Brown Harris Stevens CEO Bess Freedman appeared on CNN Early Start with Christine Romans to discuss the latest housing numbers. Mortgage rates are down from 7% in September, but housing prices haven't budged enough to push buyers into the market.
In the segment, Freedman discusses how home buyers are taking advantage of the 7% decline in mortgage rates, the lowest since September of 2022. With what she describes as a "spirit of optimism", Freedman predicts that although homebuyer applications and refis are up, there are still "choppy waters ahead" in the housing market.
With sales falling and prices beginning to come down in Manhattan, Freedman says that despite ample inventory, sales within the last two quarters have slowed dramatically.
It's been so great, for so long, that things have to change. We have to get more moderate in our mindset." --- Brown Harris Stevens CEO Bess Freedman
With a potential boost in the upcoming spring market, Freedman's advice for prospective buyers provides keen insight on how to prepare: "get pre-approved, lock in the rate...get your credit lined up, get your mortgage ready, look at a lot of properties, and have a great real estate agent."