April 2024 Market Update

Dated: April 22 2024

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We were optimistic at the end of 2023 as we read about the Fed's plan to drop interest rates 3 times in 2024. Inflation has proved more stubborn than hoped however, even as it has dropped from its height in 2021. Grocery prices have been flat for two months while prices for furniture, household appliances and many other durable goods have been falling. Restaurants and hotels are still full. Retailers had a record-setting holiday season. But gas prices are rising again and insurance is becoming more expensive and often hard to get.

Interest rates are now likely to stay at their current level for the present time. Fed officials have signaled that interest rate cuts, which were expected early this year, are now likely to wait at least until the summer. 

Home buyers, especially in the East Bay, appear to have made peace with the higher interest rates, especially since inventory is still very low. We are seeing multiple offers again, especially when homes are priced under market, have been updated, and are in locations that buyers find desirable.

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Ted Von Roll

We are Ted and Liz, a husband & wife team proudly serving the real estate needs of our neighbors in Castro Valley, Hayward, San Leandro, San Lorenzo, Pleasanton, San Ramon, Dublin, Livermore, El Cerri....

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