###### National news and local views for the week ending **Friday, September 6, 2024**  Christopher Simpson ###### Hey there, West Michigan! Chris Simpson here, your trusted local real estate pro. I hope this message finds you enjoying our beautiful Michigan autumn – isn’t it something else when those leaves start to turn? First off, a big thank you to all my regular readers and a warm welcome to any newcomers. Your support and engagement make this blog what it is, and I’m thrilled to have you along for the ride as we navigate the ever-changing world of West Michigan real estate together. So grab your favorite pumpkin-spiced beverage (no judgment here!), get cozy, and let’s explore what’s happening in West Michigan real estate. As always, if you have any questions or just want to chat about the market, I’m just a phone call or email away. #### National Real Estate News ##### Jobs growth slows sharply According to payroll processor ADP, private employers added just 99,000 jobs in August, far below expectations of +145,000, and the lowest figure since January 2021. This followed weaker-than-expected job openings from the JOLTs report. The jobs market is clearly weakening as we move closer the Fed’s Sept 18 meeting and the first rate cut. [Source: ADP & BLS]  ##### Mortgage rates much lower With increasing signs that the jobs market is weakening, bond prices rose, sending bond yields (and mortgage rates) lower. The average 30-yr mortgage rate is now 6.33%, the lowest since April 2023 and down 110 basis points (1.1%) in the last four months. Affordability is rising, are you getting closer to making a move?  ##### The down low One of the most persistent myths in homebuying is that you need to come up with a 20% down payment to get a mortgage. NOT TRUE. The average down payment made by recent first-time buyers was just 8%, and there are programs for eligible applicants (VA, USDA etc.) with much lower minimum down payments.  #### Local Market Trends ###### As of **Friday, September 6, 2024**  Christopher Simpson The housing market in Muskegon has shown signs of stability and continued growth in recent months. The median home price has remained steady, indicating a balanced market. Homes are selling at a moderate pace, with a consistent inventory of available properties. Local demand for housing appears to be steady, driven by factors such as affordability, proximity to amenities, and the overall quality of life in the area. The local economy, interest rates, and availability of amenities all play a role in influencing the housing market. While there may be short-term fluctuations, the long-term outlook for the housing market in Muskegon Heights appears positive, supported by a growing economy and a steady demand for homes. Area Median Price Active Listings New Listings – 5 days Median Days on Market 49442 $159,9000% 850% 9 32-0.1% 49441 $324,900-0.2% 90-0.2% 8 370.2% 49445 $347,4000% 440.1% 10 23-0.3% 49444 $142,4000% 680% 11 34-0.1% Local Market Trends (/) from Aug. to Sep. 2024.  Christopher Simpson Nexes Realty Inc License #6501423161 * * *  Questions about these articles or the state of your local market? Get in touch! 231-215-7229 [email protected]
