Market Update - January 3rd, 2024
Can you believe 2023 is over?
Looking back, we can all agree it was no ordinary year; it tested our limits and showed us what we're capable of. You're still here. Your unwavering perseverance has been nothing short of inspiring. It's been a year of growth, learning, and remarkable achievements, and for that, each of you deserves a round of applause.
As we embark on this new year, let's carry this momentum forward. Imagine the heights we can reach in a more stable housing market! I'm excited to see the incredible successes we will achieve together. Here's to a year filled with prosperity, innovation, and continued excellence in our field. Let's make 2024 a year to remember! 🌟🏡✨
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Rates End 2023 Near Where They Started 🤯
It came as a huge surprise when I looked at interest rates today vs. where we started 2023. For all the hoop-la this year about interest rates skyrocketing (over 8% in October), we ended the year almost back where we started!
Since the Federal Reserve more-or-less confirmed their pivot in mid-December, interest rates have pulled back sharply. Over the last two weeks, rates have found a new floor, driving significant savings on payments almost overnight. We haven't seen any meaningful moves up or down from here as the market gets through the holiday season.
As we enter the first week of January 2024, we will to get the first major data points that could move markets including :
Wednesday : US Job Openings (JOLTS Report)
Thursday : ADP Employment Data & Initial Jobless Claims
Friday : US Employment Report, Unemployment Rate, Hourly Wages
Throughout the week, we'll hear from a number of Fed speakers including Tom Barkin and Lorie Logan
Key Takeaway : Rates have shockingly circled back to where we started last year. It's a trend moving in the right direction. The jobs data this week could solidify the move lower, but in the last year, we've seen a very resilient labor force.
Fatherly Advice for New Agents 👨
I saw this quote from Steve Harney on X (Twitter) over the weekend and thought it offered a great mindset for brand new agents/lenders, as well as the seasoned veterans in the field.
When Steve told his parents he was leaving his "good job" to start a career in real estate, his mom thought he was crazy. However, his old man provide him incredible wisdom.
In any commission sales position, remember to always worry more about the person in front of you than you worry about yourself. You now have a career in which the only way you can make money is by helping someone. If you want to make a lot of money, FORGET ABOUT THE MONEY and go out and help a lot of people. The money will take care of itself.
Steve Harney
Join us as we continue to help a lot of people & grow in 2024!