the Fed [Federal Reserve] lowering rates would do more for the real estate market than anything else. That's the biggest bottleneck. Because seven percent is still pretty high from recent history. It's low from a 30-year perspective, a lot of agents at Compass who say I remember when mortgage rates were 20%. We're hopeful that rates will come down to the low sixes at some point this year. I think the magic number to completely open up the market would be high-fives, maybe even six [percent[."
Reffkin also weighs in on the National Association of Realtors's (NAR) landmark settlement on commission rates, of which Compass paid out $57.5 million in settlements in the antitrust suit.
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