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Q2 2024 Housing Market Update

Greetings from Brady Day at First Class Mortgage, Maple Grove! Our second quarter update reveals a robust U.S. housing market with intense competition, emphasizing the need for pre-approval when looking to purchase a home.

Q2 2024 Mortgage Minute Video

Strategy & Preparation

We’re dedicated to crafting a personalized financial strategy for you, aimed at navigating the competitive housing market effectively. Our expertise not only helps you understand your options but also secures a pre-approval letter to enhance your chances of success in this dynamic environment. Despite the challenge of low inventory and homes selling above asking price, our knowledge on market trends and interest rate fluctuations—currently in the high sixes to low sevens—prepares you for making informed decisions. We foresee a steady rate pattern with a potential decrease later this year, potentially boosting market competitiveness.

Innovative Tools & Industry Updates

Our suite of tools, including AI-powered mortgage calculators and home search utilities, is at your disposal to simplify your home-buying journey. An important industry development to watch is the NAR lawsuit settlement, which may redefine realtor compensation by buyers, potentially impacting market dynamics this summer.

As always, First Class Mortgage is your ally in home financing, offering refinances and cash-out refinances, increasingly popular this year. We value your trust and are here to assist with any inquiries or needs.