To Be Rather Than To Seem

December 2, 2023

Good morning,

Esse Quam Videri

To be rather than to seem

North Carolina’s state motto…. Love this motto

Mortgage rates have declined from the recent peak by more than 50 basis points (bps) and continued to improve in the past few weeks. While housing demand remained below the historical norm, mortgage applications have been rising in the past three weeks, which is an encouraging sign to the market.

Since a home sale transaction typically takes 30 days to 60 days to close, sales could see a bounce back in December or January. Meanwhile, consumer spending remains resilient as we enter the holiday season, and the economy may take longer than previously anticipated to slow down. As such, while the Fed could be done with raising rates, it may not start cutting rates until the end of the first quarter when clear signs of economic weakening are observed.

Information + Updates

DID YOU KNOW

The National Association of Realtors’ index of contract signings to purchase previously owned homes declined 1.5% to 71.4, the lowest in data back to 2001, the group reported Thursday. The median estimate in a Bloomberg survey of economists called for a 2% decrease. Only the Northeast saw an increase in pending sales last month. Sales fell the most in the West, down 6%, while contract signings in the South and Midwest slipped 1.9% and 0.4%, respectively. (Bloomberg)

DID YOU KNOW

Rather than cut expenses, 73% of Gen Zers say they would rather live in the moment, a recent Prosperity Index study by Intuit found. (CNBC)

DID YOU KNOW

In just 2 months oil prices plummeted over 19%......causing OPEC+ to cut production to raise prices. Opec hates DEflation! The US is now producing more oil than at any other time in history, about 13.2 million barrels a day.

DID YOU KNOW

US mortgage rates have fallen to a 10-week low, providing a small boost to loan applications over the past 6 weeks as homebuyers take advantage of lower borrowing costs. The 30-year fixed-rate mortgage rate decreased to 7.37% during the week ending November 24 from 7.41% the prior week. The 10-year Treasury has slipped below 4.3%, down from a high of over 5% earlier this year. (Mortgage Bankers Assoc.)

DID YOU KNOW

U.S. shoppers spent $10.3 billion online on Saturday and Sunday, a 7.7% increase from 2022 (Adobe data). Consumers spent $9.8 billion on Black Friday, a 7.5% jump from 2022 levels. Shoppers are expected to have spent between $12 - 12.4 billion online on Cyber Monday, making it the biggest U.S. online shopping day of all time. The trend of consumers using “buy now, pay later” options is also set to reach an all-time high, contributing $782 million to Monday’s sales—a 19% surge from last year.

DID YOU KNOW

Healthcare-flation? The US spent $1.4 trillion in 2000 on healthcare....that number tripled to more than $4.3 trillion - 18% of the economy - in 2021. Now THAT's what I call price-fixing? 😄😄😄😄😄

DID YOU KNOW

Retail bankruptcies bad for retail? Not always.....Kimco Realty, a real estate owner with 26 former Bed Bath & Beyond leases, said that new leases were 38% higher than Bed Bath & Beyond rents. (CNN)

DID YOU KNOW

In 1985, Warren Buffet was worth around $500 million, a big number for sure! He was around 53 years old......and in the past 40 years his net worth has spiraled past $110 BILLION, showcasing yet again how many of the fortunes of our world are created by those above the age of 50 as the effects of compounding kick into high gear..... The average age of the UHNWI* population is 64.8 and 63.6 for men and women, respectively and I'd bet most did not win a lottery.....chances are the majority of them made their biggest gains after the age of 50 via the compounding effects of their investments.

*UHNWI– noun

a very wealthy person, in particular one with investable assets in excess of $30 million:
"UHNWIs see time as their most precious commodity"

145 Emerald Bay

Maura Short Representing Buyer

For Sale

322 Emerald Bay

$14,900,000

6 Bedrooms | 7 Bathrooms | 5,493 Sq.Ft.

A highly desirable and rare luxury 6 bedroom Emerald Bay residence has come to market. Flawless custom construction seamlessly incorporates a clean contemporary style with affluent coastal living.

This home was designed with ultimate privacy in mind and to enjoy the ocean and Catalina views. Nearly 5500 square feet of spacious living surround an exquisite outdoor courtyard complete with a spa, covered dining loggia, outdoor fireplace, grilling station and lush landscaping. Nearly every room welcomes ocean breezes and ample natural sunlight through over-scaled windows and doors. Several balconies wrap the front exterior of the home extending the living area.

The chef's kitchen boasts high-end appliances, a large island and a dumb waiter to transport food items from the garage level. The three-car garage includes a space for a golf cart that will easily whisk you down to Emerald Bay’s pristine white sand beach.

DETAILS