Century 21 CEO optimistic about 2025 real estate market, highlights key point buyers are ‘missing’
CENTURY 21 Real Estate CEO Mike Miedler discusses the impact of mortgage rates on the housing market, saying affordability is still a big issue.
As buyers wait patiently for mortgages to be paid off, the CEO of Century 21 Real Estate is alerting buyers to “good signs” from the housing market.
“On the housing front, I think there are a few positive, positive signs that are building momentum,” Mike Miedler began.
“This decade is going up in price appreciation, which we’ve certainly seen prices double in the last four years, it’s starting to stabilize a little bit. I think we’re going to end the year anywhere from flat to 2 percent or 3 percent going up year after year,” explained the CEO.
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A Century 21 Real Estate LLC “For Sale” sign hangs in front of a property in the Park Slope neighborhood of Brooklyn, New York, US, Tuesday, September 17, 2013. Photographer: Craig Warga/Bloomberg via Getty Images (Getty Images / Getty Images)
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Miedler continued to break down some additional “good news” for the real estate market and its impact on the economic outlook for investors.
“House prices, although they have decreased a bit, are creating a lot of demand,” he said, on Tuesday.
The image above is an illustration of the weekly average for the US 30-year mortgage rate as of December 5, 2024, according to Freddie Mac. (Fox News / Fox News)
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate is on the benchmark. 30 year fixed mortgage it fell to 6.69% – the lowest since October – from last week’s reading of 6.81%. The average rate for a 30-year mortgage was 7.03% last year.
“Week-to-week, we’re up about 3% in purchase requests. And wow, that’s four weeks in a row. And believe it or not, you know where we were last year, but we’re up almost 50%. since November 2023,” said the CEO of -Century 21.
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As the problem of inability to buy continues to intensify, the increase in purchase requests may indicate that some demand has ended.
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The Century 21 CEO also broke down the impact the Federal Reserve’s tapering has had on the housing market.
“We saw the Fed start cutting in September. What turned out to be units across the country lifting and expanding [for the] first every year in October, the increase in units from 2021,” he said.
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Medler concludes by revealing what he believes to be the “biggest problem” is the level of driving.
“I think we’re seeing good signs,” he said.
Breck Dumas of FOX Business contributed to this report.
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